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

To: Zeev Hed who wrote (4527)	9/1/1999 10:15:00 AM
From: SDR-SI	Respond to of 5504

NEWS RELEASE FROM HEC RE: BOLIVAR IFC FINANCING APPROVAL * * * * * * * * * * * * 09/01 09:32 Harken Announces IFC Financing Approval for Bolivar Block HOUSTON, Sept. 1 /PRNewswire/ -- Harken Energy Corporation (Amex: HEC) announced today that it has entered into a project finance loan agreement with the International Finance Corporation (IFC), the private sector arm of the World Bank Group. The non-recourse credit facility will be utilized by Harken in the development of the Bolivar Association Contract block in the Middle Magdalena valley of Colombia. IFC's financing of the project consists of an A Loan of US$20 million and a C Loan of US$10 million for its own account, and a syndicated loan of US$25 million for the account of participants. The A Loan and the B Loan will bear interest at a margin of 3.50% above LIBOR and are repayable in equal semi-annual installments beginning one year after initial disbursement of funds and continuing for 5 years. The syndicated B Loan has been jointly arranged by Dresdner Kleinwort Benson, the investment banking arm of Dresdner Bank AG, and fully underwritten by Dresdner Bank Lateinamerika AG. The C Loan will bear interest at LIBOR with it quasi-equity income participation and is repayable in full at the end of the sixth year of maturity. The C Loan will be convertible into Harken Energy Corporation common stock under certain conditions at a conversion price of $3.00 per share. All loans are extendable for up to 2 years from the initial term if certain project performance conditions are achieved. The loans are designed to finance the development on the Bolivar Block. The level of funding was based on anticipated near term field development expenditures which include the drilling of additional horizontal wells and the installation of production facilities. The initial production facilities will be designed to handle up to 30,000 barrels of oil per day and include oil pumping facilities, a natural gas treating plant, a 2000 kilowatt field power plant, a seven kilometer 10 inch natural gas pipeline, a seven kilometer 12 inch oil pipeline and field storage capacity for 100,000 barrels of oil. As part of the World Bank Group, IFC's mission is to promote private sector investment in emerging economies. IFC finances private sector development investments in the developing world, mobilizes capital in the international financial markets and provides technical assistance and advice to governments and businesses. Since its founding in 1956, the IFC has committed more than $23.9 billion of its own funds and has arranged $17 billion in syndications and underwriting for 2,067 companies in 134 developing countries. Mikel D. Faulkner, Harken's Chairman commented, "We are very pleased to have IFC as a lender and partner in this important project. IFC's expertise in global finance has helped us access long-term capital on favorable terms, commensurate with project needs. IFC's knowledge base and intimate understanding of the region should also assist us in our current and future efforts." 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 -0- 09/01/1999 /CONTACT: J. Marc Lewis of Harken Energy Corporation, 281-717-1300, or fax, 281-717-1420, or email, mlewis@harkenenergy.com/ * * * * * * * * * * * * * Moving along. Steve

To: Zeev Hed who wrote (4527)	9/1/1999 8:06:00 PM
From: Richard Mazzarella	Read Replies (2) \| Respond to of 5504

Zeev, wasn't the news today everything that people were waiting for? Why do you think that the stock barely budged? Something wrong here? When the TA and the FA ...............