Harken Reports 2003 Third Quarter Earnings Results

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Harken Reports 2003 Third Quarter Earnings Results
    HOUSTON, Nov. 14 /PRNewswire-FirstCall/ -- Harken Energy Corporation
(Amex: HEC) ("Harken") today reported results for the third quarter of 2003.
The results of Harken's restructuring efforts are becoming clear as seen in
Harken's Form 10-Q for the period ended September 30, 2003, filed today.

    --  Harken reduced current debt by $28 million during the first nine
months of 2003, improving the ratio of current assets to current liabilities.
    --  Harken reduced long-term debt to $16.3 million at September 30, 2003,
improving the ratio of total liabilities to equity to 1:1 as compared to 15:1
at December 31, 2002.
    --  Harken's general and administrative costs decreased 42% during the
third quarter 2003 compared to the prior year period due to employee
reductions as well as reduced legal and professional costs associated with
Harken's capital restructuring plan.

    Other financial highlights include:
    --  Oil and gas revenues for the third quarter 2003 were $6.9 million
compared to $6.0 million for the third quarter 2002 primarily due to higher
oil and natural gas prices.
    --  Cash flow from operations for the current year period was $2.8 million
compared to negative $2.1 million for the same period in 2002.

                               Quarter Ended             Nine Months Ended
                                September 30,               September 30,
                              2002         2003          2002         2003

    Total Revenues       $ 6,464,000  $ 7,014,000   $ 19,668,000  $21,109,000
    Oil and Gas
     Operating Expenses    1,855,000    2,778,000      6,568,000    7,342,000
    General and
     Administrative
      Expenses             2,702,000    1,571,000      7,564,000    6,487,000
    Depreciation and
     Amortization          2,640,000    2,299,000      9,271,000    6,496,000
    Litigation and
     contingent liability
     settlements, net            ---          ---      1,168,000          ---
    Interest Expense and
     Other, net            1,807,000      210,000      3,732,000    3,970,000
    Gains from Repurchases
     / Exchanges of
     Convertible Notes     3,315,000          ---      3,655,000    5,282,000
    Income Tax (Expense)
     / Benefit               (75,000)     (75,000)      (255,000)     276,000
    Minority Interest
     of Subsidiary            39,000      (65,000)        68,000      (95,000)
    Cumulative Effect of
     Change in Accounting
     Principle                   ---          ---            ---     (813,000)
    Net Income (Loss)    $   739,000  $    16,000   $ (5,167,000) $ 1,464,000
    Net Loss Attributed
     to Common Stock        (263,000)    (806,000)    (8,284,000)  (1,354,000)
    Basic Net Loss per
     Common Share              (0.01)       (0.01)         (0.40)       (0.02)
    Basic Weighted Average
     Shares Outstanding   22,835,940  134,913,094     20,696,314   93,738,732

    More information is available in Harken Energy Corporation's Form 10-Q for
the period ended September 30, 2003 filed with the Securities and Exchange
Commission and which is available through the Company's website at
http://www.harkenenergy.com .
    Harken believes that it is important to communicate its future
expectations to its stockholders.  Forward-looking statements 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 Annual Report on Form 10-K for the fiscal year ended
December 31, 2002 filed with the Securities and Exchange Commission as well as
other risks described in the Form 10-Q filed for the period ending
September 30, 2003.  Although Harken believes that the expectations reflected
in the forward-looking statements 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
http://www.harkenenergy.com
CONTACT:
Investor Relations of Harken Energy
Corporation, +1-281-504-4000, or info@harkenenergy.com