RELEASE: March 6, 2015
HKN Announces Arctic Star Plant Idled Due to Market Conditions
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 firstname.lastname@example.org.
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.