Harvest Announces Stockholder Authorization of Sale of Interests in Venezuela

Source: www.gulfoilandgas.com 9/16/2016, Location: South America

Harvest Natural Resources, Inc. announced that, at the Company's annual meeting, the Company's stockholders authorized the sale of all of the Company's interests in Venezuela to CT Energy Holding SRL, a private investment firm (CT Energy), with more than 97% of the total number of shares voting on the proposal approving the transaction. At the closing of the sale, CT Energy or one of its affiliates will pay Harvest $80 million, subject to certain adjustments, and a $12 million six-month 11% note payable, among other consideration.

On June 30, 2016, the Company announced that it and its wholly owned subsidiary, HNR Energia B.V. (HNR Energia), had entered into a Share Purchase Agreement, under which CT Energy would acquire HNR Energia's 51% interest in Harvest-Vinccler Dutch Holding B.V., a Netherlands company through which all of Harvest's Venezuelan interests are owned. Under the Share Purchase Agreement, in addition to the consideration mentioned above, Harvest will receive the cancellation of (i) $30 million of outstanding debt held by CT Energy, (ii) CT Energy's 8,667,597 shares of Harvest common stock and (iii) warrants held by CT Energy to purchase 34,070,820 shares of Harvest common stock, exercisable under certain circumstances, at an exercise price of $1.25 per share.

The closing of the sale of the Company's Venezuelan interests remains subject to certain conditions, as further described in the Share Purchase Agreement and the Company's public filings with the Securities and Exchange Commission. Closing is expected to take place on October 7, 2016.

Six other proposals were approved by Harvest's stockholders at the annual meeting. These included proposals to (i) approve, on an advisory basis, compensation that will or may become payable to the Company's named executive officers in connection with the sale of the Company's Venezuelan interests, (ii) re-elect the Company's seven existing directors and (iii) adopt an amendment to the Company's certificate of incorporation to effect a reverse stock split of the Company's common stock at a ratio between one-for-four and one-for-ten, inclusive, with the exact ratio to be determined by the Board, as well as certain administrative proposals.


Australia >>  8/11/2022 - Santos has acquired Hunter Gas Pipeline Pty Ltd which owns an approved underground gas pipeline route from Wallumbilla in Queensland to Newcastle in N...
Nigeria >>  8/11/2022 - Seplat Energy has become aware of a news report that Ministerial Approval of the Company's proposed acquisition of the entire share capital of Mobil P...

Mexico >>  8/10/2022 - Earthstone Energy, Inc. announced the closing of the acquisition of the New Mexico assets of Titus Oil & Gas Production, LLC and Titus Oil & Gas Produ...
Nigeria >>  8/10/2022 - Seplat Energy has become aware of news and social media reports alleging impropriety in the process of securing ministerial consent to the acquisition...

India >>  8/9/2022 - Shell Overseas Investment B.V., a wholly owned subsidiary of Shell plc (Shell), has completed its 100% acquisition of Solenergi Power Private Limited ...
Tanzania >>  8/9/2022 - Orca Energy Group Inc. notes the announcement by Swala Oil and Gas (Tanzania) PLC (“Swala”) titled “IMPACT OF ACCOUNTING FAILURES IN PAEM ON SWALA ACC...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.