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| Harken Provides Update on Colombian Drilling Activity |
HOUSTON, March 31 /PRNewswire-FirstCall/ -- Harken Energy Corporation (Amex: HEC) ("Harken") is providing the following update on drilling activity in Colombia, South America: Drilling operations have commenced on the Estero #4 well, located in the Llanos basin of Colombia, South America. The Estero #4 well is a development well in the Palo Blanco field. This well is the first of Global's drilling projects under its 2004 capital expenditure budget. The Estero #4 well is expected to take up to 30 days to drill and an additional 15 days to complete, should drilling results be favorable. The Estero #4 well has a projected drilling depth of approximately 8,700 feet and will target both the Ubaque formation and the Mirador formation. Harken's Colombian operations are all conducted through its ownership in Global Energy Development plc ("Global") (a public limited company registered in England and Wales under the Companies Act (1985) of the United Kingdom). Harken owns 85.62% of Global's ordinary common shares. This announcement may contain forward-looking statements as defined by the Securities and Exchange Commission. Harken, however, believes that it is important to provide this operations update and communicate its future expectations to its stockholders. The forward-looking statements in this announcement reflect the current view of management with regard to future events and are subject to numerous known and unknown risks, uncertainties and other factors that may cause the actual results, performance, timing or achievements of Harken to be materially different from any results, performance, timing or achievements expressed or implied by such forward- looking statements. These risks, uncertainties and other factors include, among others, the risks described in Harken's filings with the Securities and Exchange Commission including the Annual Report on Form 10-K for the fiscal year ended December 31, 2003 filed on March 26, 2004. These risks include, without limitation, variability in the price received for oil and gas production, lack of availability of oil field goods and services, environmental risks, drilling and production risk, risk related to offshore operations, and regulatory changes. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Although Harken believes that the expectations reflected in the forward-looking statements of this announcement are reasonable, it can give no assurance that such expectations will prove to be correct or that unforeseen developments will not occur. Harken undertakes no duty to update or revise any forward-looking statements.SOURCE Harken Energy Corporation
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