Harvest Natural Resources Announces Completion of Share Repurchase Program
HOUSTON, June 16, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- Harvest Natural Resources, Inc. (NYSE: HNR) today announced the completion of the company's stock repurchase program. The Board of Directors authorized the repurchase of up to $50.0 million of Harvest's common stock through open market repurchases in June 2007. Under the program, Harvest repurchased 4.6 million shares of common stock.
The Company had approximately 34.0 million shares of common stock outstanding as of June 12, 2008.
Harvest President and Chief Executive Officer, James A. Edmiston, said, "The stock repurchase program demonstrated the confidence we have in our company, the portfolio of assets and its potential. We are pleased to have repurchased shares at what, we believe, is a significant discount to the intrinsic value of the Company's assets. Since the repurchase program was announced, the Company has continued to invest in our growth strategy for building shareholder value by acquiring acreage in attractive plays, shooting seismic in our new areas of operation and drilling new wells. The newer additions to the portfolio combined with a sustained development of the Petrodelta assets in Venezuela provide a foundation for what we believe will be a very exciting future for the company and shareholders alike."
About Harvest Natural Resources
Harvest Natural Resources, Inc. headquartered in Houston, Texas, is an independent energy company with principal operations in Venezuela, exploration assets in the United States, Indonesia, Gabon and China, and business development offices in London and Singapore. For more information visit the Company's website at http://www.harvestnr.com.
"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 2007 Annual Report on Form 10-K and other public filings."
SOURCE Harvest Natural Resources, Inc.
http://www.harvestnr.com/
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Harvest Natural Resources Inc.
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CODE : HNR |
ISIN : US41754V1035 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Harvest Natural is a and oil development stage company based in United states of america. Harvest Natural holds various exploration projects in Gabon. Its main exploration property is RUCHE MARIN A in Gabon. Harvest Natural is listed in Germany and in United States of America. Its market capitalisation is US$ 73.1 millions as of today (€ 66.6 millions). Its stock quote reached its highest recent level on May 11, 2007 at US$ 9.99, and its lowest recent point on January 15, 2016 at US$ 0.30. Harvest Natural has 11 040 000 shares outstanding. |