10 May 2011quarterly activities report▼ Bad
HARVEST NATURAL RESOURCES, INC. reported a quarterly net loss of $3.2 million for the period ended 2011-03-31.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
11 Apr 2011production update● Neutral
A first-quarter operational update and an investor-conference presentation, issued while the Utah sale to Newfield was still working towards completion.
25 Mar 2011material agreement▲ GoodMajor
Harvest agreed to sell its 47,600 net acres in the Uinta Basin of Utah to Newfield for $215 million in cash - by far the largest single realisation in its history, and from a US position most investors barely knew it had.
14 Feb 2011substantial holder notice● Neutral
Capital World Investors ** disclosed a new substantial HARVEST NATURAL RESOURCES, INC. shareholding (6.30% of votes).
9 Feb 2011substantial holder notice● Neutral
Cumberland Associates LLC reported a HARVEST NATURAL RESOURCES, INC. shareholding of 1,722,096 shares (5.10% of votes) in a periodic institutional filing.
4 Feb 2011substantial holder notice● Neutral
BlackRock, Inc reported a HARVEST NATURAL RESOURCES, INC. shareholding of 2,083,961 shares (6.16% of votes) in a periodic institutional filing.
3 Feb 2011substantial holder notice● Neutral
SOROS FUND MANAGEMENT LLC, GEORGE SOROS, ROBERT SOROS, JONATHAN SOROS disclosed a new substantial HARVEST NATURAL RESOURCES, INC. shareholding (5.94% of votes).
28 Jan 2011substantial holder notice● Neutral
Amici Associates L.P, Amici Qualified Associates, L.P, The Collectors' Fund L.P, Amici Global Partners, L.P, Amici Fund International, Ltd, Amici Global International, Ltd, CF Advisors, LLC, Porter Orlin LLC, A. Alex Porter, Paul E. Orlin disclosed a new substantial HARVEST NATURAL RESOURCES, INC. shareholding (5.22% of votes).
9 Nov 2010quarterly activities report▼ Bad
HARVEST NATURAL RESOURCES, INC. reported a quarterly net loss of $5.0 million for the period ended 2010-09-30.
1 Nov 2010substantial holder notice● Neutral
KVO Capital Management, LLC, Kernan V. Oberting reported a HARVEST NATURAL RESOURCES, INC. shareholding of 2,349,017 shares (6.54% of votes) in a periodic institutional filing.
29 Oct 2010capital raising announcement▼ BadMajor
A $60 million two-year term loan from MSD Energy Investments, an arm of Michael Dell's family office, at 10% rising to 15% after nine months. Rates like that on unsecured money say the company could not get bank credit against assets it did not control.
9 Aug 2010quarterly activities report▼ Bad
HARVEST NATURAL RESOURCES, INC. reported a quarterly net loss of $296 thousand for the period ended 2010-06-30.
11 Feb 2010securities registration● Neutral
HARVEST NATURAL RESOURCES, INC. filed a prospectus supplement for an offering off its existing shelf.
11 Feb 2010material agreement● NeutralMajor
Harvest raised up to $32 million by selling 8.25% convertible notes due 2013 through Lazard Capital Markets - its first outside financing since the Russian sales, needed because the Venezuelan earnings sat inside Petrodelta and were hard to get out.
11 Feb 2010securities registration● Neutral
HARVEST NATURAL RESOURCES, INC. filed a prospectus supplement for an offering off its existing shelf.
5 Feb 2010substantial holder notice● Neutral
Cumberland Associates LLC reported a HARVEST NATURAL RESOURCES, INC. shareholding of 1,728,894 shares (5.21% of votes) in a periodic institutional filing.
22 Jan 2010production update▲ GoodMajor
The Venezuelan investment finally looked like it was working: Petrodelta produced 7.8 million barrels in 2009, 42% more than 2008, approved a self-funded $205 million capital budget and targeted 30,000 barrels a day for 2010, with reserves net to Harvest up about 10%.
4 Nov 2009securities registration● Neutral
HARVEST NATURAL RESOURCES, INC. registered a securities offering with the SEC using its shelf eligibility.
15 Apr 2009material agreement▲ GoodMajor
A third country: Harvest signed an exploration and production sharing agreement with Oman for the 955,600-acre Al Ghubar / Qarn Alam gas block, holding 100% through exploration with the state oil company able to take up to 20% after a discovery.
13 Mar 2009financial restatement▼ BadMajor
Harvest withdrew its accounts back to October 2007: it had understated its share of Petrodelta's earnings because of an error translating Venezuelan results from international to US accounting rules. Because Petrodelta was the whole business, an error in accounting for it was an error in almost every number the company reported.
17 Feb 2009substantial holder notice● Neutral
Hound Partners, LLC, Hound Performance, LLC, Jonathan Auerbach reported a HARVEST NATURAL RESOURCES, INC. shareholding of 1,504,426 shares (4.57% of votes) in a periodic institutional filing.
5 Feb 2009substantial holder notice● Neutral
BARCLAYS GLOBAL INVESTORS, NA. and 1 other disclosed a new substantial HARVEST NATURAL RESOURCES, INC. shareholding (3.94% of votes).
30 Jan 2009substantial holder notice● Neutral
Cumberland Associates LLC reported a HARVEST NATURAL RESOURCES, INC. shareholding of 3,060,000 shares (9.29% of votes) in a periodic institutional filing.
18 July 2008material agreement● Neutral
This amendment gives the terms of the employment agreement for Stephen C. Haynes, the chief financial officer announced in May 2008. It provides a $235,000 base salary, a 50,000-share option grant, 20,000 restricted shares, and two years' salary on termination without cause; if terminated around a change of control, two years' salary and two times any annual bonus, among other benefits. It is routine executive pay detail.
17 July 2008substantial holder notice● Neutral
Hound Partners, LLC, Hound Performance, LLC, Jonathan Auerbach disclosed a new substantial HARVEST NATURAL RESOURCES, INC. shareholding (5.15% of votes).
7 Feb 2008substantial holder notice● Neutral
Cumberland Associates LLC reported a HARVEST NATURAL RESOURCES, INC. shareholding of 3,576,315 shares (10.30% of votes) in a periodic institutional filing.
22 Jan 2008substantial holder notice● Neutral
BARCLAYS GLOBAL INVESTORS, NA. and 1 other reported a HARVEST NATURAL RESOURCES, INC. shareholding of 1,103,188 shares (3.16% of votes) in a periodic institutional filing.
9 Jan 2008asset acquisition disposition▲ GoodMajor
Three weeks after the Gabon deal, Harvest bought 47% of the 1.35 million-acre Budong-Budong exploration licence onshore West Sulawesi, Indonesia, agreeing to fund the first $17.2 million of a $22 million seismic-and-two-wells programme. Two frontier exploration positions in a month, funded by Venezuelan cash flow.
18 Dec 2007asset acquisition disposition▲ GoodMajor
Harvest started buying its way out of single-country risk, agreeing to take a 50% operated interest in the 680,000-acre Dussafu exploration licence offshore Gabon from Sasol. The Gabon position would eventually be the last asset it sold, in 2017.
18 Sept 2007material agreement▲ GoodMajor
Two years after the transitory agreement, Harvest and the Venezuelan state agency signed the contract that actually created Petrodelta, converting the old operating-service arrangement into the 40%/60% mixed company. The Venezuelan question was settled for now, on the state's terms.