SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 6, 2002
HARKEN ENERGY CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 0-9207 95-2841597
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
580 WestLake Park Boulevard, Suite 600
Houston, Texas 77079
(Address of principal executive offices) (ZIP Code)
Registrant's telephone number, including area code: (281) 504-4000
Item 5. Other Events
On December 6, 2002, a Credit Agreement was entered into by and between
Harken Exploration Company, XPLOR Energy, Inc., Harken Energy West Texas, Inc.,
South Coast Exploration Co., XPLOR Energy SPV-1, Inc., Harken Gulf Exploration
Company (collectively, the "Borrowers") and Guaranty Bank, FSB. The Credit
Agreement provides for a Guaranty Bank credit facility with an initial borrowing
base of $7.5 million. The Guaranty Bank credit facility is secured primarily by
all domestic oil and gas properties of the Borrowers. Following the closing of
the Credit Agreement, an amount was drawn under the agreement of approximately
$5.1 million that was used to pay in full the balance of the previous credit
facility with another bank. Harken Energy Corporation agreed to act as guarantor
for the bank credit facility pursuant to a Guaranty Agreement dated December 6,
2002. Copies of these agreements are attached as Exhibit 10.1 and Exhibit 10.2.
A press release containing additional information was issued on December 9,
2002, and is attached as Exhibit 99.1.
Item 7. Financial Statements and Exhibits
(c) Exhibits.
Exhibit
Number Description
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10.1 -- Credit Agreement, dated December 6, 2002, by and between
Harken Exploration Company, XPLOR Energy, Inc., Harken
Energy West Texas, Inc., South Coast Exploration Co., XPLOR
Energy SPV-1, Inc., Harken Gulf Exploration Company and
Guaranty Bank, FSB.
10.2 -- Guaranty Agreement, dated December 6, 2002, by and between
Harken Energy Corporation and Guaranty Bank, FSB.
99.1 -- Press Release, dated December 9, 2002, issued by Harken
Energy Corporation.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
Harken Energy Corporation
Date: December 10, 2002 By: /s/ Anna M. Williams
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Anna M. Williams
Executive Vice President and
Chief Financial Officer
EXHIBIT INDEX
10.1 -- Credit Agreement, dated December 6, 2002, by and between
Harken Exploration Company, XPLOR Energy, Inc., Harken
Energy West Texas, Inc., South Coast Exploration Co., XPLOR
Energy SPV-1, Inc., Harken Gulf Exploration Company and
Guaranty Bank, FSB.
10.2 -- Guaranty Agreement, dated December 6, 2002, by and between
Harken Energy Corporation and Guaranty Bank, FSB.
99.1 -- Press Release, dated December 9, 2002, issued by Harken
Energy Corporation.