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NEWS

 

FOR RELEASE:  March 6, 2015

 

HKN Announces Arctic Star Plant Idled Due to Market Conditions

 

Dallas, Texas – March 6, 2015 – HKN, Inc. (OTCQB: HKNI) (“HKN” or “the Company”) announced that the Company is idling its Arctic Star plant located on the North Slope of Alaska due to weak current and projected economic conditions. Although management will continue to monitor market conditions, it is currently unknown how long the plant will remain idle due to continued uncertainty in long-term crude pricing as well as oilfield drilling and development activities near the plant.

The 1,000 barrel per day oilfield waste processing plant was designed to process and recover hydrocarbons contained in oilfield waste generated on the North Slope. During the second half of 2014, this plant was installed and substantially commissioned on its site in Deadhorse, Alaska. Inquiries should be directed to info@bwiinc.com.  

HKN, Inc. is an independent energy company engaged in the development of a well-balanced portfolio of assets in the energy industry and in the active management of its energy-based investments. Additional information may be found at the HKN Web site, www.hkninc.com. Please e-mail all investor inquiries to Investorrelations@hkninc.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 March 3, 2015. HKN undertakes no duty to update or revise any forward-looking statements.  Actual results may vary materially.