Harken sells Texas Panhandle nonstrategic assets

Dec. 18, 2003
Harken Energy Corp., Houston, sold most of its oil and gas properties in the Texas Panhandle for $7 million to purchasers, whose names were not disclosed.

OGJ editors
HOUSTON, Dec. 15 -- Harken Energy Corp., Houston, sold most of its oil and gas properties in the Texas Panhandle for $7 million to purchasers, whose names were not disclosed.

Harken considered the assets as noncore assets since the majority of its domestic reserves and production are along the Gulf Coast of Texas and Louisiana. These assets are primarily gas.

The company repaid all outstanding bank debt, $4 million, with a portion of the Texas Panhandle asset sales proceeds.

Harken's Chairman Alan G. Quasha said, "Our cash now exceeds our outstanding debt, and we have been able to accomplish the restructuring of our balance sheet and cost structure expeditiously and without sacrificing any of our core assets."