UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): | February 19, 2013 |
Harvest Natural Resources, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)
Delaware | 1-10762 | 77-0196707 |
_____________________ (State or other jurisdiction |
_____________ (Commission |
______________ (I.R.S. Employer |
of incorporation) | File Number) | Identification No.) |
1177 Enclave Parkway, Suite 300, Houston, Texas | 77077 | |
_________________________________ (Address of principal executive offices) |
___________ (Zip Code) |
Registrants telephone number, including area code: | 281-899-5700 |
Not Applicable
______________________________________________
Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.02 Termination of a Material Definitive Agreement.
As reported in its Current Report on Form 8-K filed with the Securities and Exchange Commission on June 21, 2012, Harvest Natural Resources, Inc., a Delaware corporation (the "Company), and its wholly owned subsidiary HNR Energia BV, a Curacao company ("HNR Energia"), entered into a share purchase agreement (the "Share Purchase Agreement") with PT Pertamina (Persero), a state-owned limited liability company existing under the laws of the Republic of Indonesia ("Buyer"), under which HNR Energia agreed to sell, indirectly through subsidiaries, all of the Company’s interests in Venezuela for a cash purchase price of $725 million, subject to adjustments described in the Share Purchase Agreement. The description of the transaction and the terms of the Share Purchase Agreement contained in that Form 8-K is incorporated herein by reference.
After receiving notice from Buyer that Buyer's shareholder (the Government of the Republic of Indonesia) had decided not to approve the transaction described in the Share Purchase Agreement, on February 19, 2013, HNR Energia exercised its right to terminate the agreement in accordance with its terms.
Item 7.01 Regulation FD Disclosure.
On February 20, 2013, the Company issued a press release that is attached to this Form 8-K as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
99.1 Press Release Issued by Harvest Natural Resources, on February 20, 2013
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Harvest Natural Resources, Inc. | ||||
February 22, 2013 | By: |
Keith L. Head
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Name: Keith L. Head | ||||
Title: Vice President & General Counsel |
Exhibit Index
Exhibit No. | Description | |
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99.1
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Press Release Issued by Harvest Natural Resources, on February 20, 2013 |
FOR IMMEDIATE RELEASE
Harvest Natural Resources Announces
Termination of Agreement to Sell Interests in Venezuela
HOUSTON, February 20, 2013 Harvest Natural Resources, Inc. (NYSE: HNR) (Harvest or the Company) today announced that the Share Purchase Agreement (SPA) between PT Pertamina (Persero) and HNR Energia B.V., a wholly-owned subsidiary of Harvest, for the purchase of Harvests interests in Venezuela for $725 million has been terminated as a result of the Government of Indonesia, in its capacity as sole shareholder of PT Pertamina (Persero), voting not to approve the transaction. The SPA, announced on June 21, 2012, had also been subject to, among other things, the approval of the Government of the Bolivarian Republic of Venezuela and a majority of Harvests stockholders.
James A. Edmiston, President and CEO of Harvest, said: While we are disappointed that the sale of our interests in Petrodelta to Pertamina was not approved by the Government of Indonesia, Harvest remains committed to exploring all possible alternatives to unlock the potential of our assets and to maximize value for our shareholders.
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 Indonesia, West Africa, China and Oman, and business development offices in Singapore and the United Kingdom. For more information visit the Companys 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 Harvests expectations as a result of factors discussed in Harvests 2011 Annual Report on Form 10-K and other public filings.