Harken (AMEX:HEC)
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Harken Energy Acquires 400,000 Acre Coalbed Methane Prospect
Located in Indiana
DALLAS, March 23 /PRNewswire-FirstCall/ -- Harken Energy Corporation,
(AMEX:HEC) announced today that its wholly-owned subsidiary, Gulf Energy
Management Company ("GEM") entered into an Exploration and Development
Agreement with Indiana Posey L.P., a Texas limited partnership, for the joint
exploration and development of coal bed methane within the Posey Prospect Area
consisting of approximately 400,000 acres in Posey, Gibson and Vanderburgh
counties of Indiana.
Gulf Energy Management's obligations under the agreement include funding 100%
of the initial $7.5 million of costs to carry out the joint exploration and
development of the project in return for a 65% interest in the Posey Prospect
Area. The agreement also provides that Gulf Energy Management receive an 82.5%
net revenue interest. Gulf Energy Management's funding obligation is to be
allocated among three separate technical phases of the project. At the
conclusion of each of the first two phases, Gulf Energy Management may elect to
terminate the agreement, thereby reducing its commitments. Complete details of
the agreement may be found in the Form 8-K filed today with the Securities and
Exchange Commission.
Commenting on the acquisition Jim Denny, President of Gulf Energy Management,
said, "The acquisition in the Posey Prospect Area is an opportunistic
transaction that adds to and diversifies our existing oil and gas holdings
located along the Texas and Louisiana Gulf Coast. Although we are just in the
early stages of our Posey Prospect Area coal bed methane development program,
we are excited about the potential and believe it provides an attractive
opportunity for growth."
Harken Energy Corporation is engaged in oil and gas exploration, development
and production operations both domestically and internationally through its
various subsidiaries. Additional information may be found at the Harken Energy
Web site, http://www.harkenenergy.com/, or by calling Bevo Beaven or Bill
Conboy at CTA Public Relations at (303) 665-4200.
Certain statements in this announcement including statements about our plans,
objectives, intentions, and expectations are "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 and are subject to known and
unknown risks and uncertainties and inaccurate assumptions that could cause
actual results to differ materially from those expected or implied by the
forward-looking statements. Harken's actual results could differ materially
from those anticipated in the forward-looking statements for many reasons,
including the risk that additional "material weaknesses" as disclosed in the
8-K filed by Harken Energy on March 18, 2005, or other internal control
deficiencies with the meaning of Section 404 of the Sarbanes-Oxley Act of 2002
are identified, and the risk that additional accounting errors may be
identified. Readers are cautioned not to place undue reliance upon these
forward-looking statements, which speak only as the date hereof.
Contact: Bevo Beaven, Vice President
Bill Conboy, Senior Account Executive
CTA Public Relations
303-665-4200
DATASOURCE: Harken Energy Corporation
CONTACT: Bevo Beaven, Vice President, , or Bill Conboy,
Senior Account Executive, , both of CTA Public Relations,
+1-303-665-4200, for Harken Energy Corporation
Web site: http://www.harkenenergy.com/