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Gold/Mining/Energy : Harken Energy Corporation (HEC) -- Ignore unavailable to you. Want to Upgrade?

To: Raymond Clutts who wrote (4371)	5/6/1999 10:48:00 AM
From: SDR-SI	Respond to of 5504

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

To: Raymond Clutts who wrote (4371)	5/6/1999 10:53:00 AM
From: SDR-SI	Respond to of 5504

FOLLOWING IS THE ROCHESTER RELEASE: > > >05/06 09:53 FULL TEXT-Intl Rochester <ROH.TO> sells assets (Full text of press release from Canadian Corporate News) MAY 6, 1999 Rochester Energy Sets New Corporate Direction CALGARY, ALBERTA--INTERNATIONAL ROCHESTER ENERGY CORP. ("Rochester") announced today that it has entered into an agreement with Harken Energy Corporation ("Harken") of Dallas, Texas, under which Harken will acquire 100 percent of the beneficial interests held by Rochester in the Alcaravan and Miradores Association Contracts in the Llanos Basin of Colombia. As consideration for the sale of its Colombian interests, Rochester will receive 2,600,000 shares of Harken common stock and settlement of all amounts owing to Harken in respect of joint venture operations related to these contracts, estimated at U.S. $1.8 million, all subject to closing adjustments. Harken stock trades on the American Stock Exchange under the symbol HEC. William A. Trickett, Rochester's President, stated that "Rochester is undercapitalized for international oil and gas exploration and intends to refocus its efforts towards opportunities within the western Canadian sedimentary basin. This transaction allows Rochester to realize value for its investments in Colombia and provides the initial capital for implementation of the new corporate strategy." The transaction is subject to Rochester obtaining regulatory and shareholder approval. International Rochester Energy Corp. is a junior oil and gas company based in Calgary, Alberta. Rochester's primary focus has been the exploration and development of the 210,000 acre Alcaravan and the 32,000 acre Miradores Association Contracts located in Colombia's prolific Llanos Basin. International Rochester Energy Corp. has 8,980,290 common shares outstanding. The stock trades on the Toronto Stock Exchange under the symbol ROH. FOR FURTHER INFORMATION PLEASE CONTACT: International Rochester Energy Corp. William A. Trickett President & CEO (403) 263-4401 (403) 269-1932 (FAX) irrochester-energy.com rochester-energy.com or International Rochester Energy Corp. Trevor G. Penford Vice President, Finance (403) 263-4401 The Toronto Stock Exchange has neither approved nor disapproved this announcement. < < < Steve