They Did It – Harvest Natural Resources Exits Venezuela

Houston-based Harvest Natural Resources (ticker: HNR) has closed its deal with private equity firm CT Energy Holding SRL for HNR’s Venezuela assets. The closing of the deal marks the end of more than two years in which the company has been trying unsuccessfully to divest its assets in the OPEC nation. Many of the obstacles arose from the Venezuelan government adding extra-contractual conditions to previous sales, making them unattractive to buyers. At the closing, Harvest received $80 million in cash, a $12 million six-month 11% note payable to Harvest by the purchaser, and cancellation of $30 million in debt owed by Harvest to CT Energy, HNR said in a press release Friday. More…