Harken Announces Sale of Non-Strategic Panhandle Assets and the Repayment Of All Bank Debt
16 December 2003 - 2:42AM
PR Newswire (US)
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/
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