Sept. 11, 2012
/PRNewswire/ -- Harvest Natural Resources, Inc. (NYSE: HNR) today announced that as required by the Sale and Purchase Agreement described below, Harvest and PT Pertamina (Persero) met to evaluate the progress toward the closing of the sale by Harvest of its interests in
and that the parties have agreed to continue pursuing the various approvals required to close the transaction.
June 21, 2012
, Harvest announced that its wholly-owned subsidiary, HNR Energia B.V., had signed a Share Purchase Agreement (SPA) with PT Pertamina (Persero), the national oil company of
, to sell all of Harvest's interests in
, including its 32% interest in Petrodelta, S.A., for
in an all-cash transaction. Net proceeds to Harvest are estimated to be
after taxes and transaction costs.
The closing of the transaction is subject to, among other things, approval by the Government of the Bolivarian Republic of
, the Government of
in its capacity as the Buyer's sole shareholder and a majority of Harvest's stockholders. If all of the conditions to closing are not satisfied or not waived on or before
March 21, 2013
, either the Buyer or Harvest may terminate the SPA. The Boards of Directors of Harvest and Pertamina have each approved the transaction.
About Harvest Natural Resources:
Harvest Natural Resources, Inc., headquartered in
, is an independent energy company with principal operations in
, exploration assets in
and business development offices in
and the United Kingdom. For more information visit the Company's website at
This press release may contain projections and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. They include estimates and timing of expected oil and gas production, oil and gas reserve projections of future oil pricing, future expenses, planned capital expenditures, anticipated cash flow and our business strategy. All statements other than statements of historical facts may constitute forward-looking statements. Although Harvest believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Actual results may differ materially from Harvest's expectations as a result of factors discussed in Harvest's 2011 Annual Report on Form 10-K and other public filings.