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June 03, 2008 – Comments (2) | RELATED TICKERS: HKN

Whats next? HKN at $11.06 this morning looks perfect.

HKN has Excellent Fundamentals to go with 100% growth in EPS 

http://finance.yahoo.com/q/ks?s=HKN

HKN Announces Over 100% Increase in Profitability in First Quarter 2008
Tuesday May 6, 4:23 pm ET

DALLAS, TX--(MARKET WIRE)--May 6, 2008 -- HKN, Inc. (AMEX:HKN - News) ("HKN") today reported its interim financial results for the three months ended March 31, 2008. HKN reported net income of $1.1 million during the first three months of 2008 as compared to $433 thousand in the first three months of 2007. Significant financial highlights for the three months ended March 31, 2008 as compared to the prior year period for HKN and its investments include the following:

Quarterly Highlights

Consistent with our strategy to deploy assets into energy-based opportunities, we:

 
--  Held approximately $15.5 million outstanding of average notional value
    in exchange-traded written positions in our energy trading portfolio.

--  Deployed capital expenditures of $519 thousand for development
    drilling on new interests (the RC Roberson #1 well) in the NW Speaks field
    in South Texas, completion costs on the successful Boquillas #1 well also
    in South Texas as well as other projects.

Consistent with our focus to improve our financial condition and optimize the value of our assets through collective expectations and objectives, we:

 
--  Improved our current ratio (defined as current assets divided by
    current liabilities) to 5.81 to 1.00 at March 31, 2008 as compared to 5.48
    to 1.00 at December 31, 2007.

--  Held no debt outstanding during the three months ended March 31, 2008.

--  Increased our profitable operations resulting in net income of $1.1
    million.

--  Decreased depreciation, depletion and amortization rates per unit as a
    result of increased proved reserve volumes.

--  Reaped a 53% increase in our crude oil revenue compared to prior year
    period due to increased commodity prices mitigating slight production
    decreases from our Lake Raccourci and Raymondville fields.

--  Held our general and administrative expenses flat in an increasing-
    cost environment.

--  Repurchased approximately 75 thousand common shares in the market.

Financial and Operational Disappointments:

 
--  Fair value of our investment in Global Energy Development plc
    ("Global") shares decreased in value to approximately $15.6 million due to
    Global's lower share price on the London AIM Market exchange.

--  Non-operated natural gas production declined 36% compared to first
    quarter 2007 due to lower than anticipated partner generated well workover
    and drilling activity.


Contact:

     For Further Information Contact:
     Investor Relations
     817-424-2424
     Email: Email Contact
     http://www.hkninc.com
      

Source: HKN, Inc.