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December 16, 2013
06:42 EDTHNRHarvest Natural reports share purchase agreement to sell interests in Venezuela
Harvest Natural Resources announced that it and its wholly-owned subsidiary, HNR Energia B.V., have entered into a Share Purchase Agreement with Petroandina Resources Corporation N.V. and Pluspetrol Resources Corporation B.V. to sell, in two separate transactions, all of the company's interests in Venezuela, for an aggregate of $400M in cash. Petroandina will purchase Harvest's 32% interest in Petrodelta, S.A. by purchasing HNR Energia's 80% interest in Harvest-Vinccler Dutch Holding B.V. in two transactions of 29% and 51%, respectively. Harvest Vinccler owns, indirectly through wholly-owned subsidiaries, a 40% interest in Petrodelta, S.A. HNR Energia and Petroandina closed the first transaction today for a cash purchase price of $125M. The closing of the second transaction for a cash purchase price of $275M is subject to, among other things, approval by the holders of a majority of the company's common stock and the Government of the Bolivarian Republic of Venezuela. Net proceeds after taxes and transaction-related costs from the two transactions are estimated to be approximately $122M and $208M, respectively. Proceeds from the first transaction will be used to pay Harvest's long-term debt with the remaining proceeds used for working capital.
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