SOURCE: Harken Energy Corp.

February 13, 2006 14:15 ET

Global Energy Development PLC Provides Drilling Update on Tilodiran #2 Exploratory Well on Rio Verde Contract in Colombia

DALLAS, TX -- (MARKET WIRE) -- February 13, 2006 -- Harken Energy Corporation (AMEX: HEC) announced today that Global Energy Development PLC ("Global"), in which Harken holds 11,893,462 ordinary shares representing approximately 34% of Global's issued share capital, has provided a drilling update on the Tilodiran #2 exploratory well within its exclusive Rio Verde Exploration and Production Concession contract (the "Contract") in the central Llanos region of Colombia.

Since rig mobilization in December 2005, the Tilodiran #2 well has been successfully drilled to a final depth of 13,350 feet, with this representing the deepest well Global has drilled in its operating history.

Initial petrophysical analysis of the available data obtained from the open hole is considered by Global to be encouraging and Global is now proceeding to complete and test more than one potentially oil productive zone.

The Tilodiran #2 well is located approximately 2,200 feet northeast from and in a geologically favorable position updip to the Tilodiran #1 well, a producing well on the Contract first drilled by another company in 1986 and then re-completed and placed onto production by Global in December 2004.

The Rio Verde Contract, subject only to an initial 10.5% royalty, is one of seven contracts Global now holds in Colombia all of which are 100% owned by Global.

"The Tilodiran #2 well has been directionally drilled successfully to intercept five potentially oil productive formations, namely the Mirador, Barco, Guadalupe, Gacheta and Ubaque," indicated Stephen Voss, Managing Director of Global Energy Development PLC.

"Gas chromatograph data acquired during drilling measured proportions of methane, ethane, propane, butane and pentane, with these being indicative of movable hydrocarbons from each of the five target formations. Electrical and nuclear petrophysical characteristics of these zones acquired subsequent to drilling have provided further encouragement for Global to proceed with the installation of casing and commence testing operations.

"Given the number of zones that Global is proceeding with testing, completion operations may require several weeks before final results are known but Global will look to accelerate its operations on the Tilodiran 2 well as much as possible," said Stephen Voss.

Harken Energy Corporation is engaged in oil and gas exploration, development and production operations both domestically and internationally through its various subsidiaries. Additional information may be found at the Harken Energy Web site, Please email all investor inquiries to

Certain statements in this announcement including statements such as "potentially", "believes", "anticipates", "expects" and all similar statements regarding future expectations, objectives, intentions and plans for oil and gas exploration, development and production may be regarded as "forward-looking statements" within the meaning of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on the opinions and estimates of management at the time the statements are made. Management's current view and plans, however, are subject to numerous known and unknown risks, further testing and analysis, uncertainties and other factors that may cause the actual results, performance, timing or achievements of Harken to be materially different from any results, performance, timing or achievements expressed or implied by such forward-looking statements. The various uncertainties, variables, and other risks include those discussed in detail in the Company's SEC filings, including the Annual Report on Form 10-K/A, as amended, for the year ended December 31, 2004 and its Quarterly Report on Form 10-Q, as amended, for the period ended September 30, 2005. Harken undertakes no duty to update or revise any forward-looking statements. Actual results may vary materially.

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