HOUSTON, Feb. 24, 2017 /PRNewswire/ -- Harvest
Natural Resources, Inc. (NYSE:HNR) (Harvest or the
Company) today announced that, at the Company's special
meeting held yesterday, the Company's stockholders authorized the
sale of all of the Company's Gabon
interests to BW Energy Gabon Pte. Ltd, a private Singapore company (BW Energy Gabon).
More than 92 percent of the shares voting on the sale voted to
approve the transaction.
On December 22, 2016, the Company
announced that it and its wholly-owned subsidiary, HNR Energia B.V.
(HNR Energia), had entered into a Sale and Purchase Agreement,
under which BW Energy Gabon would acquire HNR Energia's 100 percent
interest in Harvest Dussafu B.V., which owns a 66.667 percent
interest in the Dussafu production sharing contract covering a
210,000 acre area located in offshore Gabon. At the closing
of the sale, BW Energy Gabon will pay Harvest $32 million, subject to certain
adjustments. $2.5 million of
the purchase price will be deposited in escrow for three months to
satisfy certain post-closing claims under the Sale and Purchase
Agreement.
The closing of the sale remains subject to certain conditions,
including approval of the Government of Gabon. The closing
conditions are described in the Sale and Purchase Agreement and the
Company's public filings with the Securities and Exchange
Commission.
At the special meeting, the Company's stockholders also
authorized the Company's dissolution. More than 92 percent of the
shares voting on the dissolution proposal voted in favor of the
proposal. Under the dissolution, liquidation and winding up
process, which remains subject to the control of the Company's
board and management, the proceeds from the Gabon transaction would be combined with other
Harvest assets to be distributed to Harvest's stockholders, subject
to the payment of certain costs and expenses. The Company
currently expects to commence dissolution proceedings as soon as
practicable after the closing of the sale of its Gabon interests.
About Harvest Natural Resources
Harvest Natural Resources, Inc., headquartered in Houston, Texas, is an independent energy
company with exploration and exploitation assets in Gabon.
For more information visit Harvest's website at
www.harvestnr.com.
CONTACT:
Stephen C. Haynes
Vice President, Chief Financial Officer
(281) 899-5716
Forward Looking Statements
This press release includes "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements give our current expectations,
opinion, belief or forecasts of future events and performance. A
statement identified by the use of forward-looking words including
"may," "expects," "projects," "anticipates," "plans," "believes,"
"estimate," "will," "should," and certain of the other foregoing
statements may be deemed forward-looking statements. These
forward-looking statements include, without limitation, the use of
NOLs to offset future taxable income and the use of the Rights Plan
to prevent an "ownership change" as defined in Section 382 of the
Internal Revenue Code. For Harvest, particular risks and
uncertainties that could cause our actual future results to differ
materially from those expressed in our forward-looking statements
include, but are not limited to: the difficulty of determining all
of the facts relative to Sections 382 and 383 of the Internal
Revenue Code, unreported buying and selling activity by
stockholders and unanticipated interpretations of the Internal
Revenue Code and regulations, our ability to generate taxable
income to utilize all or a portion of the NOLs prior to the
expiration thereof, the possibility that the Rights Plan may not
successfully deter stockholders from triggering an ownership change
through the purchase of common stock of Harvest, risks associated
with the enforceability of the Rights Plan under Delaware law or other applicable law, risks
that the Rights Plan may have an adverse effect on the value of
Harvest's common stock, and other risks and uncertainties discussed
in our filings with the SEC, including our Annual Report on Form
10-K and quarterly reports on Form 10-Q, available at the SEC's
website at www.sec.gov. By issuing forward-looking statements based
on current expectations, opinions, views or beliefs, Harvest has no
obligation and, except as required by law, is not undertaking any
obligation, to update or revise these statements or provide any
other information relating to such statements.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/harvest-natural-resources-announces-stockholder-authorization-of-sale-of-gabon-interests-and-dissolution-of-the-company-300413011.html
SOURCE Harvest Natural Resources, Inc.
