NEWS RELEASE FROM THIS MORNING:
> > >05/06 10:16
Harken Announces Acquisition of Rochester Interest in Alcaravan and Miradores Blocks
HOUSTON, May 6 /PRNewswire/ -- Harken Energy Corporation (Amex: HEC) announced today that it
signed a definitive purchase and sale agreement with International Rochester Energy Corp. (Toronto:
ROH) of Calgary, Alberta, Canada pursuant to which Harken will purchase all of the interests held by
Rochester in the Alcaravan and Miradores Association Contract areas located in the Llanos Basin of
Colombia.
Rochester owned a 25% beneficial working interest in the two Association Contracts. The group has drilled
three wells, including the Estero 1, Estero 3, and Canacabare 1, acquired a significant amount of new 3-D
seismic data, and constructed the Palo Blanco pipeline which began transporting crude oil during April of
1999.
Under the terms of the purchase agreement entered into between Harken and Rochester, subject to
certain conditions and potential adjustments, Harken will as of closing forgive an undisclosed amount of
debt owed by Rochester relating to these operations and will issue to Rochester 2,600,000 shares of
Harken's $.Ol par value common stock. The closing of this transaction is subject to various conditions as
agreed upon in the purchase agreement, including Rochester obtaining regulatory and shareholder
approvals.
Harken's Chairman, Mikel D. Faulkner, stated "We have been pleased with Rochester as a participant in
these blocks and feel Harken's acquisition of their interest will benefit Harken over years to come, while
providing Rochester with potential for continued upside through the ownership of Harken shares."
Harken Energy Corporation ("Harken") explores for, develops and produces oil and gas reserves
domestically and internationally. Certain statements in this news release regarding future expectations
and plans for international oil and gas exploration and development may be regarded as "forward looking
statements" within the meaning of the Securities Litigation Reform Act. They are subject to various risks,
such as the inherent uncertainties in interpreting engineering data related to underground accumulations of
oil and gas, timing and capital availability, discussed in detail in the Company's SEC filings, including the
Annual Report on Form 10-K for the year ended December 31, 1998. Actual results may vary materially.
SOURCE Harken Energy Corporation
-0- 05/06/99 /CONTACT: J. Marc Lewis of Harken Energy Corporation, 713-789-9595, or fax,
713-789-0154, or email, mlewis@harkenenergy.com/ < < <
Steve
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