So far every thing, even the thesis that Xplor was acquired for internal cash flow, is conjecture. Neither side, Xplor or Harken, is willing to reveal inside facts. I expect it has a lot to do with Xplor being private, but even that is conjecture. As to the spin-off of Xplor, for the lender to agree that the $14M stays with the sellers suggests there is substance left, that whatever the motivation for the sale to Harken might be, it is not desperation.
One of the better conjectures, which couples nicely with the internal cash flow conjecture, is that Xplor has developed the reserves to the point of production (or whatever) and is swapping that asset for another asset that gives them participation in Harken development activity.