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Gold/Mining/Energy : Harken Energy Corporation (HEC) -- Ignore unavailable to you. Want to Upgrade?

To: Author51 who wrote (4520)	8/23/1999 11:47:00 PM
From: Author51	Read Replies (1) \| Respond to of 5504

Harken Increases Domestic Assets With Acquisition of Xplor Energy, Inc. HOUSTON, Aug. 23 /PRNewswire/ -- Harken Energy Corporation (Amex: HEC - news) announced today that it has acquired Xplor Energy, Inc. of The Woodlands, Texas under a merger agreement which has been approved by the Xplor shareholders. Xplor owns oil and gas properties primarily along the Texas and Louisiana Gulf Coasts. The properties are primarily natural gas and have an estimated 42 BCFE of proved reserves, with a significant amount of additional exploratory acreage. Under the terms of the acquisition, Harken has issued 7,500,000 shares of Harken common stock and issued 2,336,066 warrants for the purchase of Harken common stock at $2.50 per share in exchange for all of the outstanding shares of Xplor. After closing, Xplor will continue to be obligated under its present banking facility of approximately $14.2 million. Harken's Chairman, Mikel D. Faulkner, stated, ''The acquisition of Xplor is another important step in continuing to build a strong domestic base of cash flow while expanding our international exploration efforts. Beacon Group LLC and Trust Company of the West, both long-term energy investors, will hold the stock issued in this transaction. Their involvement represents a strategic alliance with two of the energy industry's premier financial groups.'' Harken Energy Corporation (''Harken'') explores for, develops and produces oil and gas reserves domestically and internationally. 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, timing and capital availability, discussed in detail in the Company's SEC filings, including the Annual Report on Form 10-K for the year ended December 31, 1998. Actual results may vary materially. SOURCE: Harken Energy Corporation