HOUSTON, May 18, 2011 /PRNewswire/
-- Harvest Natural Resources, Inc.
(NYSE: HNR) today announced the completion of � the previously announced
sale of HNR's oil and gas assets in Utah's Uinta
Basin to an affiliate of Newfield
Exploration Company (Newfield) (NYSE: NFX) for $215.0 million
in cash. � The sale has an effective date of March 1, 2011.
� Closing occurred on May� 17, 2011 at which time Newfield became
the operator of the assets. � The net proceeds from the sale are
estimated to be $205.0
million after deductions for transaction related costs.
Bank of
America Merrill Lynch served as the Company's financial advisor in
connection with the transaction. � This transaction is part of the
Company's ongoing process of exploring strategic alternatives announced in
September of 2010.
Harvest
also announced the repayment of the $60.0 million
term loan facility with MSD Energy Investments Private II, LLC, an
affiliate of MSD Capital, L.P., also on May� 17, 2011.
� The repayment included the repayment of the principal, accrued interest,
and other fees related to the early repayment of the debt.
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 Indonesia, West Africa,
China and Oman and
business development offices in Singapore
and the United Kingdom.
For more information visit the Company's website at www.harvestnr.com.
CONTACT:
Stephen
C. Haynes
Vice President, Chief Financial Officer
(281) 899-5716
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 2010 Annual Report
on Form 10-K and other public filings.
SOURCE Harvest Natural
Resources, Inc.