Harvest Natural Resources Pops 75% on Asset Sale

Shares of Harvest Natural Resources

are seeing increased strength during Friday's trading session after the company announced an agreement to sell all of its interests in Venezuela. HNR Energia B.V., has signed a definitive Share Purchase Agreement with PT Pertamina, the national oil company of Indonesia (the Buyer), to sell all of Harvest Natural Resources' interests in Venezuela for $725.0 million in an all-cash transaction. Net proceeds from the sale are estimated to be approximately $525.0 million after deductions for transaction related costs and taxes. The Buyer will purchase Harvest's 32 percent interest in Petrodelta, S.A. by purchasing HNR Energia B.V.'s 80 percent interest in Harvest-Vinccler Dutch Holding B.V. The effective date of the transaction is January 1, 2012. Currently, shares of Harvest Natural Resources are trading up about 76% at $8.60 per share.