HEC Harken Energy Corp

Harken Energy Subsidiary Places Estero # 5 Well on Production Further Production Added to the Palo Blanco Field DALLAS, Dec. 14 /PRNewswire-FirstCall/ -- Harken Energy Corporation (AMEX:HEC) announced that its 85% owned subsidiary, Global Energy Development PLC ("Global"), has completed testing its development well, Estero # 5, located in the Palo Blanco field within Colombia's Llanos Basin, and placed the well on production. Global perforated and tested the Traditional Ubaque and Upper Massive Ubaque formations of Estero # 5. The combined test resulted in a rate of 200 barrels of oil per day of 15.6 degree API gravity oil. Estero # 5, in which Global owns a 100% working interest, brings to five the number of wells currently producing within the Palo Blanco field where Global has now established three producing reservoirs. Commenting on the Estero # 5 well and Palo Blanco field, Stephen C. Voss, Global's Managing Director said, "From the success of the Estero # 5 well, we believe that substantial additional reserves exist in the Palo Blanco field and we have identified additional locations to be drilled. The combined activity on our Palo Blanco and Rio Verde acreage comprises the most active drilling and completion program in Global's history." Harken also announced separately today Global's successful re-completion and commencement of production from the Tilodiran # 1 well within Global's 75,000 acre Rio Verde Exploration and Production Contract in Colombia. Harken Energy Corporation is engaged in oil and gas exploration, development and production operations both domestically and internationally through its various subsidiaries. Additional information may be found at the Harken Energy Web site, http://www.harkenenergy.com/, or by calling Bevo Beaven or Bill Conboy at CTA Public Relations at (303) 665-4200. This announcement may contain forward-looking statements as defined by the Securities and Exchange Commission. Harken, however, believes that it is important to provide this operations update and communicate its future expectations to its stockholders. The forward-looking statements in this announcement 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 filings with the Securities and Exchange Commission 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 ended September 30, 2004 filed on November 5, 2004. Statements regarding future production are subject to all of the risk and uncertainties normally associated with exploration, development and production of oil and gas. These risks include, without limitation, variability in the price received for oil and gas production, lack of availability of oil field goods and services, environmental risks, drilling and production risk, risk related to offshore operations, and regulatory changes. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. 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. Contact: Bevo Beaven, Vice President Bill Conboy, Sr. Account Executive CTA Public Relations 303-665-4200 DATASOURCE: Harken Energy Corporation CONTACT: Bevo Beaven, Vice President, , or Bill Conboy, Sr. Account Executive, , both of CTA Public Relations, +1-303-665-4200, for Harken Energy Corporation Web site: http://www.harkenenergy.com/

Copyright