HKN Inc fka HKNI

[timberwolf10014]

Burks Updated on Decemeber 1st

It had not been updated since October 4th:

http://www.burksoilandgas.com/properties/

The interesting part ... they list Main Pass as 'Partially Sold'


Main Pass Block 35 and Five Other Fields in South Louisiana

Status: Partially Sold

Seller is HKN, Inc. and its wholly owned subsidiary, XPLOR Energy Operating Company. HKN, Inc. is requesting proposals from qualified parties for the acquisition of its oil and gas assets in the Main Pass Block 35, Lake Raccourci, Point a la Hache (Bakers Bay), Branville Bay (Chandeleur Sound Block 71), Lapeyrouse, and East Lake Verret fields.

Significant Acquisition Attributes:

30 producing wells with a leasehold position of 8,314 gross acres.
Net production of 298 BOPD and 855 MCFD.
Net cash flow of $608,000 per month.
Net proved reserves of 1,358,000 BO and 1,554 MMCF (PV-10% of $38.7 million).
Net Probable & Possible reserves of 794,000 BO and 4,729 MMCF (PV-10% of $31.0 million).
There is an independent third-party engineer's reserve report.
Main Pass Block 35 Field became one of Shell's major discoveries in the 1950's. The field, with its 10 linked platforms and oil pipeline, is in a strategic location within Louisiana's coastal waters and has unique characteristics such as third-party oil, gas, and water processing services for neighboring fields.
Numerous upside opportunities including a significant exploration play at Main Pass 35.