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Harken Energy Corporation, now known as HKN, Inc., is an American oil and gas company primarily engaged in hydrocarbon exploration and production. Founded in 1983, the company focused on oil and gas exploration in regions including the Middle East and the United States. It gained significant attention during the late 1980s and early 1990s due to its association with George W. Bush, who served on its board of directors from 1986 to 1990. During this period, Harken expanded its operations, including securing drilling rights in Bahrain, which marked one of the first major U.S. oil deals in the region post-1970s embargo.
The company became embroiled in controversy through the Harken Energy scandal in 1990, involving allegations of insider trading related to George W. Bush's sale of his Harken stock. Bush sold approximately 200,000 shares in June 1990, just before the company reported substantial second-quarter losses, prompting an SEC investigation in 1991 into potential illegal insider trading. Although the SEC cleared Bush of wrongdoing, citing that he was not privy to the adverse financial information at the time of the sale, the incident drew widespread media scrutiny and political debate, especially during Bush's later presidential campaigns. No charges were filed, but the scandal highlighted issues of corporate governance and influence in the energy sector.
In 2007, Harken Energy Corporation rebranded to HKN, Inc., continuing its operations in hydrocarbon exploration. Headquartered in the Dallas-Fort Worth area, the company has faced various financial challenges typical of the volatile oil industry. Despite the historical controversies, HKN, Inc. remains a smaller player in the energy exploration field, with its legacy tied closely to the political and business networks of the era.