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CHUSKA TO MERGE WITH HARKEN

CHUSKA TO MERGE WITH HARKEN
 SAN ANTONIO, Sept. 30 /PRNewswire/ -- Chuska Resources Corporation (Vancouver Stock Exchange: CKA) today announced it has entered into an agreement to merge with Harken Energy Corporation (AMEX: HEC) of Dallas, Texas.
 The company said Harken has agreed to acquire all of Chuska's outstanding common stock (approximately 11.1 million shares) in exchange for about 13.95 million newly issued Harken common shares, and that Chuska will become a wholly owned subsidiary of Harken.
 The merger is subject, among other conditions, to the approval of a majority of both companies' shareholders, but Chuska said it expects the merger to be consummated before the end of this year.
 Donald W. Raymond, chairman, and Harvey V. Risien, president of Chuska said the merger will give Chuska's shareholders a 23 percent interest in Harken, which is involved in projects in Bahrain, Colombia, and Venezuela along with many other international development-stage ventures. Harken, for its part, will acquire a sizable U.S. domestic reserve base and a significant number of low-risk drilling opportunities.
 In calendar-year 1991, Chuska posted net income of $2.57 million on gross revenues of $9.98 million, having produced 406,000 barrels of oil and 634 million cubic feet of natural gas. At year-end, it had proved reserves of about one million barrels of oil and five billion cubic feet of gas, with an SEC-case net present value of approximately $19 million.
 Harken, which currently has about 44.1 million shares of common stock outstanding, is expected to file an SEC registration statement covering the new shares next month.
 -0- 09/30/92
 CONTACT: Betty Orth, 512-225-0800, for Chuska Resources
 (HEC CKA) CO: CHUSKA RESOURCES CORPORATION; HARKEN ENERGY
 CORPORATION


IN: OIL ST: TX -- NY082 -- X704 09/30/92
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Publication:PR Newswire
Date:Sep 30, 1992
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