Harken Announces Financial Results for Quarter Ended June 30, 2003

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Harken Announces Financial Results for Quarter Ended June 30, 2003

    HOUSTON, Aug. 14 /PRNewswire-FirstCall/ -- Harken Energy Corporation
(Amex: HEC) ("Harken") announced today its financial results for the three
months and six months ended June 30, 2003.


                                  Quarter Ended           Six Months Ended
                                     June 30,                  June 30,
                                2002         2003         2002         2003

    Total Revenues         $ 7,712,000  $ 6,685,000 $ 13,204,000 $ 14,095,000
    Oil and Gas Operating
     Expenses                2,393,000    2,537,000    4,713,000    4,564,000
    Gross Profit from
     Operations              5,319,000    4,148,000    8,491,000    9,531,000
    Net Income (Loss)
     before Cumulative
     Effect of Change in
     Accounting Principle   (2,350,000)    (400,000)  (5,906,000)   2,261,000
    Net Income (Loss)       (2,350,000)    (400,000)  (5,906,000)   1,448,000
    Net Loss Attributed
     to Common Stock        (3,420,000)  (1,410,000)  (8,021,000)    (548,000)
    Basic Net Loss
     per Common Share            (0.16)       (0.01)       (0.41)       (0.01)
    Basic Weighted Average
     Shares Outstanding     20,968,751  108,460,068   19,608,768   72,810,323

    Harken's net income for the six months ended June 30, 2003 includes a gain
of approximately $5.3 million from the repurchases and exchanges of 5%
European Notes during the period.  Included in net income for the six months
ended June 30, 2003, was a charge of $813,000 for the cumulative effect of the
change in accounting principle in accordance with FASB Statement No. 143,
"Accounting for Asset Retirement Obligations."

    Certain statements in this news release regarding future expectations and
plans for oil and gas exploration, development and production may be regarded
as "forward looking statements" within the meaning of the Securities
Litigation Reform Act.  They are subject to various uncertainties, variables,
and other risks as discussed in detail in the Company's SEC filings, including
the Annual Report on 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