Harken hires investment banker to review assets

Financially troubled Harken Energy, a Houston-based exploration and production independent, has hired investment banker Petrie Parkman to evaluate its U.S. oil and gas assets and to make recommendations “to maximize their value.”

Harken’s first-quarter production fell to about 10,000 million cubic feet of natural gas equivalent, down one-third from the same period last year. The company’s domestic properties are located along the Texas Gulf Coast and Louisiana, as well as the Texas Panhandle.

“We have asked … Petrie Parkman to help us take a fresh look at these assets,” Harken Chairman Alan Quasha said.

Harken has “effectively dealt” with its short-term debt, he said, but it “is still burdened with significant long-term debt.” It reported more than $45 million in debt at the end of the first quarter. Quasha controls about 60 percent of Harken’s equity.

“While we are mindful that much work on the liability side needs to be accomplished, we are now turning our attention to our asset side to properly assess its value, particularly our domestic asset base,” Quasha said.