Harvest Natural rises following death of Venezuela's Chavez


Shares of Harvest Natural Resources (HNR), a petroleum exploration and production company, are rising following the announcement of the death of Venezuelan President Hugo Chavez. Harvest Natural Resources stated previously in a regulatory filing that it has "acquired and developed significant interests in the Bolivarian Republic of Venezuela." In June of last year it had agreed to sell all of its 80% interest in Harvest Holding, including its direct and indirect subsidiaries, to PT Pertamina for a cash purchase price of $725M, subject to adjustment. The sale of Harvest Holding would constitute the sale of all of its interest in Venezuela, Harvest Natural stated, adding that the sale was subject to receipt of three approvals, namely from a representative of the Government of the Bolivarian Republic of Venezuela, from the Government of the Republic of Indonesia and from the holders of a majority of the company's common stock. However, on February 20 of this year, Harvest announced that the share purchase agreement with PT Pertamina had been terminated as a result of the Government of Indonesia voting not to approve the transaction. In mid-morning trading, shares of Harvest Natural rose 26c, or 4.87%, to $5.60.

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