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Harvest Natural Resources Inc. Message Board

  • pinvestment pinvestment Mar 20, 2013 2:13 AM Flag

    previous sale process comments - seems like there were several potential buyers

    With several offers before it is likely that there offers that were much higher than where HNR is now. Maybe it is time to start that process again. If the non-Chavez party wins the elections on April 14 then things can really take off. Doesn't seem likely at this point but that guy did get 44% of the vote against Chavez last time

    During the last two years, we have been exploring a broad range of strategic alternatives for enhancing stockholder value. On September 24, 2010, we retained Merrill Lynch, Pierce, Fenner & Smith (“Merrill Lynch”) to provide advisory services to assist us in exploring those strategic alternatives, including, among others, a sale of assets. Since that time, we have received several indications of interest from third parties, provided due diligence materials to third parties under confidentiality agreements and had preliminary discussions with third parties regarding a sale of our interest in Venezuela, but until March 6, 2012, we had not determined that any of the transactions discussed were in our best interests.
    On March 6, 2012, we announced that we had commenced exclusive negotiations with a third party for the possible sale of our 32 percent interest in Petrodelta.

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    • give it some time. This is not google so it is not priced like google. For $3 you get present oil production worth about $30. The problem is that it is in Venezuela. If the election goes well then the value increases by a large amount.
      The company seems to think the other assets are worth a ton. I really can't tell.
      They were able to find a buyer to pay $18 a share for the venezuelan assets before. With a change in politics in venezuela maybe it can be done again.
      It is a speculation.

    • Right. Some entity with a real board of directors and traded on a responsible exchange subject to real accounting rules is going to buy an entity with unknown results for the last three years and consolidate that (what?) into its own financial results, and inherit a zillion lawsuits and likely SEC investigations. It gets a turd in Venezuela controlled by insane murderous people that pays no dividend in cash or hydrocarbon, a series of blowouts in bumfuck Indonesia with no roads, and a #$%$ shoot offshore Africa, made less relevant by the day by US shale production. Sure.

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