Harken Signs First Agreement in Peru

Apr 10, 2001, 01:00 ET from Harken Energy Corporation

    HOUSTON, April 10 /PRNewswire/ -- Harken Energy Corporation (Amex:   HEC)
 ("Harken") announced today that it has diversified its international
 operations by signing a Technical Evaluation Agreement ("TEA") with PeruPetro.
 The TEA covers an area of approximately 6,800,000 acres in northeastern Peru.
 Harken has the option to convert the TEA to a seven year exploration contract,
 with a twenty-two year production period.  Additional cartographic and
 operational exhibits are available on the Company's website at
 www.harkenenergy.com in the Slide Presentations section.
     Harken's TEA acreage is located on a trend of producing structures that
 extends from the Oriente Basin of Ecuador and includes several giant fields
 including Shushufindi, Sacha, Auca and Libertador and continues into Peruvian
 territory with fields like Shiviyacu, Huayuri, Corrientes and Capahuary.
 Fields discovered in this trend cover a wide range of volumetrics from the
 giant Corrientes Field with over 300 million barrels of oil to the Capirona
 with approximately 10 million barrels of oil.
     Terms of the TEA allow Harken to conduct a study of the area that will
 include the reprocessing of seismic data and evaluation of previous well data.
 Several wells were drilled in the 1970s on Harken's TEA acreage by Amoco.  The
 reservoir rocks have been shown to be clean, high permeability sandstones with
 reservoir energy provided by water drive.  Due to the improvement in drilling
 and production technologies since the 1970s, it is possible that
 identification of prospective features and exploitation of discoveries will be
 more successful and less costly than earlier exploration/exploitation efforts.
 In addition to these favorable characteristics is the immediate combination of
 river barge and pipeline services to transport crude oil to market.
     Chairman's Comments.   Mikel D. Faulkner, Harken's Chairman stated, "We
 are very excited to be entering Peru, the oldest oil producing country in
 South America.  We look forward to working jointly with PeruPetro in the
 coming months as we seek to identify areas of exploration and production
 opportunity within this TEA acreage."
     Harken Energy Corporation ("Harken") explores for, develops and produces
 oil and gas reserves domestically and internationally.  Certain statements in
 this news release regarding future expectations and plans for oil and gas
 exploration and development may be regarded as "forward looking statements"
 within the meaning of the Securities Litigation Reform Act.  They are subject
 to various risks, such as the inherent uncertainties in interpreting
 engineering data related to underground accumulations of oil and gas, timing
 and capital availability, discussed in detail in the Company's SEC filings,
 including the Annual Report on Form 10-K.  Actual results may vary materially.
 
 

SOURCE Harken Energy Corporation
    HOUSTON, April 10 /PRNewswire/ -- Harken Energy Corporation (Amex:   HEC)
 ("Harken") announced today that it has diversified its international
 operations by signing a Technical Evaluation Agreement ("TEA") with PeruPetro.
 The TEA covers an area of approximately 6,800,000 acres in northeastern Peru.
 Harken has the option to convert the TEA to a seven year exploration contract,
 with a twenty-two year production period.  Additional cartographic and
 operational exhibits are available on the Company's website at
 www.harkenenergy.com in the Slide Presentations section.
     Harken's TEA acreage is located on a trend of producing structures that
 extends from the Oriente Basin of Ecuador and includes several giant fields
 including Shushufindi, Sacha, Auca and Libertador and continues into Peruvian
 territory with fields like Shiviyacu, Huayuri, Corrientes and Capahuary.
 Fields discovered in this trend cover a wide range of volumetrics from the
 giant Corrientes Field with over 300 million barrels of oil to the Capirona
 with approximately 10 million barrels of oil.
     Terms of the TEA allow Harken to conduct a study of the area that will
 include the reprocessing of seismic data and evaluation of previous well data.
 Several wells were drilled in the 1970s on Harken's TEA acreage by Amoco.  The
 reservoir rocks have been shown to be clean, high permeability sandstones with
 reservoir energy provided by water drive.  Due to the improvement in drilling
 and production technologies since the 1970s, it is possible that
 identification of prospective features and exploitation of discoveries will be
 more successful and less costly than earlier exploration/exploitation efforts.
 In addition to these favorable characteristics is the immediate combination of
 river barge and pipeline services to transport crude oil to market.
     Chairman's Comments.   Mikel D. Faulkner, Harken's Chairman stated, "We
 are very excited to be entering Peru, the oldest oil producing country in
 South America.  We look forward to working jointly with PeruPetro in the
 coming months as we seek to identify areas of exploration and production
 opportunity within this TEA acreage."
     Harken Energy Corporation ("Harken") explores for, develops and produces
 oil and gas reserves domestically and internationally.  Certain statements in
 this news release regarding future expectations and plans for oil and gas
 exploration and development may be regarded as "forward looking statements"
 within the meaning of the Securities Litigation Reform Act.  They are subject
 to various risks, such as the inherent uncertainties in interpreting
 engineering data related to underground accumulations of oil and gas, timing
 and capital availability, discussed in detail in the Company's SEC filings,
 including the Annual Report on Form 10-K.  Actual results may vary materially.
 
 SOURCE  Harken Energy Corporation

RELATED LINKS

http://www.harkenenergy.com