EARNINGS / Harken Energy Corp reports 1st 3 months Results
DALLAS, May 7 /CNW/ -- Harken Energy Corporation (Amex: HEC)
("Harken") of Dallas today reported results for the first quarter ended March
31, 1998 (in 000's, except for per share and weighted share amounts):
First Quarter
Financial Data: 1998 1997
Total revenues $4,362 $4,251
EBITDA $1,222 $1,678
Net income $ 84 $ 68
Per share data:
Basic net income per
common share $ 0.00 $ 0.00
Weighted average common
shares outstanding 122,441,279 97,053,054
March 31, 1998 March 31, 1997
Working capital $108,263 $ 44,198
Total assets $247,964 $129,269
Stockholders' equity $160,893 $ 98,878
"The operating results demonstrate a strong financial condition as Harken
escalates its Colombian exploration efforts," Harken's Chairman Mikel D.
Faulkner stated. He added, "Recent discoveries in Colombia at Rio Negro, Palo
Blanco and the Bolivar Contract area should enhance operating results and cash
flow from operations as they come online during the last half of 1998 and into
the following year."
Harken Energy Corporation explores for, develops and produces oil and gas
reserves domestically and internationally. The Company controls acreage in
Colombia and is active in the Paradox Basin in Utah, the Panhandle region and
Gulf Coast of Texas, the Magnolia area of Arkansas and the Carlsbad area of
New Mexico. Certain statements in this news release regarding future
expectations and plans for international oil and gas exploration and
development may be regarded as "forward looking statements" within the meaning
of the Securities Litigation Reform Act. They are subject to various risks,
such as the inherent uncertainties in interpreting engineering data related to
underground accumulations of oil and gas, drilling and operating risk and
timing, discussed in detail in the Company's SEC filings, including the Annual
Report on Form 10-K for the year ended December 31, 1997. Actual results may
vary materially.
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