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| Harken Announces Plans to Evaluate Strategic Alternatives for Its Domestic Assets |
HOUSTON, May 30 /PRNewswire-FirstCall/ -- Harken Energy Corporation (Amex: HEC) ("Harken") announced today that it has retained Petrie Parkman & Co., Inc. to evaluate its domestic oil and gas assets and to make recommendations to maximize their value. Harken's domestic assets currently consist of its productive properties and prospects along the Gulf Coast of Texas and Louisiana, as well as the Panhandle region of Texas. Alan G. Quasha, Harken's Chairman, stated, "Harken's management has spent the last few months actively restructuring the liability side of our balance sheet and examining and taking action on our cost structure. While Harken is still burdened with significant long-term debt, we have effectively dealt with most of our short-term debt without causing excessive dilution. While we are mindful that much work on the liability side needs to be accomplished, we are now also turning our attention to our asset side to properly assess its value, particularly our domestic asset base. We have thus asked Petrie Parkman to help us take a fresh look at these assets." Based in Houston, Texas, Harken is an oil and gas production company whose corporate strategy calls for concentrating its resources on the development of domestic and international upstream energy projects. 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, and capital availability, as discussed in detail in Harken's Form 10-K. Actual results may vary materially.SOURCE Harken Energy Corporation
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CONTACT:
Investor Relations of Harken Energy
Corporation, +1-281-504-4000, or info@harkenenergy.com
