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HARKEN ANNOUNCES COLOMBIAN EXPLORATION OPPORTUNITY

 HARKEN ANNOUNCES COLOMBIAN EXPLORATION OPPORTUNITY
 DALLAS, Sept. 16 /PRNewswire/ -- Harken Energy Corporation


("Harken") (AMEX: HEC) of Dallas today announced that it has been awarded the exclusive right to explore for, develop and produce oil and gas throughout approximately 350,000 acres within the Alcaravan area ("Alcaravan") of Colombia.
 Alcaravan is located in Colombia's oil-prolific Llanos Basin which holds numerous fields with reserves ranging from 5 million barrels to 3 billion barrels of oil. Two world class oilfields have been discovered by other companies in this basin -- the Cano Limon and the Cusiana.
 Alcaravan is located approximately 140 miles east of Santafe de Bogota and approximately 35 miles southeast of the highly-touted Cusiana Field recently discovered by British Petroleum.
 The Association Contract ("Contract"), between Harken and Empresa Colombiana de Petroleos ("Ecopetrol"), calls for Harken to conduct a seismic and exploratory drilling program ("work program") over the next 6 years. At the end of each of the six years in the work program, Harken has the option to withdraw from the Contract or to commit to the next year's work requirements. If Harken makes a commercial discovery of oil and/or gas, the standard terms of an Association Contract will apply. Such terms call for Ecopetrol to receive a 20 percent royalty interest and for both Ecopetrol and Harken to each have a 50 percent working interest. The term of the Contract will extend 22 years from the date of any commercial discovery of oil and/or gas.
 Harken's Chairman, Mikel D. Faulkner said, "This is a very exciting exploration opportunity for Harken and another milestone in our plan to solidify a significant international presence in the oil and gas industry."
 Faulkner continued, "The only billion barrel fields discovered in the Western Hemisphere in the past two decades are in Colombia. This Alcaravan contract provides Harken with another outstanding opportunity in a very prolific exploration area."
 Harken Energy Corporation explores for, develops and produces oil and gas reserves domestically and internationally. Harken also provides oilfield services.
 -0- 9/16/92
 /CONTACT: Dale Brooks of Harken Energy Corporation, 817-695-4900/
 (HEC) CO: Harken Energy Corporation ST: Texas IN: OIL SU:


TS -- NY013 -- 9980 09/16/92 09:14 EDT
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Publication:PR Newswire
Date:Sep 16, 1992
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