Harvest Natural To Sell Gabon Oil And Gas Assets For $32 Mln In Cash

(RTTNews) - Harvest Natural Resource, Inc. (HNR), a Texas-based energy company with exploration and exploitation assets in Gabon, on Thursday announced that the company and its unit HNR Energia B.V., have entered into a deal to sell all of Harvest's oil and gas interests in Gabon.

Under the terms of the Sale and Purchase Agreement with private Singapore company BW Energy Gabon Pte. Ltd, BW Energy Gabon will acquire HNR Energia's 100% interest in Harvest Dussafu B.V. BW Energy Gabon will pay HNR Energia $32 million in cash for the interest, subject to certain adjustments.

Harvest Dussafu owns a 66.667% interest in the Dussafu production sharing contract covering a 210,000 acre area located in offshore Gabon.

At the closing of the transaction, $2.5 million of the $32 million purchase price will be deposited in escrow, to be held for up to six months to satisfy any post-closing claims.

Net proceeds of the transaction are expected to be approximately $29.7 million.