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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report NOVEMBER 4, 1994
HARKEN ENERGY CORPORATION
(Exact name of registrant as specified in its charter)
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<S> <C> <C>
DELAWARE 0-9207 95-2841597
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(State or other jurisdiction of (Commission File Number) (I.R.S. Employer Identification No.)
incorporation or organization)
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2505 North Highway 360, Suite 800, Grand Prairie, Texas 75050
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (817) 695-4900
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N/A
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(Former Name or Former Address, if changed Since Last Report)
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Item 1. N/A
Item 2. Acquisition or Disposition of Assets
Acquisition of Additional Interest in Four Corners Properties.
Pursuant to the terms of the Concession and Lease Purchase Agreement
(the "Agreement") dated as of October 20, 1994, among Harken Energy
Corporation ("Harken"), C.A.B. Resources, Inc. ("CAB"), Crusader, Inc.
("Crusader"), and Australian Hydrocarbons, Inc. ("AHI"), Harken has
acquired an additional interest in certain oil and gas properties and
related assets in the Four Corners area of the Southwestern United
States. Pursuant to the Agreement, as consideration for this
acquisition, Harken issued an aggregate total of 960,000 shares of
restricted Harken common stock to the sellers (CAB, Crusader and AHI),
assumed certain liabilities of the sellers relating to the properties,
and the sellers in turn retained certain contingent liabilities
related to the properties as well as retaining certain distributions
made under the CHAP Venture. In this acquisition Harken acquired from
the sellers approximately 20% of the joint venture interest in the
CHAP Venture, a tax partnership formed to explore for and develop oil
and gas reserves in the Aneth Field of the Paradox Basin in Utah,
Arizona and New Mexico, primarily on the Navajo Indian Reservation.
Harken, through its subsidiaries, owned approximately 50% of the CHAP
Venture prior to the acquisition and continues to serve as operator
for the Venture. The 960,000 restricted shares issued by Harken in
this transaction contain certain demand and piggyback registration
rights exercisable by the sellers. The number of shares of Harken
common stock issued as a portion of the consideration for this
transaction was determined based on the average closing price of
Harken common stock for the five trading days immediately preceding
the closing date of October 20, 1994.
The CHAP Venture is in the business of exploring for and producing oil
and gas in the Aneth Field of the Paradox Basin in Utah, Arizona and
New Mexico. CHAP Venture's operations in the Paradox Basin are
primarily concentrated on the Navajo Indian Reservation (the
"Reservation"), which comprises portions of Arizona, New Mexico and
Utah. In addition to its oil and gas operations, CHAP Venture also
has an interest in a gas processing plant in the Paradox Basin. The
acquisition of the sellers' interest raises Harken's total interest in
the CHAP Venture to approximately 70% and increases Harken's share of
daily production by approximately 40% over its previous interest.
Item 3. N/A
Item 4. N/A
Item 5. N/A
Item 6. N/A
Item 7. Audited financial statements of the CHAP Venture, along with pro forma
financial statements of Harken reflecting the acquisition, will be
filed subsequently using Form 8.
Item 8. N/A
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Harken Energy Corporation
(Registrant)
Date: November 4, 1994 /s/ Bruce N. Huff
Bruce N. Huff, Senior Vice President
and Chief Financial Officer
