Harken (AMEX:HEC)
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Harken Energy Corporation Announces Stock Repurchase Plan
DALLAS, Sept. 16 /PRNewswire-FirstCall/ -- Harken Energy Corporation
(AMEX:HEC) today announced that its Board of Directors has authorized a stock
repurchase program allowing the Company to buy back up to two million shares of
its common stock. All repurchases will be made from time to time in the open
market when opportunities to do so at favorable prices present themselves in
compliance with all applicable laws and regulations including the Securities
and Exchange Commission rules.
Alan G. Quasha, the Company's Chairman stated, "Our decision to institute a
buyback program expresses our confidence in the Company's ability to deliver
positive cash flow and maintain a strong balance sheet. We believe that
purchasing the Company's shares is an appropriate use of capital and
underscores our commitment to the best interests of our shareholders."
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.
This announcement may contain forward-looking statements as defined by the
Securities and Exchange Commission. Harken, however, believes that it is
important to provide this announcement with respect to its decision to
institute a buyback program and to communicate its future expectations to its
stockholders. The forward-looking statements in this announcement 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 filings with the Securities and Exchange Commission including the
Annual Report on Form 10-K for the fiscal year ended December 31, 2003 filed on
March 26, 2004 and its Form 10-Q for the six months ended June 30, 2004 filed
on August 12, 2004. Statements regarding future production are subject to all
of the risks and uncertainties normally associated with exploration,
development and production of oil and gas. These risks include, without
limitation, variability in the price received for oil and gas production, lack
of availability of oil field goods and services, environmental risks, drilling
and production risk, risk related to offshore operations, and regulatory
changes. Investors are cautioned that any such statements are not guarantees
of future performance and that actual results or developments may differ
materially from those projected in the forward-looking statements. Although
Harken believes that the expectations reflected in the forward-looking
statements of this announcement 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.
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/