HOUSTON, April 13, 2017 /PRNewswire/ -- In accordance
with previously announced plans to consider the declaration of a
pre-dissolution dividend as part of its overall plan of complete
dissolution and liquidation, Harvest Natural Resources, Inc.
(Harvest or the Company) (NYSE:HNR) today announced that its board
of directors declared a cash dividend of $5.75 per share of its common stock to all
holders of record as of April 24,
2017. The company expects that the dividend, which will be
characterized as a liquidating distribution, will be paid
approximately 10 days after the record date.
Harvest's common stock will cease to trade on the New York Stock
Exchange soon after the dividend is paid. At that time,
Harvest intends to dissolve by filing its certificate of
dissolution with the Delaware
Secretary of State. The dissolution was approved by Harvest's
stockholders on February 23,
2017. After dissolution, Harvest will exist solely for the
purpose of winding up its affairs, as required by Delaware law.
Harvest has reserved funds intended to be used for certain
payments and costs in connection with its dissolution, as well as
funds to establish reserves for the payment of current and possible
future liabilities. These payments and costs include general
and administrative costs, dissolution expenses, taxes, costs
associated with pursuing ongoing litigation, and payments related
to terminations of employment. To the extent that there are
remaining funds after Harvest completes its winding up process,
those funds, together with any additional revenues, will be
distributed from time to time to Harvest's stockholders of record
as of the date of dissolution.
About Harvest Natural Resources
Harvest Natural Resources, Inc., headquartered in Houston,
Texas. For more information visit Harvest's website
at www.harvestnr.com.
CONTACT:
Stephen C. Haynes
Vice President, Chief Financial Officer
(281) 899-5716
Forward Looking Statements
This press release may contain projections and other
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. This information may include expected use of
proceeds, possible transactions, future plans and business
strategy. All statements other than statements of historical
fact may constitute forward-looking statements. Although
Harvest believes that the expectations reflected in these
forward-looking statements are reasonable, it can give no assurance
that these expectations will be correct. Actual results may
differ materially from Harvest's expectations due to uncertainties
and risks outside of Harvest's control. These risks and
uncertainties include, among others, those risks and uncertainties
described in Harvest's Annual Report on Form 10-K for 2016.
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SOURCE Harvest Natural Resources, Inc.