Past year: ▲ 1238%(49.5c – 6.91 USD)
Each one in plain English, with the numbers worked through for a shareholder.
16 Mar 2015material agreement termination▼ BadMajor
Raymond James walked away from the share-selling facility it had signed six months earlier, telling Harvest plainly that it was because of the collapse in the share price, concerns about liquidity and the litigation the company faced. Losing your own placing agent is a hard signal: the last easy source of cash was gone.
18 Feb 2015listing compliance notice▼ BadMajor
Six weeks after the Petroandina sale collapsed, the New York Stock Exchange warned that Harvest's shares had averaged under $1 for thirty trading days, starting a six-month clock to get the price back up.
2 Jan 2015material agreement termination▼ BadMajor
The second Venezuelan sale failed too. The $275 million closing for the remaining 51% never happened, and the agreement was terminated - leaving Harvest with a 51% stake it could not sell, a partner in Petroandina holding the other 29%, and a $7.6 million note owed to that partner. Two buyers in three years had now walked away.
5 Dec 2014auditor change● Neutral
A third auditor in eighteen months, though only on paper: UHY's Texas practice was bought by BDO, so UHY resigned and BDO took over the 2014 audit.
5 Sept 2014material agreement● Neutral
With the second Petroandina closing still pending, Harvest opened another $75 million at-the-market share-selling facility, this time with Raymond James, replacing the Knight arrangement of 2012.
17 Mar 2014production update● Neutral
The 2013 annual report and results were filed with an operational update, confirming the remaining 51% of the Venezuelan holding would go to shareholders for approval.
20 Dec 2013asset acquisition disposition▲ GoodMajor
A second attempt to sell Venezuela, at a little over half the Pertamina price: Petroandina, part of Pluspetrol, agreed to buy Harvest's 80% of the Petrodelta holding company for $400 million in two steps. The first step closed the same day - 29% for $125 million in cash - which meant that for once Harvest actually received money rather than a promise.
7 Oct 2013capital raising announcement▼ Bad
Harvest sold 790,000 shares to six private buyers over four days for a combined $3.9 million - small, hand-to-mouth raises at around $5 a share from a company that had turned down nothing less than $725 million a year earlier.
21 June 2013auditor change▼ BadMajor
PricewaterhouseCoopers was dismissed and UHY appointed. The parting opinion tells the story: PwC's 2012 report carried substantial doubt about whether Harvest could continue as a going concern and stated that its internal financial controls were not effective.
24 May 2013listing compliance notice▼ Bad
HARVEST NATURAL RESOURCES, INC. withdrew a registration statement, abandoning the offering it covered.
10 Apr 2013listing compliance notice▼ BadMajor
Because the restatement made it impossible to file the 2012 annual report on time, the New York Stock Exchange formally put Harvest on notice and under monitoring - accounting problems turning into a listing problem.
4 Apr 2013production update▼ BadMajor
Harvest wrote down assets in its 2012 accounts and issued an operational update the day after saying those accounts had to be redone - the write-offs and the restatement landing together.
3 Apr 2013financial restatement▼ BadMajor
A second, much wider restatement: three years of accounts back to 2010 could no longer be relied on, principally because the warrants issued with the 2010 MSD loan had been valued wrongly and treated as equity when they were liabilities. Coming four years after the Petrodelta restatement, this was a pattern rather than an accident.
25 Feb 2013material agreement termination▼ BadMajor
The $725 million Pertamina sale collapsed: the Indonesian government, Pertamina's owner, declined to approve it, and Harvest terminated the agreement. Eight months of waiting ended with the company still holding an unsellable Venezuelan asset and $79.8 million of 11% debt it had raised in the meantime.
4 Feb 2013security holder rights change● Neutral
The rights plan was amended again to accommodate the warrants issued to the MSD funds with the October 2012 notes, so that lending to Harvest did not accidentally trigger the poison pill.
30 Nov 2012material agreement▼ BadMajor
The Pertamina agreement had to be amended for the first time, five months after signing and with Indonesian approval still not granted.
15 Oct 2012capital raising announcement▼ BadMajor
With the Pertamina sale still unapproved, Harvest borrowed $79.8 million at 11% for two years, issued at 96 cents on the dollar and with warrants over 686,761 shares at $10 attached. Part of it was paid for by rolling in an existing convertible note. Borrowing this expensively against a sale that had not closed is what later made the sale's failure fatal.
22 Aug 2012capital raising announcement● Neutral
A further $1.9 million of notes went for 339,047 shares two days later, taking the remaining balance to about $9.0 million.
20 Aug 2012capital raising announcement● Neutral
Another $4.65 million of the convertible notes was exchanged for 829,951 shares at $5.60, leaving about $10.9 million outstanding.
21 June 2012material agreement▲ GoodMajor
The big one: Harvest agreed to sell its whole 80% of the Dutch holding company that owns 40% of Petrodelta to Indonesia's state oil company Pertamina for $725 million in cash - all of its Venezuelan interests, for roughly three times its own market value at the time.
30 Mar 2012material agreement● NeutralMajor
Harvest set up a $75 million facility with Knight Capital to sell shares straight into the market whenever it chose - a standing dilution tap, opened while the company was already exchanging notes for stock.
9 Mar 2012capital raising announcement● NeutralMajor
Harvest persuaded holders of $16.0 million of its 8.25% convertible notes to swap them for 2,875,357 shares at an effective $5.56, plus 161,603 more shares in place of a $1.3 million cash interest payment. Debt was being turned into equity at a discount to the notes' conversion price - cheaper than repaying it, but dilutive.
8 Mar 2012production update● Neutral
An operational update covering Petrodelta, the international exploration portfolio and reserves, issued the day before Harvest began converting its 2010 notes into shares.
23 May 2011asset acquisition disposition▲ GoodMajor
The Utah sale closed at $217.8 million after adjustments, and Harvest immediately spent about $62.1 million of it repaying debt - clearing the expensive MSD term loan taken on seven months earlier. For a brief period the company was cash-rich and almost unlevered.
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.
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.
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.
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%.
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.
