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

To: Richard Mazzarella who wrote (5465)	3/14/2003 1:18:54 PM
From: Findit	Respond to of 5504

HEC has a new majority holder - Lyford. Price has held up well through the rights offering. With Lyford buying all those .1372 shares, I see HEC not collapsing anytime soon. Those that bought the rights offering shares should do ok short run at least. Jim HOUSTON, Mar 14, 2003 (Canada NewsWire via COMTEX) -- Harken Energy Corporation (Amex: HEC) ("Harken") announced today the final results of its rights offering, which expired in accordance with its terms at 12:00 midnight, New York City time, on March 13, 2003. The subscription agent has informed Harken that subscription rights were properly exercised for 13,170,077 shares of Harken common stock at $0.1372 per share (for an aggregate purchase price of approximately $1,807,000). All of these shares, when issued, will be listed on the American Stock Exchange. Harken expects that an additional 59,716,227 shares of Harken common stock will be issued to Lyford Investments Enterprises Ltd. ("Lyford") pursuant to a Standby Purchase Agreement. That agreement obligates Lyford, subject to certain conditions, to subscribe for and purchase from Harken the number of shares of common stock equal to the "Shortfall" divided by the subscription price per share. The "Shortfall" is the amount by which $10,000,000 exceeds the aggregate subscription price to be paid by stockholders of Harken who subscribed for and purchased shares in the rights offering. Pursuant to the Standby Purchase Agreement, Lyford has agreed to purchase 59,716,227 shares of Harken common stock at $0.1372 per share (for an aggregate purchase price of approximately $8,193,000). Due to the large Shortfall, upon closing of the Standby Purchase Agreement, Lyford will become the majority stockholder and hold approximately 62% of Harken's outstanding common stock. This press release is for informational purposes only and is not an offer to purchase or a solicitation of an offer to sell shares of Harken common stock. Stockholders should carefully read the prospectus, rights certificates and related materials because they contain important information. Based in Houston, Texas, Harken is an oil and gas exploration and production company whose corporate strategy calls for concentrating its resources on exploration, development and acquisition of domestic properties in the Gulf Coast regions of Texas and Louisiana. Certain statements in this news release regarding future expectations and plans may be regarded as "forward looking statements" within the meaning of the Securities Litigation Reform Act. They are subject to various risks, including uncertainties regarding timing, capital availability, and the closing of the Standby Purchase Agreement, discussed in detail in Harken's SEC filings. Actual results may vary materially. VIEW ADDITIONAL COMPANY-SPECIFIC INFORMATION: newswire.ca CONTACT: For further information: Investor Relations of Harken Energy Corporation, +1-281-504-4000, or info(at)harkenenergy.com URL: Web site: harkenenergy.com News release via Canada NewsWire, Toronto 416-863-9350 Copyright (C) 2003 CNW, All rights reserved