Harken Energy Acquires 400,000 Acre Coalbed Methane Prospect Located in Indiana
March 23 2005 - 11:52AM
PR Newswire (US)
Harken Energy Acquires 400,000 Acre Coalbed Methane Prospect
Located in Indiana DALLAS, March 23 /PRNewswire-FirstCall/ --
Harken Energy Corporation, (AMEX:HEC) announced today that its
wholly-owned subsidiary, Gulf Energy Management Company ("GEM")
entered into an Exploration and Development Agreement with Indiana
Posey L.P., a Texas limited partnership, for the joint exploration
and development of coal bed methane within the Posey Prospect Area
consisting of approximately 400,000 acres in Posey, Gibson and
Vanderburgh counties of Indiana. Gulf Energy Management's
obligations under the agreement include funding 100% of the initial
$7.5 million of costs to carry out the joint exploration and
development of the project in return for a 65% interest in the
Posey Prospect Area. The agreement also provides that Gulf Energy
Management receive an 82.5% net revenue interest. Gulf Energy
Management's funding obligation is to be allocated among three
separate technical phases of the project. At the conclusion of each
of the first two phases, Gulf Energy Management may elect to
terminate the agreement, thereby reducing its commitments. Complete
details of the agreement may be found in the Form 8-K filed today
with the Securities and Exchange Commission. Commenting on the
acquisition Jim Denny, President of Gulf Energy Management, said,
"The acquisition in the Posey Prospect Area is an opportunistic
transaction that adds to and diversifies our existing oil and gas
holdings located along the Texas and Louisiana Gulf Coast. Although
we are just in the early stages of our Posey Prospect Area coal bed
methane development program, we are excited about the potential and
believe it provides an attractive opportunity for growth." Harken
Energy Corporation is engaged in oil and gas exploration,
development and production operations both domestically and
internationally through its various subsidiaries. Additional
information may be found at the Harken Energy Web site,
http://www.harkenenergy.com/, or by calling Bevo Beaven or Bill
Conboy at CTA Public Relations at (303) 665-4200. Certain
statements in this announcement including statements about our
plans, objectives, intentions, and expectations are
"forward-looking statements" within the meaning of the Securities
Exchange Act of 1934, as amended. Forward-looking statements are
based on the opinions and estimates of management at the time the
statements are made and are subject to known and unknown risks and
uncertainties and inaccurate assumptions that could cause actual
results to differ materially from those expected or implied by the
forward-looking statements. Harken's actual results could differ
materially from those anticipated in the forward-looking statements
for many reasons, including the risk that additional "material
weaknesses" as disclosed in the 8-K filed by Harken Energy on March
18, 2005, or other internal control deficiencies with the meaning
of Section 404 of the Sarbanes-Oxley Act of 2002 are identified,
and the risk that additional accounting errors may be identified.
Readers are cautioned not to place undue reliance upon these
forward-looking statements, which speak only as the date hereof.
Contact: Bevo Beaven, Vice President Bill Conboy, Senior Account
Executive CTA Public Relations 303-665-4200 DATASOURCE: Harken
Energy Corporation CONTACT: Bevo Beaven, Vice President, , or Bill
Conboy, Senior Account Executive, , both of CTA Public Relations,
+1-303-665-4200, for Harken Energy Corporation Web site:
http://www.harkenenergy.com/
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