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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:
May 16, 1995
HARKEN ENERGY CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 0-9297 95-2841597
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation
MacArthur Center II, Suite 400
5605 N. MacArthur Boulevard
Irving, Texas 75038
(Address of Principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (214) 753-6900
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ITEM 5. Other Events
The press release dated May 12, 1995, attached to this Report as
Exhibit 99.1 is incorporated herein by reference.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has caused this Current Report on Form 8-K to be signed on its
behalf by the undersigned hereunto duly authorized.
HARKEN ENERGY CORPORATION
/s/ LARRY E. CUMMINGS
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Larry E. Cummings, Vice President,
Secretary and General Counsel
Date: May 16, 1995
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EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit Description
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<S> <C>
99.1 Press Release dated May 12, 1995
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[HARKEN LETTERHEAD]
HARKEN
ENERGY
NEWS RELEASE CORPORATION
For Further Information 214-753-6900
FOR IMMEDIATE RELEASE
HARKEN ANNOUNCES $15 MILLION FINANCING AND
REPORTS ON DOMESTIC ACTIVITIES
Dallas Texas--(May 12, 1995)--Harken Energy Corporation ("Harken")
(AMEX: "HEC") of Dallas announced today that it has entered into a Note
Purchase Agreement with several European institutions and investors in the
amount of $15,000,000 establishing a credit facility to support Harken's future
domestic oil and gas reserve acquisitions, exploration and development. This
facility consists of 8% Senior Convertible Notes due May, 1998. These
securities were not registered under the Securities Act of 1933, as amended,
and cannot be sold in the U.S. without such registration or an exemption
therefrom.
Since the first of the year Harken has drilled three exploratory wells
in the Four Corners Area that have resulted in two successful oil discoveries
and one dry hole. Current plans call for Harken to drill from five to nine
additional wells in this area in the remainder of 1995, evenly divided between
exploratory and development wells.
In conjunction with those plans, Harken has recently signed a contract
with the Utah Geological Survey ("UGS") under which it will initially drill up
to two developmental wells located in some of Harken's larger producing algal
mounds in the Four Corners Area. Under this contract Harken will receive
reimbursement of approximately 50% of the costs related to drilling these two
wells and a study of the potential use of secondary and tertiary recovery
methods for oil production.
The previously announced merger with Search is presently being
considered by Search shareholders and will be the subject of a special
shareholder meeting to be held May 22, 1995. The assets of Search consist of
proven oil and gas reserves and carried interests in 16 exploratory wells
planned to be drilled on farmouts from Search over the next twelve months.
Harken also reported that it has agreed to acquire an additional 11%
interest in properties which it currently operates in the Paradox Basin (Four
Corners Area). This acquisition increases Harken's domestic proven reserves by
an estimated 15% and will also enhance monthly cash flow and is in addition to
the interest it acquired last October in this area. This acquisition increases
Harken's interest in the CHAP Venture to 82%.
"These recent activities have enhanced the size and strength of our
domestic portfolio, which is the basis of support for our high potential
international exploration", stated Harken's Chairman, Mikel D. Faulkner.
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Harken Energy Corporation ("Harken") (AMEX: "HEC") explores for, develops and
produces oil all and gas reserves domestically and internationally. The Company
currently controls acreage in Colombia and offshore Bahrain and is active in
the Paradox Basin in Utah.
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