Harken sells Texas properties, retires debt

Petroleum News

Exploration and production independent Harken Energy has sold the majority of its oil and gas properties in Texas to undisclosed buyers for $7 million in cash, the company said Dec. 15. Harken said it also repaid all of its approximately $4 million bank debt with proceeds from the sale of its non-core Texas Panhandle assets.

“We have been able to accomplish the restructuring of our balance sheet and cost structure expeditiously without sacrificing any of our core assets,” Harken Chairman Alan Quasha said. The majority of Harken’s domestic reserves, largely natural gas, are located along the Gulf coast and regions of Texas and Louisiana.