Harvest Natural Resources, Inc. HNR announced today that it has entered into exchange agreements with certain
existing noteholders of its 8.25% senior convertible notes pursuant to which
such noteholders agreed to exchange $4,651,000 principal amount of the notes
for 829,951 shares of common stock, resulting in an effective exchange price
of $5.60. The conversion price of the notes issued on February 17, 2010 was
$5.71. In addition, in lieu of cash, HNR agreed to issue to the noteholders
41,215 shares of common stock at $9.31 per share in exchange for foregoing a
one year interest make-whole of $383,707.50. After giving effect to the
exchange, approximately $10,900,000 principal amount of the notes remain
outstanding. The exchange is expected to close on August 23, 2012.
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