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Spitfire Energy, Ltd. (“Spitfire”) is an independent
public company (TSX-V: SEL) actively engaged in the exploration, development
and production of crude oil, natural gas and natural gas liquids in Western
Canada.
At March 31, 2008, we owned approximately 25% of Spitfire’s
common shares and held two seats on their board of directors. At this date we
held 10.9 million shares of their common stock and 1.3 million warrants to acquire
additional shares of their common stock. We carry our investment in their common
shares as an equity-method investment. The carrying basis of this investment
at March 31, 2008 was $6.6 million.
For more detailed information on Spitfire and its operations,
please go to www.spitfireenergy.com.
| Please note that any opinion, estimates or forecasts made by Spitfire Energy Ltd. or analysts are theirs alone and do not represent opinions, forecasts or productions of HKN or its management. HKN does not by its reference to such reports imply its endorsement of or concurrence with such information, conclusions or recommendations. |
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