SOURCE: Harken Energy Corporation

April 16, 2007 12:55 ET

Harken Announces Progress on Stock Repurchases

DALLAS, TX -- (MARKET WIRE) -- April 16, 2007 -- Harken Energy Corporation (AMEX: HEC) ("Harken" or "the Company") announced today that since the beginning of 2007, the Company has repurchased approximately 700,000 shares of its common stock in the open market at a cost of approximately $350 thousand pursuant to its repurchase program. Under the current repurchase program, Harken has purchased a total of approximately 7.5 million shares.

Harken's Board of Directors had previously authorized the Company to buyback a total of 10 million shares of its common stock. On March 28, 2007, Harken's Board of Directors approved an expansion of Harken's current stock repurchase program to up to 25 million shares of its currently outstanding common stock. Under the terms of the repurchase plan, Harken makes purchases in the open market and in privately negotiated transactions, subject to prevailing market conditions. Repurchases may be made from time to time in the open market when opportunities to do so at favorable prices present themselves. All repurchases will be made in compliance with applicable laws and regulations including Securities and Exchange Commission rules.

Harken Energy Corporation is an independent oil and gas exploration, development and production company who seeks to invest in energy-based growth opportunities. Additional information may be found at the Harken Web site, www.harkenenergy.com. Please email all investor inquiries to HECinquiries@ctapr.com.

Certain statements in this announcement regarding future expectations, objectives and intentions 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, for the fiscal year ended December 31, 2006. Harken undertakes no duty to update or revise any forward-looking statements. Actual results may vary materially.

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