Harken Announces Repurchase of Convertible Notes and Exchange of Outstanding Preferred Stock

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Harken Announces Repurchase of Convertible Notes and Exchange of Outstanding Preferred Stock

    HOUSTON, May 29 /PRNewswire-FirstCall/ -- Harken Energy Corporation
(Amex: HEC) ("Harken") announced today that it repurchased or exchanged
5% Senior Convertible Notes ("5% Notes") having a total principal amount of
$6,780,000.  Harken completed its repurchases or exchanges of these 5% Notes
in a series of transactions that included payments in cash and placement of
new notes.  As a result of these recent transactions, Harken reduced the
outstanding principal balance of its 5% Notes to $7,330,000 prior to their
maturity and conversion into Harken common stock.
    Harken also announced today that it has agreed to issue an aggregate of
95,400 shares of its Series G3 Convertible Preferred Stock, liquidation value
$300 per share ("G3 Preferred"), in exchange for approximately 30,000 shares
of its outstanding Series G1 Convertible Preferred Stock, liquidation value
$100 per share ("G1 Preferred") and $6,000,000 in cash.  The G3 Preferred rank
senior to Harken's common stock and pari passu with Harken's other issues of
preferred shares.
    Based in Houston, Texas, Harken is an oil and gas production company whose
corporate strategy calls for concentrating its resources on the development of
domestic and international upstream energy projects.

    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