Harken Energy agrees to convert preferred shares to common stock

By Sheri Kasprzak

Atlanta, Nov. 3 - Harken Energy Corp. said Wednesday it will convert its series G1 convertible and series G2 convertible preferred shares into common stock.

The company will issue 2,805,483 shares of common stock in order to repurchase 96% of its outstanding series G1 and G2 preferred stock with a liquidation value of $30,617,700.

Harken Energy is a Dallas-based petroleum exploration company.

On Oct. 12, the company sold $5 million in its series M cumulative convertible preferred stock with warrants for 4,385,965 shares at $0.57.

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