HEC Harken Energy Corp

Harken Energy Announces New Crude Oil Sales Contract Offering Improved Terms for Colombia Production DALLAS, April 21 /PRNewswire-FirstCall/ -- Harken Energy Corporation's (AMEX:HEC) 74.79% owned subsidiary, Global Energy Development PLC, announced today that it has entered into a new crude oil sales contract with Petrobras Colombia Limited, a subsidiary of Petrobras, the state oil company of Brazil, with an effective date of May 1, 2005. The new non-exclusive contract offers Global much improved terms through a reduced quality adjustment levy with the company anticipating an approximate $3.00 increase in the net well-head price it receives per barrel. Quality adjustment levies can fluctuate daily based upon market conditions and slight variances in production blend. The contract is for an initial one year period with an automatic renewal unless advance notice is received from either party and covers all crude oil production from the Company's Palo Blanco, Anteojos, Rio Verde, Torcaz and Bolivar fields in Colombia, net of royalties paid to the Colombian government and Ecopetrol's portion of production from one well, the Cajaro #1. "With the recent addition of production from our new Rio Verde field and continued success of the Mirador formation in the more established Palo Blanco field the overall volume of Global's lighter oil gravity has increased," said Stephen C. Voss, Global's Managing Director. "As a result, the company has been able to mix its heavier and light crudes together into a widely accepted medium quality blend. This blend will now be sold on an aggregated basis at a higher overall price yield compared to our previous single well sales contracts that resulted in deeper price discounts for our heavier oils. "The ability of the company to improve its overall blend quality and hence get preferential pricing has been facilitated by the increased number of producing wells in Global's portfolio over the past three years. We currently have production from 11 wells compared to just two in early 2002, both of which were of heavy oil quality. As of April 3, 2005 production from these 11 wells was 2230 barrels of oil per day." 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 such as "potential", "accelerate" and "growth" 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/A for the fiscal year ended December 31, 2004 filed on April 13, 2005. 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, 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 Web site: http://www.harkenenergy.com/

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