Harken Announces Sale of Non-Strategic Panhandle Assets and the Repayment Of All Bank Debt /i
HOUSTON, Dec 15, 2003 /PRNewswire-FirstCall via COMTEX/ -- Harken Energy
Corporation (Amex: HEC) ("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."
SOURCE Harken Energy Corporation
CONTACT: Investor Relations of Harken Energy Corporation,
+1-281-504-4000, or info@harkenenergy.com
URL: harkenenergy.com |
