HARKEN ANNOUNCES GAIN ON SALE OF INTEREST IN HARKEN ANADARKO PARTNERS, L.P.
DALLAS, Dec. 30 /PRNewswire/ -- Harken Energy Corporation ("Harken") (AMEX: HEC) of Dallas today announced that it will recognize an estimated $1.5 million gain on the sale of its 12 percent general partnership interest in Harken Anadarko Partners, L.P. (the Partnership). The sale, which closed effective Dec. 29, 1992, was made to an affiliate of Aeneas Venture Corporation ("Aeneas") for $2,650,000 cash. In addition, Harken has the potential for further consideration in the event of a subsequent sale by Aeneas. Harken will continue to manage and operate the Partnership properties and receive a monthly management fee for such services, but would be released as a guarantor of the Partnership's bank debt facility according to the terms of the sale agreement. Harken's Chairman, Mikel D. Faulkner, said, "The proceeds from the sale will provide Harken increased financial flexibility as we pursue both our international growth objectives and domestic opportunities such as the previously-announced Chuska acquisition." Harken further announced that it continues with the drilling of its Muharraq Island well in Bahrain. It is anticipated that drilling to total depth will require approximately 60 days from Dec. 28, 1992, the date the drilling began. Harken Energy Corporation explores for, develops and produces oil and gas reserves domestically and internationally. Harken also provides oilfield services. -0- 12/30/92 /CONTACT: Dale Brooks of Harken Energy Corporation, 817-695-4900/ (HEC)
CO: Harken Energy Corporation ST: Texas IN: OIL SU:
AH -- NY049 -- 0734 12/30/92 17:27 EST
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|Date:||Dec 30, 1992|
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