Harvest Natural Resources Closes Sale Of Gabon Interests

Harvest Natural Resources said Monday it has sold of all of its Gabon interests in accordance with a previously announced sale between Harvest and BW Energy Gabon, a private Singapore company.

Under the terms, BW Energy Gabon bought Harvest’s 100% interest in Harvest Dussafu, which owns a 66.66% interest in the Dussafu production-sharing contract covering a 210,000-acre area located offshore Gabon, for $32 million in cash, including $2.6 million placed in escrow. Harvest said after taxes and transaction costs, net proceeds are $29.7 million, less any successful claims made against the $2.5 million escrow.

Also, Harvest said that on March 31 Delta Petroleum paid off the $12.6 million, 11% non-convertible senior promissory note payable owed to the company from the sale of its Venezuelan interests in October 2016. Harvest said in light of closing the Gabon transaction and the collection of the note due from Delta Petroleum, it will move forward with plans for its dissolution, date to be determined.

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