Harken Energy Exercises Global Energy Development Warrants
June 03 2005 - 2:05PM
PR Newswire (US)
Harken Energy Exercises Global Energy Development Warrants DALLAS,
June 3 /PRNewswire-FirstCall/ -- Harken Energy Corporation
(AMEX:HEC) ("Harken") today announced that Harken has exercised all
of its outstanding warrants to purchase 6,487,481 ordinary shares
in its subsidiary, Global Energy Development PLC ("Global"). These
warrants had an expiration date of August 8, 2005 with an exercise
price of 60 UK pence per share for a total cash consideration of
approximately USD$7.1 million. As a result of the exercise of these
warrants, Harken ownership in Global has increased to approximately
74% of the total issued share capital of Global. As of June 3,
2005, certain of Global's minority shareholders continue to hold
outstanding warrants for 177,001 Global ordinary shares at an
exercise price of 60 UK pence per share that expire on August 8,
2005. Additionally, Lyford Investments Enterprises, Ltd. ("Lyford")
continues to hold warrants to purchase 7,000,000 ordinary shares of
Global which are currently held by Harken; these warrants have an
exercise price of 50 UK pence per share and expire on October 7,
2005. Harken's ownership in Global could decrease to approximately
54% if or when all of these remaining warrants are exercised prior
to their expiration. 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 regarding
future expectations, objectives, intentions and plans for oil and
gas exploration, development and production may be regarded as
"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. Management's current view and plans, however,
are subject to numerous known and unknown risks, uncertainties and
other factors that may cause the actual results, performance,
timing or achievements of Harken to be materially different from
any results, performance, timing or achievements expressed or
implied by such forward-looking statements. The various
uncertainties, variables, and other risks include those discussed
in detail in the Company's SEC filings, including the Annual Report
on Form 10-K/A dated April 13, 2005 and quarterly report on Form
10-Q dated May 10, 2005. Although Harken believes that the
expectations reflected in the forward-looking statements of this
announcement are reasonable, it can give no assurance that such
expectations will prove to be correct or that unforeseen
developments will not occur. Harken undertakes no duty to update or
revise any forward-looking statements. Actual results may vary
materially. 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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