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HARKEN ANNOUNCES NEW AGREEMENT WITH BASS ENTERPRISES PRODUCTION COMPANY

 DALLAS, April 12 /PRNewswire/ -- Harken Energy Corporation (AMEX: HEC) of Dallas today announced that its subsidiary Harken Bahrain Oil Company ("HBOC") has entered into an agreement with Bass Enterprises Production Company ("BEPCO") under which BEPCO will be released from drilling a third well under the terms of the joint operating agreement within the areas covered by HBOC's production sharing agreement ("PSA") with the Bahrain National Oil Company ("BANOCO").
 Under this new agreement, BEPCO will assign to HEC all of BEPCO's rights and interests under the joint operating agreement, including all interests in the future recoupment of expended costs from all past operations out of future production which may be found by HBOC under the PSA. This agreement further provides for BEPCO to pay to HBOC $2 million cash plus additional considerations to reimburse HBOC for costs and expenses related to various ongoing operations, obligations and commitments that are associated with this project.
 Mikel D. Faulkner, chairman of Harken, stated, "Following recent meetings with the representatives of BEPCO we understand they have a desire to not continue their participation in the project in Bahrain. HEC remains enthusiastic concerning our Bahrain project and is beginning a new seismic reprocessing program utilizing in part the new seismic expertise acquired in connection with Harken's recent Chuska Resources Corporation merger. This seismic program will cover approximately 330 kilometers of seismic centered in a new area under the PSA designed to identify the next potential drill site. Subject to obtaining the necessary consents from BANOCO, Harken will begin discussions with other identified parties toward participating in future wells which may be drilled on the Bahrain project."
 Harken Energy Corporation explores for, develops and produces oil and gas reserves domestically and internationally. Harken also provides oilfield services.
 -0- 4/12/93
 /CONTACT: Dale Brooks of Harken, 817-695-4900/
 (HEC)


CO: Harken Energy Corporation; Harken Bahrain Oil Company;
 Bass Enterprises Production Company ST: Texas IN: OIL SU:


GK -- NY028 -- 4669 04/12/93 09:57 EDT
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Publication:PR Newswire
Date:Apr 12, 1993
Words:327
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