Note 12 - SUBSEQUENT EVENTS	3 Months Ended
Mar. 31, 2012
Subsequent Events [Text Block]	(12) SUBSEQUENT EVENTS 2012 Equity Compensation Plan – During April 2012, BWI adopted the 2012 Equity Compensation Plan (the “BWI Plan”), which will be administered by the Compensation Committee (the “Committee”) of HKN’s Board of Directors. The Committee will have complete and absolute authority to make any and all decisions regarding the administration of the BWI Plan, and all employees of BWI and its parent and subsidiaries are eligible to receive awards under the BWI Plan. An aggregate of 100,000 shares of common stock of BWI (10% of BWI currently outstanding shares of common stock) have been reserved for potential issuance pursuant to awards under the BWI Plan. Awards under the BWI Plan will be in the form of nonqualified stock options. The Committee will have complete and absolute authority to set the terms, conditions and provisions of each award, including the size of the award, the exercise or base price, the vesting and exercisability schedule (including provisions regarding acceleration of vesting and exercisability) and termination, cancellation and forfeiture provisions, subject to limitations on the exercise price and term under the BWI Plan. In particular, the exercise price for a stock option granted under the BWI Plan may not be less than 100% of the fair market value of the stock on the award date, and no stock option granted under the BWI Plan may expire more than ten years after the award date. Currently, 40 thousand options have been granted to BWI employees and directors under the plan. These options vest ratably over 3 years and carry an exercise price of $14.50 per BWI share. Stock Repurchase Program – During April 2012, our Board of Directors authorized an amendment to the existing repurchase plan allowing us to buyback an additional 1 million shares of our common stock. Following this approval, we repurchased approximately 791 thousand of our common shares for $2.4 million from a shareholder in a privately negotiated transaction pursuant to our repurchase program. Following this transaction, we are authorized to repurchase up to 206 thousand additional shares under our amended repurchase program. Stockholder Rights Plan – During April 2012, we amended the existing Rights Agreement. Under this amendment, the expiration of the Rights was accelerated from April 6, 2018 to May 30, 2012. The effect of this amendment is that our outstanding Rights will expire on May 30, 2012 and the shareholder’s rights plan pursuant to which Rights have been issued will be of no further force or effect.

Note 12 - SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2012

(12) SUBSEQUENT EVENTS

2012 Equity Compensation Plan – During April 2012, BWI adopted the 2012 Equity Compensation Plan (the “BWI Plan”), which will be administered by the Compensation Committee (the “Committee”) of HKN’s Board of Directors. The Committee will have complete and absolute authority to make any and all decisions regarding the administration of the BWI Plan, and all employees of BWI and its parent and subsidiaries are eligible to receive awards under the BWI Plan. An aggregate of 100,000 shares of common stock of BWI (10% of BWI currently outstanding shares of common stock) have been reserved for potential issuance pursuant to awards under the BWI Plan.

Awards under the BWI Plan will be in the form of nonqualified stock options. The Committee will have complete and absolute authority to set the terms, conditions and provisions of each award, including the size of the award, the exercise or base price, the vesting and exercisability schedule (including provisions regarding acceleration of vesting and exercisability) and termination, cancellation and forfeiture provisions, subject to limitations on the exercise price and term under the BWI Plan. In particular, the exercise price for a stock option granted under the BWI Plan may not be less than 100% of the fair market value of the stock on the award date, and no stock option granted under the BWI Plan may expire more than ten years after the award date. Currently, 40 thousand options have been granted to BWI employees and directors under the plan. These options vest ratably over 3 years and carry an exercise price of $14.50 per BWI share.

Stock Repurchase Program – During April 2012, our Board of Directors authorized an amendment to the existing repurchase plan allowing us to buyback an additional 1 million shares of our common stock. Following this approval, we repurchased approximately 791 thousand of our common shares for $2.4 million from a shareholder in a privately negotiated transaction pursuant to our repurchase program. Following this transaction, we are authorized to repurchase up to 206 thousand additional shares under our amended repurchase program.

Stockholder Rights Plan – During April 2012, we amended the existing Rights Agreement. Under this amendment, the expiration of the Rights was accelerated from April 6, 2018 to May 30, 2012. The effect of this amendment is that our outstanding Rights will expire on May 30, 2012 and the shareholder’s rights plan pursuant to which Rights have been issued will be of no further force or effect.