Harken Gives Notification to Redeem 5% Convertible Notes

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Harken Gives Notification to Redeem 5% Convertible Notes

    HOUSTON, April 25 /PRNewswire-FirstCall/ -- Harken Energy Corporation
(Amex: HEC) ("Harken") announced today that it has given a notice of
redemption for the Company's 5% Senior Convertible Notes due May 26, 2003 (the
"5% European Notes") for shares of the Company's common stock.  The date of
the redemption is May 26, 2003.  Each 5% European Note outstanding on
May 26, 2003 will be redeemed for the number of shares of common stock equal
to 115% of the principal amount of the notes to be redeemed, plus accrued and
unpaid interest thereon to the date of redemption, divided by approximately
$0.35 (the average market price of the common stock over the 30 calendar days
immediately preceding the date of the notice of the redemption).  Currently,
there is approximately $14.1 million principal amount of 5% European Notes
outstanding, which would result in an issuance of up to approximately
47.8 million shares of common stock upon redemption.  The amount of the
5% European Notes to be redeemed is likely to decrease prior to the redemption
date as the Company has pursued and is continuing to actively pursue
negotiated transactions to reduce the balance of the notes through exchanges
and repurchases.
    Alan G. Quasha, Harken's Chairman, stated "we are continuing to pursue
additional repurchases and exchanges of the 5% European Notes in order to
reduce the number of shares to be issued in this redemption.  We are in final
stages of negotiation with the holders of a significant portion of the
outstanding balance of the notes.  Therefore, the actual number of shares that
may be issued on May 26, 2003 may be significantly reduced.  However, there
can be no assurances that such note repurchase or exchange transactions will
be consummated."

    Based in Houston, Texas, Harken is an oil and gas exploration and
production company whose corporate strategy calls for concentrating its
resources on exploration, development and acquisition of domestic properties
in the Gulf Coast regions of Texas and Louisiana.
    Certain statements in this news release regarding future expectations and
plans may be regarded as "forward looking statements" within the meaning of
the Securities Litigation Reform Act.  They are subject to various risks,
including uncertainties regarding timing, and capital availability, as
discussed in detail in Harken's Form 10-K.  Actual results may vary
materially.

SOURCE Harken Energy Corporation

http://www.harkenenergy.com
CONTACT:
Investor Relations of Harken Energy
Corporation, +1-281-504-4000, or info@harkenenergy.com