HEC Harken Energy Corp

Harken Energy Subsidiary Signs Exploration and Exploitation Contract for the Block 95 Area in Peru DALLAS, April 11 /PRNewswire-FirstCall/ -- Harken Energy Corporation's (AMEX:HEC) 85% owned subsidiary, Global Energy Development PLC ("Global"), announces that the new License Contract between Global and Perupetro S.A. ("Perupetro"), the national oil company of Peru, for the Exploration and Exploitation of Hydrocarbons in the Block 95 Area located in the Maranon Basin of Northeastern Peru has been fully signed and is now effective. Global owns a 100% working interest in the contract subject only to an initial 5% royalty, the most favorable terms received in the company's history. The size of the ongoing royalty is to be determined by future production levels. The contract duration is approximately seven years for the initial exploration phases and 23 years for the exploitation phase. The contract assigns Global exclusive exploration and production rights to approximately 1,255,000 acres. During Phase 1 of the contract, the terms require Global to complete within 12 months, environmental impact studies and plans for the drilling of a well in the Bretana field located in Block 95. If Global elects to enter Phase 2 of the contract, the company must acquire approximately 4800 square kilometers of micro-magnetic geophysical data in and around the Bretana field and elsewhere throughout Block 95. Phase 2 has a time period of 12 months. Should the company elect to enter Phase 3 it will be required to drill one exploratory well within 24 months. Phase 4 of the exploration period has a duration of 12 months and requires the acquisition of 75 square kilometers of 3 dimensional seismic, while Phases 5 and 6 both have a duration of 12 months and require the drilling of one exploratory well per phase. Global currently expects to drill its first well under this Contract in the identified Bretana field in late 2006 or early 2007 and follow this with an exploratory well elsewhere in the Contract area in late 2008. 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. Certain statements in this announcement including statements regarding future expectations, objectives, intentions and plans for oil and gas exploration, development and production may be regarded as "forward-looking statements" within the meaning of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on the opinions and estimates of management at the time the statements are made. 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/A dated April 5, 2005. 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. 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 Web site: http://www.harkenenergy.com/

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