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HARKEN ANNOUNCES FIRST QUARTER RESULTS

 HARKEN ANNOUNCES FIRST QUARTER RESULTS
 DALLAS, May 12 /PRNewswire/ -- Harken Energy Corporation (AMEX: HEC)


of Dallas today reported a net loss of $72,000 ($.01 per common share after accrued preferred stock dividends) for the first quarter ended March 31, 1992, compared to a net loss of $1,631,000 ($.04 per common share after accrued preferred stock dividends) for the first quarter ended March 31, 1991.
 Discontinued operations consist of the gasoline marketing operations of E-Z Serve Corporation (AMEX: EZS) and the natural gas gathering and marketing operations of Tejas Power Corporation (AMEX: TPC). The first quarter 1992 results do not include results from discontinued operations because, effective with the closing of the joint rights offering by EZS and TPC as of April 30, 1991, EZS and TPC became independent public companies. The 1991 first quarter results include a net loss from discontinued operations of $1,524,000.
 Total revenues from continuing operations were $1,209,000 for the first quarter of 1992 compared to $2,808,000 for the first quarter of 1991. The decrease is a reflection primarily of the following:
 -- Decreased contract drilling and well servicing revenues. For the first quarter of 1992, these revenues totalled $485,000 compared to $2,002,000 in 1991. This decline was due primarily to decreased demand and increased competition, particularly in the Austin Chalk trend of South Texas where Harken's horizontal drilling activities had been focused. The revenue decline reflects the indefinite suspension by Harken of its contract drilling activities as of April 1991. Harken's well servicing operations, however, continue to be active in Texas.
 Harken also continues to pursue opportunities to expand and redirect its corporate capacity into international oilfield service and exploration projects.
 Harken's total costs and expenses from continuing operations of $1,281,000 for the first quarter of 1992 are 56 percent less than the same period a year ago. The major components of this decrease are discussed below.
 -- Lower oilfield service operating expenses. As a direct result of the indefinite suspension of the contract drilling operations, these expenses were significantly lower than in the prior year, totalling $262,000 for the first quarter of 1992 compared to $1,436,000 for the first quarter of 1991.
 -- Lower general and administrative expenses. These expenses decreased 19 percent for the first quarter of 1992 compared to the same period a year ago due primarily to streamlining and cost reduction measures consistent with Harken's reduction in size after the rights offering was completed.
 -- Lower interest expense. Interest expense decreased 82 percent for the first quarter of 1992 compared to the same period a year ago primarily due to the elimination of intercompany borrowings related to discontinued operations.
 -- Decreased equity in loss of partnership. Because Harken owns a minority interest in Harken Anadarko Partners, L.P. ("HAP"), a limited partnership with Aeneas Venture Corporation, a significant Harken shareholder, Harken includes its share of HAP's net results, but does not report gross oil and gas sales.
 The equity in the HAP loss for the first quarter of 1992 decreased 74 percent compared to the same period in the prior year due largely to a reduction in HAP's operating expenses.
 HARKEN ENERGY CORPORATION
 Selected Financial Information
 (in 000s of Dollars, except for per share amounts)
 First Quarter
 1992 1991
 Revenues from continuing operations 1,209 2,808
 Net loss from continuing operations (72) (107)
 Net loss from continuing operations per
 common share (.01) --
 Net loss from discontinued operations -- (1,524)
 Net loss from discontinued operations per
 common share -- (.04)
 Weighted average common shares outstanding 44,316 38,169
 Harken Energy Corporation (AMEX: HEC) explores for, develops and produces oil and gas reserves domestically and internationally. Harken also provides oilfield services.
 -0- 5/12/92
 /CONTACT: Dale Brooks of Harken Energy, 817-695-4900/
 (HEC) CO: Harken Energy Corporation ST: Texas IN: OIL SU: ERN


KD -- NY119 -- 9414 05/12/92 18:52 EDT
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Date:May 12, 1992
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