HEC PRESS RELEASE WITH QUARTERLY RESULTS FOLLOWS:
> > >05/13 11:19
Harken Announces First Quarter Results
HOUSTON, May 13 /PRNewswire/ -- Harken Energy Corporation (Amex: HEC) ("Harken") today reported
results for the first quarter ended March 31, 1999 (in 000's, except for per share and weighted share
amounts):
First Quarter
Financial Data: 1999 1998
Total revenues $ 4,336 $ 4,362
EBITDA $ 1,089 $ 1,222
Net income (loss) $ (682) $ 84
Per share data:
Basic net income per common share,
including accretion related to preferred
stock $ (0.07) $ 0.00
Basic weighted average common
shares outstanding 134,073,116 122,441,279 March 31 March 31
Working capital $ 84,565 $ 108,263
Total assets $ 262,499 $ 247,964
Stockholders' equity $ 154,023 $ 160,893
During the first quarter of 1999, primarily as a result of the overall decline in world crude oil prices,
Harken received significantly less revenue for its production than for the comparable period of 1998.
However, due to the Company's increased levels of production during the first quarter of 1999, principally
from the Company's Colombian operations, actual total revenues decreased only slightly from the
comparable quarter of 1998.
Domestic oil production increased from 95,000 barrels in the first quarter of 1998 to 121,000 barrels in the
comparable quarter of 1999. Also, domestic gas production increased from 502,000 MCF in the first
quarter of 1998 to 570,000 MCF in the first quarter of 1999. Additionally, 1999 domestic lease operating
expenses decreased by 8% from the first quarter of 1998 as a result of Harken's cost reduction efforts
during 1999.
Harken's oil production from its Colombian discoveries started in the second quarter of 1998. As a result,
the Company's entire Colombian production of 77,000 barrels in the first quarter of 1999 represented an
increase over the first quarter of 1998.
Further good news was that first quarter 1999 corporate general and administrative expenses were
virtually unchanged from the first quarter of 1998 even though the Company has grown significantly in
proved reserves and production rates since last year. Additional general and administrative efficiencies
should be recognized in future years from the Company's recent office consolidation in Houston. Finally,
the Company continues to maintain a strong balance sheet with a current ratio (current assets divided by
current liabilities) of 8.9 to 1.
"During the first quarter, Harken continued to have positive EBITDA, even in light of lower oil prices,"
Harken's Chairman Mikel D. Faulkner stated. He added, "The corporate focus for 1999 is primarily the
development of last year's discoveries in Colombia. Therefore, our shareholders can look for a significant
increase in production levels during the 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, 1998. Actual results may vary materially.
SOURCE Harken Energy Corporation
-0- 05/13/99
/CONTACT: J. Marc Lewis of Harken Energy Corporation, 281-717-1300, or fax, 281-717-1420, or email,
mlewis@harkenenergy.com/ < < <
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