Harvest Natural Resources (HNR) Posts Improved Q3 Profit
- Euro and global stocks hold Italy-related gains ahead of ECB
- Roper Industries (ROP) to acquire Deltek in $2.8B Deal
- GoDaddy (GDDY) to Acquire Host Europe Group in ~$1.8B Deal
- Amazon (AMZN) Could Open Over 2,000 Brick-and Mortar Groceries if Tests Succeed - DJ; Kroger (KR) on Watch
- Trump's corporate tax holiday could spur pharma M&A
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
Harvest Natural Resources (NYSE: HNR) reported Q3 EPS of $0.55, versus $0.52 reported last year.
Highlights for the third quarter of 2016 include:
- On October 7, 2016, the Company, and its wholly owned subsidiary, HNR Energia B.V. ("HNR Energia") completed the sale of all of HNR Energia's 51% interest in Harvest Holding to Delta Petroleum N.V., a limited liability company organized under the laws of Curacao ("Delta Petroleum"). At the closing, the Company received consideration consisting of:
- $69.4 million in cash paid after various closing adjustments;
- An 11% non-convertible senior promissory note payable by Delta Petroleum to HNR Energia six months from the closing date in the principal amount of $12.0 million.
- The return of all of the Company's common stock owned by CT Energy Holding SRL ("CT Energy"), consisting of 8,667,597 shares (approximately 2,166,900 shares taking into account the November 3, 2016 reverse stock split), which was approximately 16.8% of all outstanding shares pre-closing, to be held by the Company as treasury shares;
- The cancellation of $30.0 million in outstanding principal under the 15% Note; and
- The cancellation of the CT Warrant.
- With the net proceeds from the Venezuela transaction plus cash on hand, the Company had $71.9 million after closing.
- The relationship between the Company and CT Energy effectively terminated upon the closing under the Share Purchase Agreement dated June 29, 2016 (the "Share Purchase Agreement").
- Operational activities during the nine months ended September 30, 2016, included continued evaluation of development plans, based on the 3D seismic data acquired in late 2013 and processed during 2014.
- Received two proposals for the purchase of our Gabon interests and are in discussions with both potential buyers.
NYSE Listing Requirements
- On November 3, 2016 the Company completed a one-for-four reverse split of its issued and outstanding common stock to meet the minimum listing requirement of $1.00 per share as mandated by the NYSE.
- On April 25, 2016, the Company received a notice from the NYSE stating that the Company was not in compliance with a second NYSE continued listing requirement, which provides that a company is not in compliance if its average global market capitalization over a consecutive 30 trading-day period is less than $50 million and, at the same time, its stockholders' equity is less than $50 million.
For earnings history and earnings-related data on Harvest Natural Resources (HNR) click here.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- AutoZone (AZO) Tops Q1 EPS by 5c; Comps Light of Views
- BMO Financial Group (BMO) Tops Q4 EPS by 25c
- Kinder Morgan (KMI) Sees FY17 Distributable Cash Flow of $4.46B
Create E-mail Alert Related CategoriesEarnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!