Harvest Withdraws a Request for Arbitration Against Venezuela

Source: www.gulfoilandgas.com 1/29/2015, Location: South America

Harvest Natural Resources, Inc. through its affiliates, HNR Finance B.V. (Harvest BV) and Harvest Vinccler S.C.A. (HVSCA), have withdrawn without prejudice a Request for Arbitration (the Arbitration Request) against the Government of the Bolivarian Republic of Venezuela before the International Centre for Settlement of Investment Disputes (ICSID) regarding Harvest BV's interest in Venezuela and violations by the Government of Venezuela of the Netherlands – Venezuela Bilateral Investment Treaty. Harvest's withdrawal of the Arbitration Request was pursuant to an order issued by the Court of Chancery of the State of Delaware at the request of Petroandina Resources Corporation N.V. (Petroandina), an affiliate of Pluspetrol Resources Corporation B.V. and an indirect equity owner of Harvest BV.

In spite of the fact that Petroandina informed Harvest that it has encountered no adverse reaction or ramifications related to the filing of the Arbitration Request, according to its request for the order, Petroandina sought the order because "Petroandina and its affiliates are suffering irreparable harm to their business relationships in Venezuela" and "Petroandina and its affiliates risk impairment of their ongoing business relationships, both in connection with the Petrodelta investment and their other existing and future relationships."

James A. Edmiston, President and CEO of Harvest, said: "Harvest remains committed to protecting the value of the Company's investment in Venezuela. Unfortunately, despite the fact that we continue to believe that the immediate pursuit of the claims set forth in our Arbitration Request is in the best interests of all equity owners of Harvest BV, we will be delayed from promptly pursuing these claims without going through a process established in the shareholders' agreement with Petroandina or obtaining a waiver of that process. As always, we remain receptive to an urgent resolution of our issues with the Government of Venezuela, reached in good faith dialogue, between all parties concerned."


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