Message #3 From:
Stock News Bot Date: April 5, 2008 08:36:43 AM
HKN Announces Amendment to Its Rights Agreement
HKN, Inc. (AMEX: HKN) ("HKN") announced today
that it has amended its existing Rights Agreement to extend the final
expiration dates of the rights issued thereunder from April 6, 2008 to
April 6, 2018.
The Rights Agreement was originally entered into on April 6, 1998 and
declared a dividend of one Right per share of Common Stock to holders of
record on April 17, 1998. Each Right, when exercisable, entitles the
registered holder to purchase from the Company one one-thousandth of a
share of Preferred Stock of HKN. The Rights are attached to all shares of
Common Stock outstanding, and no separate certificates evidencing the
Rights have been distributed. The Rights will become exercisable and
separate from the Common Stock only if a person or group acquires
beneficial ownership of 15% or more of HKN's common stock or commences a
tender or exchange offer to acquire a total of 15% or more of the Company's
common stock.
HKN, Inc. is an independent energy company engaged both in the development
and production of crude oil, natural gas and coalbed methane assets and in
the active management of investments in energy industry securities and
futures traded on domestic and international securities exchanges
Additional information may be found at the HKN Web site, www.hkninc.com.
Please e-mail all investor inquiries to HKNinquiries@ctaintegrated.com.
Certain statements in this announcement and inferences derived therefrom
may be regarded as "forward-looking statements" within the meaning of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements are based on the opinions and estimates of management at the
time the statements are made. Management's current view and plans,
however, are subject to numerous known and unknown risks, uncertainties and
other factors that may cause the actual results, performance, timing or
achievements of HKN to be materially different from any results,
performance, timing or achievements expressed or implied by such
forward-looking statements. The various uncertainties, variables, and
other risks include those discussed in detail in the Company's SEC filings,
including the Annual Report on Form 10-K filed on February 21, 2008. HKN
undertakes no duty to update or revise any forward-looking statements.
Actual results may vary materially.
