Harken Energy
HKN, Inc. is a company engaged in hydrocarbon exploration headquartered in Southlake, Texas. It is notable for the Harken Energy scandal, which involved allegations of insider trading by George W. Bush in 1990. The company was known as Harken Energy Corporation until 2007. History In 1973, the company was founded as an unprofitable collection of Texas oil wells for investors seeking tax write-offs. In 1986, the company acquired Spectrum 7 for 200,000 shares from George W. Bush. After the sale of his company, Bush served on the board of directors of the company and received $80,000-$100,000 per year in consulting fees. Bush remained on the board through 1993. In 1987, Talat Othman joined the board of the company and served as the chair of the Audit Committee. In 1987, Bush obtained a critical $25 million load from a BCCI joint venture. In 1989, the company's subsidiary Aloha Petroleum was sold to company insiders for $12 million, most of which was borrowed from Harken. The ...
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