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Harken Energy Reports Profitable First Quarter 2007

DALLAS, TX -- (MARKET WIRE) -- 05/08/07 -- Harken Energy Corporation (AMEX: HEC) ("Harken") today reported its interim financial results for the three months ended March 31, 2007. Harken reported net income of $449 thousand during the first quarter 2007 as compared to a net loss of $733 thousand in the first quarter 2006 on a pro-forma basis. Harken's returns on its investing activities in energy industry securities as well as its cost-cutting measures in general and administrative expenses boosted the Company's profitability during the first quarter 2007. Harken continued its efforts to develop its oil, gas and coalbed methane assets by expending approximately $3.6 million during the period on its recently acquired interests in the Creole and East Lake Verret fields in Louisiana, workover activity in its operated Main Pass 35 field, also in Louisiana, as well as the drilling of pilot wells in its coalbed methane prospects in Indiana and Ohio.