Printer Friendly

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
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 30, 1992
Words:246
Previous Article:PRINCE GEORGE'S COUNTY, MD. G.O. BONDS RATED 'AA-' BY FITCH -- FITCH FINANCIAL WIRE --
Next Article:DR PEPPER BOTTLING COMPANY OF TEXAS ANNOUNCES COMMENCEMENT OF TENDER OFFER AND SOLICITATION OF CONSENTS
Topics:


Related Articles
HARKEN ANNOUNCES THIRD QUARTER RESULTS/FILING OF REGISTRATION STATEMENT
HARKEN ANNOUNCES SECOND QUARTER RESULTS
HARKEN ANNOUNCES AGREEMENT TO ACQUIRE CHUSKA RESOURCES CORPORATION
CHUSKA TO MERGE WITH HARKEN
HARKEN TO UTILIZE PROCEEDS FROM SALE OF IDLE ASSETS TO EXPAND INTERNATIONAL EXPLORATION ACTIVITIES
HARKEN ANNOUNCES FIRST QUARTER RESULTS
HARKEN INCREASES OWNERSHIP IN FOUR CORNERS PROPERTIES
HARKEN ENERGY CORPORATION AND SEARCH EXPLORATION COMPANY SIGN MERGER AGREEMENT
HARKEN ANNOUNCES THE PURCHASE OF DOMESTIC OIL AND GAS PROPERTIES
Harken Announces Progress at Palo Blanco Field.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters