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Harvest Natural Resources Inc.

Published : August 04th, 2009

Second Quarter 2009 Results

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Harvest Natural Resources

Harvest Natural Resources Announces Second Quarter 2009 Results

 

HOUSTON, Aug 04, 2009 /PRNewswire-FirstCall via COMTEX News Network/ -- Harvest Natural Resources, Inc. (NYSE: HNR) today announced 2009 second quarter earnings and provided an operational update.

Harvest reported a 2009 second quarter loss of $4.2 million, or $0.13 per share, compared with a loss of $0.6 million, or $0.02 per share, for the same period last year. The second quarter results include exploration charges of $3.5 million, or $0.11 per share. Petrodelta reported second quarter earnings of $34.6 million, $11.1 million net to Harvest's 32 percent interest, under International Financial Reporting Standards (IFRS). After adjustments to Petrodelta's IFRS earnings, primarily to conform to U.S. GAAP, Harvest's 32 percent share of Petrodelta's earnings was $7.0 million. Petrodelta's earnings include a nonrecurring charge of $15.6 million for adjustment to the pension and retirement plan ($5.0 million net to Harvest's 32 percent interest). The pension costs will be paid in future periods as pension benefits are disbursed to retired employees. The impact of this nonrecurring charge, net of tax, to Harvest is $0.07 per share.

Highlights to date for 2009 include:

    --  Increased oil production from Petrodelta's self-funded drilling
        program to an average of 22,057 barrels of oil per day (BOPD), a 62
        percent increase over the second quarter of 2008 and a sequential 15
        percent increase over the first quarter of 2009.  Cash from Operations
        at Petrodelta was $39.9 million; a 94 percent increase over the prior
        quarter;
    --  Petrodelta drilled two successful appraisal wells in the El Salto field;
    --  Commenced drilling the deep 18,000 foot Mesaverde exploration well on
        Harvest's Antelope project located in the Uinta Basin of
        northeastern Utah; the well test is being drilled as a tight hole;
    --  On schedule to start drilling the first of two exploration wells in our
        Budong-Budong block in Indonesia in fourth quarter of 2009;
 
    --  Signed an Exploration and Production Sharing Agreement
        ("EPSA") with the Sultanate of Oman for the Al Ghubar/ Qarn
        Alam license block, Block 64 on April 11, 2009.
 

Harvest President and Chief Executive Officer, James A. Edmiston, said: "Petrodelta continues to build upon its successes both in the ongoing development program and the appraisal of the new fields. Until now, the drilling has been focused on the Uracoa and Temblador fields. In the first half of 2009, in addition to the Temblador development wells, activity has progressed on the other undeveloped fields and Petrodelta drilled two successful appraisal wells in the El Salto field. Petrodelta is currently evaluating the impact of these appraisal wells and has commenced pilot production from one of these wells, the El Salto 31 well, at rates in excess of 1,400 barrels of oil per day."

Edmiston continued, "We are excited to have started the exploration drilling operations of our Antelope project in Utah. The Bar F #1-20-3-2 well spud on June 15, 2009. The results of this well may lead to appraisal and development drilling programs on the project, which would likely be undertaken in late 2009 and 2010. The Antelope project is located in a highly productive oil and natural gas province with established production. We believe modern drilling and completion technologies hold the potential to access commercial quantities of hydrocarbons in place that were previously considered difficult to produce. In regards to our Budong-Budong Block in Indonesia, we have completed the technical interpretation and are readying to begin building locations in the third quarter in anticipation of spudding the first of two wells in the fourth quarter."

EXPLORATION AND PRODUCTION PROGRAMS

Venezuela

Petrodelta delivered 2.0 million barrels of oil, or an average of 22,057 BOPD, and 1.3 billion cubic feet (BCF) of natural gas to PDVSA Petroleo, S.A. for the three months ending June 30, 2009, as compared to 1.2 million barrels of oil or an average of 13,600 BOPD, and 3.0 BCF of natural gas to PDVSA Petroleo, S.A for the same period in 2008. Petrodelta oil production increased 15 percent over the 2009 first quarter average of 19,200 BOPD.

During the second quarter of 2009, the world market price for the quality of oil produced by Petrodelta averaged approximately $53.39 per barrel, or 90 percent of the price for West Texas Intermediate. The natural gas price received by Petrodelta is contractually fixed at $1.54 per thousand cubic feet.

Petrodelta Development Activities

Petrodelta reduced its rig count to one rig for most of the second quarter with the focus being on the drilling of two appraisal wells in the El Salto field. Petrodelta drilled and completed three development wells in the Temblador field in the second quarter of 2009, with an average initial production rate per well of 1,200 BOPD. Since Petrodelta started development drilling in the Temblador field in late 2008, oil production has increased from 1,200 BOPD to an average rate of 6,100 BOPD during June 2009. During this period, five successful wells have been completed.

In addition, two successful appraisal wells were drilled in the El Salto field which is currently undeveloped. The El Salto No. 30 well was successfully drilled, logged and cased and will be tested in the future. The El Salto No. 31 well was drilled and completed and is currently testing through temporary facilities at a rate above 1,400 BOPD.

The drilling program and field improvement activities in the prior quarters and early second quarter resulted in average production rates of 22,057 BOPD during the second quarter of 2009. The temporary reduction in rig count, appraisal program, and production facility outages resulted in a current production level of 20,500 BOPD. Additionally, PDVSA has recently failed to pay on a timely basis certain amounts owed to contractors that PDVSA has contracted to do work for Petrodelta. In addition, PDVSA has recently failed to pay on a timely basis certain amounts owed to Petrodelta with which Petrodelta pays its contractors. Not making timely payments to contractors makes it more difficult for Petrodelta to obtain the services of contractors, which difficulty is having an adverse effect on Petrodelta's business.

United States - Gulf Coast - West Bay

During the six months ended June 30, 2009, operational activities in the West Bay prospect, one of the two initial prospects of our AMI, included the interpretation of 3-D seismic, site surveying, and preparation of engineering documents. Interpretation of 3-D seismic data on the project was completed in second quarter 2009 and resulted in the identification of a revised set of drilling leads and prospects for the project.

Harvest expects to firm up plans for initial drilling on the project during the third quarter 2009, with the expectation of initial drilling on the project in early 2010. For the six months ended June 30, 2009, we incurred costs of $1.4 million for seismic interpretation, surveying, preliminary engineering and permitting.

Western United States - Antelope

During the six months ended June 30, 2009, operational activities in the Antelope project primarily focused on continuing leasing activities, concentrating primarily on Allottee leases administered by the Bureau of Indian Affairs. Harvest and our industry partner currently hold 58,000 acres on the Antelope project, or 35,000 acres net to Harvest's 60 percent interest upon earn-out. Other operational activities included surveying, preliminary engineering, and permitting preparations for a deep natural gas test well. The Permit to Drill the Bar F #1-20-3-2 well was approved on May 27, 2009, and drilling commenced on June 15, 2009. The well is currently estimated to reach total depth in September 2009. During the six months ended June 30, 2009, we incurred $7.6 million for lease acquisition, seismic program planning, surveying, permitting, site preparation and drilling costs. The expected remaining 2009 budget for this project is $9.5 million.

Indonesia - Budong-Budong

Processing of the seismic data acquired in 2008 was completed in second quarter 2009 and current activities comprise interpretation of this data and well planning. It is expected that the first of two exploration wells will spud in the fourth quarter of 2009. In accordance with the farm-in agreement, we expect to fund 100 percent of the well expenditures to earn our 47 percent working interest up to a cap of $10.7 million; thereafter, we will pay in proportion to our working interest. During the six months ended June 30, 2009, we incurred costs of $1.0 million for the 2-D seismic processing and interpretation and well planning. The projected 2009 project expenditures (net to us including our funding commitment) for the exploratory well drilling are $8.1 million.

Oman - Qarn Alam

On April 11, 2009, Harvest signed an Exploration and Production Sharing Agreement ("EPSA") with the Sultanate of Oman for the Al Ghubar/ Qarn Alam license block, Block 64. The Company will have a 100 percent working interest in the EPSA during the exploration phase. Oman Oil Company will have the option to back-in for up to a 20 percent interest in the block after the discovery of commercial quantities of natural gas.

The 3,867 square kilometer (955,600 acre) block is located in the gas and condensate rich Ghaba Salt Basin in close proximity to the Barik, Saih Rawl and Saih Nihayda gas and condensate fields. We have an obligation to drill two wells over a three year period with a funding commitment of $22.0 million. We expect to spend $4.8 million in 2009 for signature bonus, processing and interpretation of existing 3-D seismic and drilling preparations. Through June 30, 2009, we incurred costs of $2.2 million for signature bonus and training fund.

Non-GAAP Financial Measures

In this press release; Petrodelta's adjusted EBITDA disclosure is not presented in accordance with accounting principals generally accepted in the United States (GAAP) and Petrodelta's financials are not intended to be used in lieu of GAAP presentations of net income or cash flows from operating activities. Adjusted EBITDA is presented because we believe it provides additional information with respect to both the performance of our fundamental business activities as well as our ability to meet our future capital expenditures and working capital requirements. We also believe that financial analysts commonly use adjusted EBITDA to analyze Petrodelta's performance. Although we present selected items that we consider in evaluating our performance, you should also be aware that the items presented do not represent all items that affect comparability between the periods presented. Variations in our operating results are also caused by changes in volumes, prices, exchange rates and numerous other factors. These types of variations are not separately identified in this release, but will be discussed, as applicable, in management's discussion and analysis of operating results in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2009.

We define adjusted EBITDA as net income (loss) adjusted by interest (income) expense; depletion and depreciation; income tax expense; and non-recurring charges.

A reconciliation of adjusted EBITDA to net income and cash flows from operating activities for the periods presented is included in the tables attached to this release.

Conference call

Harvest will hold an earnings conference call at 10:00 a.m. Central Daylight Time on Tuesday, August 4, 2009 during which management will discuss Harvest's second quarter 2009 results. To access the conference call, dial 347-284-6930 or 866-550-6338, five to ten minutes prior to the start time. At that time you will be asked to provide the conference number, which is 1406741. A recording of the conference call will also be available for replay at 719-457-0820, passcode 1406741, until August 14, 2009. The conference call will also be transmitted over the internet through the Harvest website at http://www.harvestnr.com.

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, West Africa, Oman and China 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 2008 Annual Report on Form 10-K and other public filings.

                          HARVEST NATURAL RESOURCES, INC.
                            CONSOLIDATED BALANCE SHEETS
                             (in thousands, unaudited)
 
                                                        June 30,  December 31,
                                                          2009        2008
                                                          ----        ----
    ASSETS:
    -------
    CURRENT ASSETS:
      Cash and cash equivalents                         $64,391       $97,165
      Accounts and notes receivable, net                 11,029        11,570
      Advances to equity affiliate                        4,207         3,732
      Prepaid expenses and other                          2,937         3,964
                                                          -----         -----
        Total current assets                             82,564       116,431
 
    OTHER ASSETS                                          3,401         3,316
 
    INVESTMENT IN EQUITY AFFILIATES                     210,118       218,982
 
    PROPERTY AND EQUIPMENT, net                          39,906        23,537
                                                         ------        ------
 
        TOTAL ASSETS                                   $335,989      $362,266
                                                       ========      ========
 
    LIABILITIES AND EQUITY:
    -----------------------
 
    CURRENT LIABILITIES:
      Accounts payable, trade and other                    $689        $1,662
      Accrued expenses                                   10,960        12,241
      Advance from equity affiliate                           -        20,750
      Accrued Interest                                    4,691         4,691
      Income taxes payable                                1,054            77
                                                          -----            --
        Total current liabilities                        17,394        39,421
 
    EQUITY:
    STOCKHOLDERS' EQUITY:
      Common stock and paid-in capital                  211,580       209,259
      Retained earnings                                 120,386       129,351
      Treasury stock                                    (65,374)      (65,368)
                                                        -------       -------
        Total Harvest stockholders' equity              266,592       273,242
                                                        -------       -------
    Noncontrolling Interest                              52,003        49,603
                                                         ------        ------
      Total Equity                                      318,595       322,845
                                                        -------       -------
    TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY         $335,989      $362,266
                                                       ========      ========
 
 
 
                          HARVEST NATURAL RESOURCES, INC.
                       CONSOLIDATED STATEMENTS OF OPERATIONS
                (in thousands except per share amounts, unaudited)
 
                                             Three months      Six months
                                            Ended June 30,    Ended June 30,
                                           ---------------   ---------------
                                             2009    2008     2009     2008
                                             ----    ----     ----     ----
     EXPENSES:
      Depreciation                            $88     $47     $157      $92
      Exploration expense                   3,456   2,866    4,428    4,215
      General and administrative            6,432   6,422   12,899   12,634
      Taxes other than on income              241     195      558      458
                                              ---     ---      ---      ---
                                           10,217   9,530   18,042   17,399
                                           ------   -----   ------   ------
    LOSS FROM OPERATIONS                  (10,217) (9,530) (18,042) (17,399)
                                          -------  ------  -------  -------
 
    OTHER NON-OPERATING INCOME (EXPENSE)
      Gain on financing transactions            -   2,091        -    3,421
      Investment earnings and other           296     751      627    1,882
      Interest expense                          -  (1,260)       -   (1,719)
                                              ---  ------      ---   ------
                                              296   1,582      627    3,584
                                              ---   -----      ---    -----
    NET LOSS BEFORE INCOME TAXES           (9,921) (7,948) (17,415) (13,815)
      Income tax expense                      147      37    1,036      101
                                              ---      --    -----      ---
    NET LOSS FROM CONSOLIDATED COMPANIES  (10,068) (7,985) (18,451) (13,916)
    Net income from unconsolidated equity
     affiliates                             7,476   9,409   11,886   18,218
                                            -----   -----   ------   ------
    NET INCOME (LOSS )                     (2,592)  1,424   (6,565)   4,302
    Less:  Net Income Noncontrolling
     Interest                               1,597   2,057    2,400    3,730
    NET INCOME (LOSS) ATTRIBUTABLE TO
     HARVEST NATURAL RESOURCES, INC.      $(4,189)  $(633) $(8,965)    $572
                                          =======   =====  =======     ====
 
 
    NET INCOME (LOSS) PER COMMON SHARE:
      Basic                                $(0.13) $(0.02)  ($0.27)   $0.02
      Diluted                              $(0.13) $(0.02)  ($0.27)   $0.02
                                           ------  ------   ------    -----
    Weighted average shares outstanding:
      Basic                                  33.0    34.7     33.0     34.9
      Diluted                                33.0    34.7     33.0     36.1
                                             ----    ----     ----     ----
 
 
 
                          HARVEST NATURAL RESOURCES, INC.
                       CONSOLIDATED STATEMENTS OF CASH FLOWS
                             (in thousands, unaudited)
 
                                            Three months     Six months Ended
                                           Ended June 30,        June 30,
                                          ---------------    ----------------
                                           2009      2008     2009      2008
                                           ----      ----     ----      ----
    Cash Flows From Operating Activities:
      Net Income (loss)                  $(2,592)   $1,424  $(6,565)   $4,302
      Adjustments to reconcile net
       income (loss) to net cash
       provided by (used in) operating
       activities:
        Depletion, depreciation and
         amortization                         88        47      157        92
        Gain on financing transactions         -    (2,091)       -    (3,421)
        Net income from unconsolidated
         equity affiliate                 (7,476)   (9,409) (11,886)  (18,218)
        Non-cash compensation related
         charges                             966     1,580    2,120     2,578
      Dividends received from
       unconsolidated equity affiliate         -    72,530        -    72,530
      Changes in operating assets and
       liabilities:
        Accounts and notes receivable        379      (246)     541      (278)
        Advances to equity affiliate        (295)    1,142     (475)   13,775
        Prepaid expenses and other        (1,884)   (3,121)  (1,780)   (3,173)
        Accounts payable                  (1,238)   (1,274)    (973)   (3,879)
        Accounts payable, related party        -        60        -       185
        Accrued expenses                     816     3,836   (1,963)      122
        Accrued Interest                       -      (512)       -       (53)
        Income taxes payable                  96        17      977      (258)
                                              --        --      ---      ----
        Net Cash Provided By (Used In)
         Operating Activities            (11,140)   63,983  (19,847)   64,304
                                         -------    ------  -------    ------
    Cash Flows From Investing Activities:
      Additions of property and
       equipment                          (4,274)   (7,933) (11,341)  (11,217)
      Decrease in restricted cash          1,735     3,316        -     3,244
      Investment costs                       221      (790)    (310)   (1,153)
                                             ---      ----     ----    ------
        Net Cash Used In Investing
         Activities                       (2,318)   (5,407) (11,651)   (9,126)
                                          ------    ------  -------    ------
    Cash Flows From Financing Activities:
      Net proceeds from issuances of
       common stock                          132       975      201     1,310
      Purchase of treasury stock               -   (17,199)       -   (17,207)
      Payments on notes payable                -    (2,560)       -    (2,560)
      Financing costs                       (692)        -   (1,477)        -
      Dividends paid to noncontrolling
       interest                                -         -        -      (358)
                                             ---       ---      ---      ----
        Net Cash Used In Financing
         Activities                         (560)  (18,784)  (1,276)  (18,815)
                                            ----   -------   ------   -------
        Net Increase (Decrease) in Cash  (14,018)   39,792  (32,774)   36,363
    Cash and Cash Equivalents at
     Beginning of Period                  78,409   117,412   97,165   120,841
                                          ------   -------   ------   -------
    Cash and Cash Equivalents at End of
     Period                              $64,391  $157,204  $64,391  $157,204
                                         =======  ========  =======  ========
 
 
 
                                 PETRODELTA, S. A.
                             STATEMENTS OF OPERATIONS
          (in thousands except per BOE and per share amounts, unaudited)
 
                                           Three months Ended June 30,
                                     ----------------------------------------
                                            2009                  2008
                                     ------------------    ------------------
    Barrels of oil sold               2,007                 1,238
    MCF of gas sold                   1,306                 3,049
      Total BOE                       2,225                 1,746
      Total BOE - Net of 33.33%
       Royalty                        1,556                 1,334
 
    Average price/barrel             $53.39                $83.12
    Average price/mcf                 $1.54                 $1.54
                                     ----------------------------------------
                                                $/BOE                 $/BOE
                                       $       - net (1)     $       - net (1)
                                      ---     ---------     ---     ---------
    REVENUES:
      Oil sales                    $107,154              $102,897
      Gas sales                       2,016                 4,695
      Royalties                     (36,125)              (43,130)
                                    -------       -----   -------       -----
                                     73,045       46.94    64,462       48.32
                                     ------       -----    ------       -----
    EXPENSES:
      Operating expenses             20,809       13.37    18,851       14.13
      Depletion, depreciation,
       amortization                   9,025        5.80     7,754        5.81
      General and administrative      6,989        4.49     2,056        1.54
      Taxes other than on income     (1,536)      (0.99)    3,602        2.70
                                     ------       -----     -----        ----
                                     35,287       22.67    32,263       24.18
                                     ------       -----    ------       -----
    INCOME FROM OPERATIONS           37,758       24.27    32,199       24.14
                                     ------       -----    ------       -----
 
    Investment Earnings and Other         1           -     4,955        3.71
                                        ---         ---     -----        ----
 
    Income before income tax         37,759       24.27    37,154       27.85
 
      Current income tax expense     22,414       14.40     9,115        6.83
      Deferred income tax (benefit) (19,284)     (12.39)   (8,293)      (6.22)
                                    -------      ------    ------       -----
    NET INCOME                       34,629       22.26    36,332       27.24
    Adjustment to reconcile to
     reported Net Income from
     Unconsolidated Equity
     Affiliate:
        Deferred income tax benefit  11,086                12,874
                                     ------                ------
        Net income (loss) equity
         affiliate                   23,543                23,458
    Equity interest in
     unconsolidated equity
     affiliate                           40%                   40%
                                         --                    --
    Income (loss) before
     amortization of excess basis
     in equity affiliate              9,417                 9,383
      Amortization of excess basis
       in equity affiliate             (352)                 (277)
      Conform depletion expense to
       GAAP                            (263)                  408
                                       ----                   ---
    Net income from unconsolidated
     equity affiliate                $8,802                $9,514
                                     ------                ------
 
    Non-GAAP Financial Measures:
 
    Reconcile NET INCOME as
     reported under IFRS to
     adjusted EBITDA:
      NET INCOME                    $34,629       22.26   $36,332       27.24
      Add back non-cash:
        Depletion, depreciation
         and amortization             9,025        5.80     7,754        5.81
        Pension Liability            15,555       10.00         -           -
        Deferred income tax
         (benefit)                  (19,284)     (12.39)   (8,293)      (6.22)
                                    -------      ------    ------       -----
 
      CASH FROM OPERATIONS           39,925       25.67    35,793       26.83
 
      Investment earnings and
       other                             (1)          -    (4,955)      (3.71)
      Current income tax expense     22,414       14.40     9,115        6.83
                                     ------       -----     -----        ----
 
      Adjusted EBITDA (IFRS)        $62,338       40.07   $39,953       29.95
                                    =======       =====   =======       =====
 
 
 
                                            Six months Ended June 30,
                                     ----------------------------------------
                                            2009                  2008
                                     ------------------    ------------------
 
    Barrels of oil sold               3,732                 2,447
    MCF of gas sold                   2,720                 6,221
      Total BOE                       4,185                 3,484
      Total BOE - Net of 33.33%
       Royalty                        2,941                 2,668
 
    Average price/barrel             $47.48                $81.09
    Average price/mcf                 $1.54                 $1.54
 
                                     ----------------------------------------
                                                $/BOE                 $/BOE
                                       $       - net (1)     $       - net (1)
                                      ---     ---------     ---     ---------
    REVENUES:
      Oil sales                    $177,183              $198,432
      Gas sales                       4,199                 9,580
      Royalties                     (60,912)              (77,089)
                                    -------       -----   -------       -----
                                    120,470       40.96   130,923       49.07
                                    -------       -----   -------       -----
    EXPENSES:
      Operating expenses             32,525       11.06    33,194       12.44
      Depletion, depreciation,
       amortization                  16,713        5.69    12,052        4.52
      General and administrative      9,214        3.13     3,734        1.39
      Taxes other than on income      1,535        0.52     7,088        2.66
                                      -----        ----     -----        ----
                                     59,987       20.40    56,068       21.01
                                     ------       -----    ------       -----
    INCOME FROM OPERATIONS           60,483       20.56    74,855       28.06
                                     ------       -----    ------       -----
 
    Investment Earnings and Other         3           -     5,008        1.87
                                        ---         ---     -----        ----
 
    Income before income tax         60,486       20.56    79,863       29.93
 
      Current income tax expense     32,200       10.95    30,611       11.47
      Deferred income tax (benefit) (23,367)      (7.95)  (14,976)      (5.61)
                                    -------       -----   -------       -----
    NET INCOME                       51,653       17.56    64,228       24.07
    Adjustment to reconcile to
     reported Net Income from
     Unconsolidated Equity
     Affiliate:
        Deferred income tax benefit  16,087                16,430
                                     ------                ------
        Net income (loss) equity
         affiliate                   35,566                47,798
    Equity interest in
     unconsolidated equity
     affiliate                           40%                   40%
                                         --                    --
    Income (loss) before
     amortization of excess basis
     in equity affiliate             14,226                19,119
      Amortization of excess basis
       in equity affiliate             (663)                 (552)
      Conform depletion expense to
       GAAP                             440                  (258)
                                        ---                  ----
    Net income from unconsolidated
     equity affiliate               $14,003               $18,309
                                    -------               -------
 
    Non-GAAP Financial Measures:
 
    Reconcile NET INCOME as
     reported under IFRS to
     adjusted EBITDA:
      NET INCOME                    $51,653       17.56   $64,228       24.07
      Add back non-cash:
        Depletion, depreciation
         and amortization            16,713        5.69    12,052        4.52
        Pension Liability            15,555        5.29         -           -
        Deferred income tax
         (benefit)                  (23,367)      (7.95)  (14,976)      (5.61)
                                    -------       -----   -------       -----
 
      CASH FROM OPERATIONS           60,554       20.59    61,304       22.98
 
      Investment earnings and other      (3)          -    (5,008)      (1.87)
      Current income tax expense     32,200       10.95    30,611       11.47
                                     ------       -----    ------       -----
 
      Adjusted EBITDA (IFRS)        $92,751       31.54   $86,907       32.58
                                    =======       =====   =======       =====
 
 
    (1) $/BOE costs are now calculated on a net 33.33% royalty basis.
 

SOURCE Harvest Natural Resources

http://www.harvestnr.com

 

Harvest Natural Resources Inc.

CODE : HNR
ISIN : US41754V1035
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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.

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Financings of Harvest Natural Resources Inc.
4/2/2012Announces At-The-Market Equity Financing Program
5/18/2011Completes the Sale of Utah Oil and Gas Assets for $215 Milli...
Nominations of Harvest Natural Resources Inc.
5/19/2008Announces New Vice President, Business Development
4/15/2008 Announces Vice President, Western Operations
Financials of Harvest Natural Resources Inc.
5/17/2016Announces 2016 First Quarter Results
11/12/2013Announces 2013 Third Quarter Results
8/9/2013Announces 2013 Second Quarter Results
6/5/2013Announces 2013 First Quarter Results
5/3/2013Announces 2012 Fourth Quarter and Year-End Results
11/9/2012Announces 2012 Third Quarter Results
8/9/2012Announces 2012 Second Quarter Results
5/10/2012Announces 2012 First Quarter Results
4/16/2012First Quarter 2012 Operational Update
3/15/2012Announces 2011 Fourth Quarter and Year-End Results
8/10/2011Announces 2011 Second Quarter Results
5/10/2011Announces 2011 First Quarter Results
4/12/2011First Quarter Operational Update
3/16/2011Announces 2010 Fourth Quarter and Year-End Results
8/4/2009 Second Quarter 2009 Results
3/5/2009Announces 2008 Fourth Quarter and Year-End Results
8/7/2008Announces Second Quarter 2008 Results
5/1/2008 Announces First Quarter 2008 Results
3/18/2008 Announces Fourth Quarter and 2007 Results
11/1/2007 Resources Announces Third Quarter 2007 Results
Project news of Harvest Natural Resources Inc.
1/2/2015Harvest Natural cancels deal to sell its Venezuela interests
9/30/2013Announces Exclusive Negotiations to Sell Interest in Gabon
2/11/2013Announces Another Oil Discovery in the Pre-Salt Offshore Gab...
2/3/2012s Drilling Operations - Qarn Alam Block 64, Oman
1/3/2012s Drilling Operations in Indonesia
12/8/2011s Drilling Operations - Qarn Alam Block 64, Oman
7/21/2011Announces Pre-Salt Ruche Oil Discovery Offshore Gabon
6/22/2011Resumes Drilling Operations in Indonesia - Budong-Budong Blo...
4/29/2011(Ruche Marin A)Commences Drilling Operations - Dussafu Project in Gabon
Corporate news of Harvest Natural Resources Inc.
6/30/2016Announces Agreement To Sell Interests In Venezuela
6/30/2016Harvest Natural Resources Announces Agreement To Sell Intere...
5/17/2016Harvest Natural Resources posts 1Q loss
5/17/2016Harvest Natural Resources Announces 2016 First Quarter Resul...
5/13/2016Harvest Natural Resources Schedules Earnings Release And Con...
5/11/2016Harvest Natural Resources Reschedules Earnings Release And C...
5/6/2016Harvest Natural Resources Schedules Earnings Release And Con...
4/29/2016Receives Continued Notice Listing From NYSE
4/29/2016Harvest Natural Resources Receives Continued Notice Listing ...
3/30/2016Harvest Natural Resources posts 4Q loss
3/30/2016Harvest Natural Resources Announces 2015 Fourth Quarter and ...
3/28/2016Harvest Natural Resources Schedules Earnings Release And Con...
11/26/2015Hedge Funds Are Selling Bioline RX Ltd (BLRX)
11/5/2015Harvest Natural Resources Schedules Earnings Release And Con...
9/2/2015Edited Transcript of HNR earnings conference call or present...
8/14/2015Harvest Natural Resources To Present At Enercom's The Oil & ...
8/11/201510-Q for Harvest Natural Resources, Inc.
6/29/201510-Q/A for Harvest Natural Resources, Inc.
6/24/2015Should You Be Concerned About Gruss Capital Selling Off This...
6/19/2015Harvest Natural Resources Announces $32.2 Million in Funding...
6/19/20159:01 am Harvest Natural announces the purchase of its senior...
3/31/2015Company News for March 31, 2015 - Corporate Summary
3/30/2015Harvest considers restructuring after failed sale in Venezue...
3/30/2015Harvest Natural faces cash crunch, considers restructuring
3/30/2015Harvest Natural Resources Announces 2014 Fourth Quarter and ...
3/27/2015Harvest Natural Resources Schedules Earnings Release And Con...
2/18/2015Harvest Natural Resources Receives Continued Notice Listing ...
2/11/2015Harvest Natural Resources Webcast Information
1/29/2015Harvest Natural Resources Announces Withdrawal of Request fo...
1/19/2015Harvest Natural Resources Webcast Information
1/16/2015Harvest asks for arbitration against Venezuela after failed ...
1/16/2015Harvest Natural Resources Announces Filing of Request for In...
1/5/2015UPDATE: Wunderlich Securities Reiterates On Harvest Natural ...
1/2/2015Rite Aid and Petrobras are big market movers
1/15/2014Announces Completion of the Redemption of 11% Senior Notes
12/16/2013Announces Share Purchase Agreement to Sell Interests in Vene...
12/13/2013Announces Notice of Redemption of 11% Senior Notes
11/27/2013Announces Issuance of Common Stock
11/20/2013Announces Revised Proposal from Pluspetrol for Company's Int...
9/11/2013Announces Exclusive Negotiations to Sell Company Including V...
4/4/2013Provides an Operational Update
2/20/2013Announces Termination of Agreement to Sell Interests in Vene...
10/12/2012Announces Closing of a $79.8 Million Term Loan Facility
9/11/2012Provides Update on Venezuela Transaction
8/20/2012Announces Agreement to Exchange Common Stock for Outstanding...
6/21/2012Announces Share Purchase Agreement to Sell Interests in Vene...
3/9/2012Announces Agreement to Exchange Common Stock for Outstanding...
3/6/2012Operational Update
6/14/2011Discovers Oil in the Pre-Salt Offshore Gabon
3/22/2011Announces Sale of Utah Oil and Gas Assets for $215 Million
3/2/2011Announces Increase in its U.S. and Venezuela Reserves and Pr...
4/12/2010Announces Additional Follow Up Drilling Activity in the Uint...
3/30/2010Provides Additional Test Results of the Bar F 1-20-3-2 Well
2/18/2010Announces Closing of Senior Convertible Notes Offering
12/18/2009Announces Commencement of Production From Antelope Project i...
11/4/2009Announces Filing of Shelf Registration Statement
6/15/2009Commences Drilling Operations Antelope Project in Utah
2/27/2009Provides Update on Venezuelan Operations
1/13/2009Operational Update and 2009 Planned Expenditures
8/28/2008Commences Drilling Operations - Calcasieu Parish, Louisiana
7/9/2008Announces Lease Acquisition - Bay Exploration Area
6/16/2008Announces Completion of Share Repurchase Program
5/30/2008Announces Receipt of Dividend
5/1/2008 Announces New Chief Financial Officer and Controller
5/1/2008Forms U.S. Gulf Coast AMI
4/7/2008Announces Director Change
4/1/2008 Present at the IPAA OGIS New York Conference
3/18/2008 Announces Operational Update
2/21/2008Elects Two New Directors
2/21/2008Present at Enercom's Conference
2/14/2008Increases Dividend
1/2/2008 Acquires Share of Indonesian Exploration Block
12/14/2007 Acquires an Interest in Gabon Exploration Block
10/26/2007 Announces Signing of Formal Declaration of Transfer Complet...
9/12/2007Signs Venezuelan Conversion Contract
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