Harken Energy Gives Notice Of Conversion of Convertible Notes
Harken Energy (AMEX: HEC) has given notice of its determination to exercise its rights to convert its 5% Senior Convertible Notes, due June 30, 2009 for shares of Harken common stock. Pursuant to the terms of the 5% Notes, Harken has designated November 4, 2005 as the mandatory conversion date.
On November 4, 2005, the conversion date, each 5% Note that is outstanding as of that date will be converted to shares of Harken Energy common stock equal to the principal amount of the 5% Notes to be converted, plus accrued and unpaid interest thereon through the mandatory conversion date, divided by the appropriate conversion price set by the 5% Notes. Currently, there is approximately $3.8 million principal amount of 5% Notes outstanding, which would result in an issuance of up to approximately 7.5 million shares of common stock upon mandatory conversion.
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