Spitfire Energy gets more intriguing by the minute! HKN Inc. trades at $8.50 and they just increased their investment in Spitfire, they must see a strong future and possibly a potential buyout! Kinda of running with the rumor here but if we get all this at .025, HUGE POTENTIAL!!!
HKN INC. (AMEX:HKN)
Last Trade: 8.50
HKN Announces Increased Investment in Spitfire Energy, Ltd.
Dallas, Texas – August 29, 2007 – HKN, Inc. (AMEX: HKN) (“HKN”) announced today that it has acquired 8,000,000 common shares of Spitfire Energy, Ltd. (“Spitfire”) through a private placement for investment purposes at $0.50 (Canadian Dollars) per share. This purchase of shares has increased HKN’s current ownership of Spitfire to 10,906,500 shares. Subsequent to the issuance of the common shares, HKN’s common share holdings will represent approximately 25.4% of the issued and outstanding Spitfire common shares. In conjunction with this private placement, Spitfire agreed to extend the expiry date of the HKN-held warrants to purchase 1,300,000 additional common shares at $1.15 (Canadian Dollars) per share to August 1, 2010.
In conjunction with this private placement and increased ownership position in Spitfire, Mikel Faulkner, HKN President and CEO, and Anna Williams, HKN Vice President of Finance and CFO, have agreed to join Spitfire’s board of directors.
Spitfire is an independent public company (TSX-V: SEL) actively engaged in the exploration, development and production of crude oil and natural gas reserves in Western Canada. Additional information may be found at the Spitfire website, www.spitfireenergy.com. All opinions, estimates or forecast made by Spitfire or analysts are theirs alone and do not represent opinions, forecasts or predictions of HKN or its management. HKN does not by its reference imply its endorsement of or concurrence with such information, conclusions or recommendations.
HKN, Inc. is engaged in oil and gas exploration, development and production operations both domestically and internationally through its various subsidiaries and shareholdings. Additional information may be found at the HKN Web site, www.hkninc.com. Please e-mail all investor inquiries to HKNinquiries@ctaintegrated.com.
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