HEC Harken Energy Corp

Harken Energy Reports Reduction in Outstanding Preferred Stock DALLAS, Nov. 3 /PRNewswire-FirstCall/ -- Harken Energy Corporation (AMEX:HEC) reports today that it has reduced its outstanding Series G1 Convertible Preferred Stock (the "Series G1 Preferred") and its Series G2 Convertible Preferred Stock (the "Series G2 Preferred"), by entering into agreements with the holders of the Series G1 and Series G2 Preferred to convert their shares of preferred stock for common stock. To repurchase approximately 96% of the outstanding Series G1 and Series G2 Preferred with an aggregate liquidation value of $30,617,700, Harken will issue 2,805,483 shares of common stock. Certain statements in this news release including phrases relating to Harken's revenue, profit, dividends, cash flow, securities held by Harken and earnings expectations; statements regarding future expectations and plans for oil and gas exploration, development and production; and statements regarding commodity pricing expectations may be regarded as "forward-looking statements" within the meaning of the Securities Litigation Reform Act. These forward-looking statements reflect the current view of management with regard to its plans and expectations and other future events. Management's current view and plans, however, 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. The various uncertainties, variables, and other risks include those discussed in detail in the Company's SEC filings, including the Annual Report on Form 10-K for the fiscal year ended December 31, 2003 filed on March 26, 2004 and its Form 10-Q for the quarter and six months ended June 30, 2004 filed on August 12, 2004. 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. Actual results may vary materially. Contact: Bevo Beaven, Vice President Bill Conboy, Senior Account Executive CTA Public Relations 303-665-4200 DATASOURCE: Harken Energy Corporation CONTACT: Bevo Beaven, Vice President, or Bill Conboy, Senior Account Executive, both of CTA Public Relations, +1-303-665-4200, for Harken Energy Corporation

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