SOURCE: Harken Energy Corporation

December 19, 2006 13:28 ET

Harken Energy Corporation's Holdings in Spitfire Energy, Ltd.

DALLAS, TX -- (MARKET WIRE) -- December 19, 2006 -- Harken Energy Corporation (AMEX: HEC) ("Harken") announced today that it has acquired 2,600,000 common shares and 1,300,000 warrants to acquire common shares of Spitfire Energy, Ltd. ("Spitfire") through a private placement for investment purposes. Subsequent to the issuance of the common shares, Harken's common share holdings will represent approximately 9.0% of the newly outstanding Spitfire common shares (12.92% assuming exercise of the warrants).

Spitfire is an independent public company (TSX-V: SEL) activity engaged in the exploration, development and production of crude oil, natural gas and natural gas liquids in Western Canada. Additional information may be found at the Spitfire website,

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 Energy Web site, Please email all investor inquiries to

Certain statements in this announcement regarding future expectations, objectives, intentions and plans for oil and gas exploration, development and production such as "may," "potentially," "expects," and similar terms 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 Quarterly Report on Form 10-Q, for the nine months ended September 30, 2006. Harken undertakes no duty to update or revise any forward-looking statements. Actual results may vary materially.

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