HOUSTON, June 21, 2012 /PRNewswire/ — Harvest Natural Resources, Inc. (NYSE: HNR) (Harvest or a Company) currently announced that a wholly-owned subsidiary, HNR Energia B.V., has sealed a decisive Share Purchase Agreement (SPA) with PT Pertamina (Persero), a inhabitant oil association of Indonesia (the Buyer), to sell all of a Company’s interests in Venezuela for $725.0 million in an all-cash transaction. Net deduction from a sale are estimated to be approximately $525.0 million after deductions for transaction associated costs and taxes.
The Buyer will squeeze Harvest’s 32 percent seductiveness in Petrodelta, S.A. by purchasing HNR Energia B.V.’s 80 percent seductiveness in Harvest-Vinccler Dutch Holding B.V. The effective date of a transaction is January 1, 2012.
The shutting of a transaction is theme to, among other things, capitulation by a Government of a Bolivarian Republic of Venezuela, a Government of Indonesia in a ability as a Buyer’s solitary shareholder and a infancy of a Company’s stockholders. If all of a conditions to shutting are not confident or not waived on or before March 21, 2013, possibly a Buyer or Harvest might cancel a SPA. The Boards of Directors of Harvest and Pertamina have any authorized a transaction.
James A. Edmiston, President and CEO of Harvest, said, “The signing of a SPA represents a poignant step brazen in a vital alternatives commencement we began in 2010 and clearly validates a intensity of Petrodelta’s business and Harvest’s twenty year partnership with PDVSA in Venezuela.”
Edmiston continued, “This transaction will not usually yield Harvest and a shareholders with countless options for a future, though will also yield Petrodelta and PDVSA with a strong, well-financed general partner able of contributing to Petrodelta’s destiny growth.”
Conference call
Harvest will reason a discussion call during 10:00 a.m. CDT on Wednesday, Jun 27, 2012, during that government will plead this transaction. To entrance a discussion call, dial 888-219-1217 or 913-312-0981, 5 to 10 mins before to a start time. At that time we will be asked to yield a discussion number, that is 4239456. A recording of a discussion call will also be accessible for replay during 719-457-0820 passcode 4239456, until July 2, 2012.
The discussion call will also be transmitted over a internet by a Company’s website during www.harvestnr.com. To listen to a live webcast, enter a website fifteen mins before a call to register, download and implement any required audio software. For those who can't listen to a live broadcast, a replay of a webcast will be accessible commencement shortly after a call, and will sojourn on a web site for approximately 90 days.
About Harvest Natural Resources:
Harvest Natural Resources, Inc., headquartered in Houston, Texas, is an eccentric appetite association with principal operations in Venezuela, scrutiny resources in Indonesia, West Africa, China and Oman and business growth offices in Singapore and a United Kingdom. For some-more information revisit a Company’s website during www.harvestnr.com.
CONTACT:
Stephen C. Haynes
Vice President, Chief Financial Officer
(281) 899-5716
This press recover might enclose projections and other forward-looking statements within a definition of Section 27A of a Securities Act of 1933 and Section 21E of a Securities Exchange Act of 1934. They embody estimates and timing of approaching oil and gas production, oil and gas haven projections of destiny oil pricing, destiny expenses, designed collateral expenditures, expected money upsurge and a business strategy. All statements other than statements of chronological contribution might consecrate forward-looking statements. Although Harvest believes that a expectations reflected in such forward-looking statements are reasonable, it can give no declaration that such expectations will infer to have been correct. Actual formula might differ materially from Harvest’s expectations as a outcome of factors discussed in Harvest’s 2011 Annual Report on Form 10-K and other open filings.
SOURCE Harvest Natural Resources, Inc.