Harken (AMEX:HEC)
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Harken Announces Sale of Non-Strategic Panhandle Assets and the Repayment Of All
Bank Debt
HOUSTON, Dec. 15 /PRNewswire-FirstCall/ -- Harken Energy Corporation
("Harken") announced today that it sold the majority of its oil and gas
properties located in the Panhandle region of Texas. The purchasers agreed to
pay approximately $7 Million in cash for the Panhandle assets.
Harken considers the Panhandle assets as non-core assets since the majority of
Harken's domestic reserves and production are located along the Gulf coast
regions of Texas and Louisiana. Harken's Gulf coast assets are primarily
natural gas.
Harken also announced today that it repaid all outstanding bank debt,
approximately $4 Million, with a portion of the Panhandle asset sales proceeds.
Harken's Chairman, Alan G. Quasha, stated, "While we expected to close on the
sale of these Panhandle assets a month ago, we achieved our goal of selling
these properties at a reasonable price and significantly reducing our debt by
year end. Our cash now exceeds our outstanding debt, and we have been able to
accomplish the restructuring of our balance sheet and cost structure
expeditiously and without sacrificing any of our core assets. The entire
management team deserves a great deal of credit. We look forward to being able
to focus on growing our revenues, cash flow and earnings, and taking advantage
of energy related opportunities from a position of strength."
This announcement may contain forward-looking statements as defined by federal
law. Harken believes that it is important to communicate its future
expectations to its stockholders. Forward-looking statements reflect the
current view of management with regard to future events and are subject to
numerous known and unknown risks, 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. These risks,
uncertainties and other factors include, among others, the risks described in
Harken's Annual Report on Form 10-K for the fiscal year ended December 31, 2002
filed with the Securities and Exchange Commission as well as other risks
described in the Form 10-Q filed for the period ending September 30, 2003.
Although Harken believes that the expectations reflected in the forward- looking
statements are reasonable, it can give no assurance that such expectations will
prove to be correct or that unforeseen developments will not occur. Harken
undertakes no duty to update or revise any forward-looking statements.
DATASOURCE: Harken Energy Corporation
CONTACT: Investor Relations of Harken Energy Corporation,
+1-281-504-4000, or
Web site: http://www.harkenenergy.com/