Past year: ▲ 1238%(49.5c – 6.91 USD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
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.
29 Aug 2007security holder rights change● Neutral
The rights plan was rewritten to let value investor Mohnish Pabrai build a stake of up to 16.5% without triggering it, and to give the board a general power to make similar exceptions in future - an accommodation of a friendly holder rather than a defence against a hostile one.
17 Aug 2007substantial holder notice● Neutral
Cumberland Associates LLC reported a HARVEST NATURAL RESOURCES, INC. shareholding of 3,875,186 shares (10.30% of votes) in a periodic institutional filing.
14 Feb 2007substantial holder notice● Neutral
Cumberland Associates LLC reported a HARVEST NATURAL RESOURCES, INC. shareholding of 3,043,300 shares (8.20% of votes) in a periodic institutional filing.
12 Feb 2007substantial holder notice● Neutral
Capital Research and Management Company reported a HARVEST NATURAL RESOURCES, INC. shareholding of 576,900 shares (1.50% of votes) in a periodic institutional filing.
23 Jan 2007substantial holder notice● Neutral
BARCLAYS GLOBAL INVESTORS, NA. and 1 other disclosed a new substantial HARVEST NATURAL RESOURCES, INC. shareholding (4.88% of votes).
3 Oct 2006material agreement▼ BadMajor
Harvest's Venezuelan company borrowed roughly $58 million from Banco Mercantil at 10% - securing it with $47.6 million of its own dollars deposited offshore - purely to pay the Venezuelan tax authority, to which it had just handed $35.6 million to settle assessments for 2001 to 2004. The cost of staying in Venezuela was being paid before Petrodelta had produced anything.
7 Sept 2006other▼ BadMajor
Venezuela's tax authority issued a final assessment of about $56 million against Harvest's 80%-owned Venezuelan affiliate for 2001-2004, some $13 million more than the settlement both sides had negotiated in July and that Harvest had already booked. Harvest's own share was roughly $45 million, and the chief executive said publicly that the SENIAT had not honoured the deal - a first clear signal of the political risk that would define the company's Venezuelan exposure.
21 Aug 2006material agreement▲ GoodMajor
The compensation for giving up control arrived as acreage rather than cash: three more fields - Isleno, Temblador and El Salto - were added to the new mixed company, now named Petrodelta, and the state accepted that this settled what Harvest was owed for contributing its existing fields.
