HKN, Inc.

HKN, Inc. deregistered its securities, ending its obligation to file reports with the SEC.

listing compliance notice

HKN's board voted to voluntarily stop reporting to the SEC altogether, announcing the decision by press release -- the step that led to the Form 15 deregistration filed three weeks later, ending HKN's decades as a public reporting company.

listing compliance notice

HKN refinanced the roughly $17 million Global still owed it into a new loan running to June 2015 at 12.75% interest, guaranteed by Global's main operating subsidiary -- the rate climbing again as HKN kept extending credit to its former subsidiary.

material agreement

HKN, Inc.'s securities were notified for removal from listing and registration on its exchange.

listing compliance notice

HKN's board voluntarily moved its stock from the NYSE MKT to the OTCQB after the exchange warned that a planned 1-for-40 reverse split would leave the company short of the public float required to stay listed.

listing compliance notice

With its production assets sold off, HKN was acting as lender rather than operator: having already loaned Global Energy Development $5 million in 2010, it extended a further $12 million unsecured loan in January 2012 while still holding a 34% equity stake in Global.

material agreement

HKN sold its Main Pass 35 offshore Louisiana assets for $19.75 million and had a deal in principle for its remaining Gulf Coast properties -- after which, it said, HKN would hold no further interests in any producing oil and gas properties, effectively exiting oil and gas production.

asset acquisition disposition

HKN issued 1 million restricted shares for a 19.5% stake in UniPureEnergy, a waste-oil purification technology startup, buying from sellers that included Quadrant Management -- an affiliate of HKN's own chairman Alan Quasha -- a related-party move away from oil and gas.

capital raising announcement

Harken partly unwound its 2004 Eastern Europe bet: International Business Associates redeemed 7,500 of Harken's 12,500 preferred shares for $7.5 million cash, and Harken's board seats on IBA dropped from three to one -- a partial cash-out of that investment.

material agreement termination

Global Energy Development, now 85%-owned by Harken, signed an exploration contract with Peru's state oil company for the 1.26-million-acre Block 95 in the Marañón Basin, extending its reach beyond Colombia into Peru.

material agreement

Harken disclosed its 2004 financial statements could no longer be relied on after its auditor found an unrecorded compensation charge tied to a 2004 stock-option plan change at Global Energy Development, triggering a restatement.

financial restatement

Days later, Harken's 85.62%-owned Colombian subsidiary Global Energy Development signed a new exploration and production contract for the 75,000-acre Rio Verde block in the Llanos Basin, adding to its Colombian acreage.

material agreement

Harken's IBA Holding Co. subsidiary invested $12.5 million for preferred stock and warrants that could grow into a 48% stake in International Business Associates, a startup chasing energy-deregulation opportunities in Eastern Europe -- a diversification bet well outside Harken's core Colombia oil business.

material agreement