12 Nov 2015listing compliance notice▼ BadMajor
HKN, Inc. deregistered its securities, ending its obligation to file reports with the SEC.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
23 Oct 2015listing compliance notice▼ BadMajor
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.
12 Mar 2013material agreement▼ BadMajor
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.
5 Nov 2012listing compliance notice▼ BadMajor
HKN, Inc.'s securities were notified for removal from listing and registration on its exchange.
26 Oct 2012listing compliance notice▼ BadMajor
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.
31 Aug 2012material agreement▼ Bad
HKN extended the maturity of its $5 million loan to Global by seven months to April 2013 and raised the interest rate from 10.5% to 12.5% -- terms consistent with Global needing more time to repay.
30 Apr 2012security holder rights change● Neutral
HKN then reversed course on its takeover defense, accelerating its shareholder rights plan's expiration from 2018 to May 2012 -- killing the poison pill four years after renewing it.
2 Feb 2012material agreement● NeutralMajor
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.
22 Nov 2011asset acquisition disposition▼ BadMajor
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.
7 June 2011capital raising announcement● Neutral
HKN agreed to buy out Quadrant Management's remaining BriteWater units, making the oilfield-emulsion technology company wholly owned -- completing a buildup that started with a 19.5% stake in 2009.
16 Sept 2010capital raising announcement● Neutral
Holders exercised a put option from the 2009 deal, and HKN issued more shares to raise its stake in the renamed BriteWater International to 42.38% -- continuing the buildup of its non-oil technology investment.
30 June 2009capital raising announcement● NeutralMajor
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.
4 Apr 2008security holder rights change● Neutral
Harken, by now renamed HKN, Inc., extended its 1998 shareholder rights plan (a "poison pill") by a decade, pushing its expiration from 2008 to 2018.
25 July 2006material agreement● Neutral
Harken signed a severance agreement with VP James Denny guaranteeing 24 months of base salary if he is terminated -- a routine executive employment protection.
6 Feb 2006material agreement termination▲ GoodMajor
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.
5 Jan 2006material agreement▲ Good
Global, whose stake held by Harken had fallen further to 34%, signed a new 30-year concession for the 90,000-acre Caracoli area in Colombia's Catatumbo basin.
28 Nov 2005material agreement● Neutral
GEM signed a third coal-bed-methane deal, this time in Ohio with Ohio Triangle for an initial 65% working interest for $100,000, rounding out the Midwest gas program begun earlier in 2005 in Indiana and Ohio.
31 Aug 2005material agreement▲ Good
Harken agreed to buy back the 50,000 shares of its Series J convertible preferred stock held by Alexandra Global Master Fund for $5 million cash, retiring that block of preferred at face value.
31 May 2005material agreement● Neutral
Global, now only 70%-owned by Harken (down from 85.62%), signed a technical evaluation agreement with Colombia's hydrocarbons agency for the 2.1-million-acre Valle Lunar area in the Llanos Basin.
21 Apr 2005material agreement▲ Good
Global signed a one-year crude-oil sales contract with Petrobras Colombia covering output from its Palo Blanco, Anteojos, Rio Verde, Torcaz and Bolivar fields -- confirming Global already had several producing Colombian fields feeding a single offtake buyer.
12 Apr 2005material agreement▲ GoodMajor
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.
29 Mar 2005material agreement● Neutral
GEM followed with a near-identical coal-bed-methane deal for 400,000 acres in Ohio's Cumberland Prospect, again funding $7.5 million for a 65% interest -- the second of three such Midwest gas deals in 2005.
23 Mar 2005material agreement● Neutral
Harken's Gulf Energy Management subsidiary entered a coal-bed-methane exploration deal for 400,000 acres in Indiana's Posey Prospect, funding $7.5 million in initial costs for a 65% interest -- a new push into onshore US gas alongside the Colombia oil business.
18 Mar 2005financial restatement▼ BadMajor
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.
12 Oct 2004capital raising announcement▼ Bad
Harken restructured its Series L preferred stock to induce holders to convert into common shares, alongside a related Series M preferred sale -- a dilutive move to work down its preferred-stock overhang.
16 Sept 2004material agreement▲ GoodMajor
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.
14 Sept 2004material agreement● NeutralMajor
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.
12 July 2004auditor change● Neutral
Harken filled the gap two weeks later by engaging Hein & Associates, its fourth auditor since 2001.
30 June 2004auditor change▼ Bad
BDO Seidman gave notice it wanted to end the relationship after barely a year, before Harken had a replacement lined up -- the first of these auditor changes not initiated by the company.
25 June 2003auditor change● Neutral
Two years later Harken's audit committee dismissed Ernst & Young too and replaced it with BDO Seidman -- the company's second auditor change in three years.