Harken Closes Acquisition of Republic Properties
Harken Energy Corporation announced that Republic Resources, Inc. had received the required approvals from Republic's stockholders and debenture holders and Harken has closed its acquisition of certain interests in oil and gas properties located in the on-shore Gulf Coast regions of Texas and Louisiana. Such acquisition of properties was previously announced February 8, 2002, pending the receipt of such approvals.
The closing, which occurred yesterday in Republic's offices in Grand Junction, Colorado, results in Harken acquiring over 2.7 billion cubic feet equivalent of proved reserves and a significant amount of proprietary processed 3-D seismic data related to 35,000 gross acres associated with related prospects. In exchange, Harken issued 2,645,500 shares of Harken common stock.
Bruce N. Huff, Harken's President, commented, "The acquisition of the Republic Properties is a strategic addition to our existing Gulf Coast domestic property and prospect base. In addition, it is the initial step this year toward increasing Harken's domestic operations through acquisitions."