Editing HKN, Inc. (section)

==History==
In 1973, the company was founded as an unprofitable collection of Texas [[oil well]]s for investors seeking tax [[write-off]]s.<ref name=chron>{{cite news | url=https://www.scoop.co.nz/stories/HL0210/S00178.htm | title=Harken Energy Chronology | work=[[Scoop (website)|Scoop]] | date=October 25, 2002}}</ref>

In 1986, the company acquired [[Spectrum 7]] for 200,000 shares from George W. Bush.<ref name=chron/> 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.<ref name=chron/>

In 1987, [[Talat Othman]] joined the board of the company and served as the chair of the Audit Committee.<ref>{{cite news | url=https://www.wsj.com/articles/SB1026171349507350200 | title=How Oil Firm Linked to a Son Of Bush Won Big Drilling Pact | first1=Thomas | last1=Petzinger Jr. | first2=Peter | last2=Truell | first3=Jill | last3=Abramson | work=[[The Wall Street Journal]] | date=December 6, 1991 | url-access=subscription}}</ref>

In 1987, Bush obtained a critical $25 million loan from a [[Bank of Credit and Commerce International|BCCI]] joint venture.<ref>{{cite news |last1=Sirota |first1=David |last2=Baskin |first2=Jonathan |url=https://washingtonmonthly.com/features/2004/0409.sirota.html |title=Follow the Money: How John Kerry busted the terrorists' favorite bank. |work=[[Washington Monthly]] |date=September 2004 |access-date=1 April 2022 |archive-date=22 August 2004 |archive-url=https://web.archive.org/web/20040822032245/https://washingtonmonthly.com/features/2004/0409.sirota.html}}</ref>

In 1989, the company's subsidiary [[Aloha Petroleum]] was sold to company insiders for $12 million, most of which was borrowed from Harken. The sale of the subsidiary for an exorbitant price helped the company show a profit that year and disguise losses, a similar technique used by [[Enron]] that led to the [[Enron scandal]].<ref name=chron/>

In September 1989, the company made an offer to acquire [[Tesoro Petroleum]].<ref>{{cite news | url=https://www.nytimes.com/1989/09/08/business/company-news-tesoro-studying-offer-from-harken.html | title=Tesoro Studying Offer from Harken | work=[[The New York Times]] | date=September 8, 1989 | url-access=subscription}}</ref> The offer was withdrawn in February 1990.<ref>{{cite news | url=https://www.nytimes.com/1990/02/28/business/company-news-harken-withdraws-offer-for-tesoro.html | title=Harken Withdraws Offer for Tesoro | work=[[The New York Times]] | date=February 28, 1990 | url-access=subscription}}</ref>

In 2007, the company changed its name to HKN, Inc.<ref>{{cite press release | url=https://www.sec.gov/Archives/edgar/data/313478/000110465907046084/a07-16136_1ex99d1.htm | title=HKN, Inc. Reports Change of Name From Harken Energy Corporation and Approval of Reverse Stock Split | publisher=[[Marketwired]] | date=June 6, 2007}}</ref>