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HARKEN TO WRITE DOWN CERTAIN DRILLING ASSETS DURING FOURTH QUARTER

 HARKEN TO WRITE DOWN CERTAIN DRILLING ASSETS DURING FOURTH QUARTER
 DALLAS, Dec. 11 /PRNewswire/ -- Harken Energy Corporation (AMEX: HEC) of Dallas today announced that its fourth quarter 1991 results will include a one-time, non-cash charge of $7 million to decrease the carrying value of certain of its drilling rigs and related domestic assets.
 The one-time charge results from the decreased domestic demand for drilling services and the increased focus by Harken on international opportunities in oilfield services and oil and gas exploration. Harken will be attempting to sell certain of its drilling rigs and related domestic assets which are not suitable for the pursuit of international drilling opportunities.
 Harken stated it will continue to operate its well service rig fleet primarily in Texas and Oklahoma.
 With its reduced drilling rig fleet, Harken hopes to participate in international oilfield service contracts and exploration concessions. Harken's increased interest in international oilfield service opportunities is consistent with its current exploration activities offshore Bahrain.
 Harken indicated that the Jarim No. 2, its first exploratory well offshore Bahrain, is progressing as planned after the start of drilling on Nov. 10, 1991. Upon the completion of the drilling to the total depth of 14,500 feet, a period anticipated to require 90 days from start of drilling, Harken will perform testing. The primary formations to be tested include the Jurassic Arab at approximately 7,300 feet and the Permian Khuff at approximately 13,300 feet.
 In addition, Harken previously announced that, as a part of its ongoing exploration program in Bahrain, it had awarded a seismic project to Fairfield Industries, Inc., whereby Fairfield would obtain approximately 90 line kilometers of radio telemetry seismic reflection data onshore and offshore Muharraq Island, Bahrain. This seismic data will be instrumental in Harken's selection of its next prospects to be drilled.
 Harken Energy Corporation explores for, develops and produces oil and gas reserves domestically and internationally. Harken also provides oilfield services.
 -0- 12/11/91
 /CONTACT: Dale Brooks of Harken Energy, 817-695-4900/
 (HEC) CO: Harken Energy Corporation ST: Texas IN: OIL SU:


GK -- NY011 -- 1318 12/11/91 09:12 EST
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Publication:PR Newswire
Date:Dec 11, 1991
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