Harken Energy evaluating its US oil and gas assets

Harken Energy Corp., Houston, has hired financial adviser Petrie Parkman & Co. Inc., Denver, to evaluate its US oil and natural gas assets and to make recommendations to maximize their value.

May 30, 2003

By OGJ editors

HOUSTON, May 30 -- Harken Energy Corp., Houston, has hired financial adviser Petrie Parkman & Co. Inc., Denver, to evaluate its US oil and natural gas assets and to make recommendations to maximize their value.

The company's domestic assets involve properties and prospects in the Texas Panhandle and along the Gulf Coast of Texas and Louisiana.

Alan G. Quasha, Harken chairman, said the company's management has spent the last few months restructuring Harken's balance sheet and examining the 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," said Quasha, who was elected chairman this year (OGJ Online, Apr. 1, 2003).

Harken fully impaired its $8.8 million investment in Costa Rica in its year-end 2001 earnings (OGJ Online, Feb. 20, 2002). Harken also has holdings in Colombia.