HOUSTON, Oct. 25, 2016 /PRNewswire/ -- Harvest Natural
Resources, Inc. (Harvest or the Company) (NYSE: HNR) today
announced a one-for-four (1:4) reverse split of its issued and
outstanding common stock. The one-for-four reverse stock
split will become effective after the market closes on November 3, 2016, and Harvest's common stock will
begin trading on a split-adjusted basis when the market opens on
November 4, 2016. Harvest's
common stock will continue to trade on the New York Stock Exchange
under the trading symbol "HNR," but will trade under a new CUSIP
number.
The Company's stockholders granted the Board of Directors the
authority to effect the reverse stock split at the Company's annual
meeting of stockholders held on September
15, 2016.
When the reverse stock split becomes effective, every four
shares of Harvest's issued and outstanding common stock
automatically will be converted into one share of common
stock. No fractional shares will be issued. Instead,
holders of record who would otherwise be entitled to a fractional
share will receive one whole share. The reverse stock split
will not impact any stockholder's ownership percentage of the
Company or voting power, except for minimal effects resulting from
the treatment of fractional shares. Following the reverse
split, the number of outstanding shares of the Company's common
stock will be reduced from 44,171,215
to approximately 11,042,804. Additionally, the
number of authorized shares of the Company's common stock will
decrease from 150,000,000 to
37,500,000.
Wells Fargo, the Company's
transfer agent, will act as exchange agent for the reverse stock
split.
Additional information about the reverse stock split can be
found in the Company's definitive proxy statement filed with the
Securities and Exchange Commission (the SEC) on August 2, 2016, a copy of which is available at
the SEC's website at www.sec.gov or at Harvest's website at
www.harvestnr.com.
About Harvest Natural Resources
Harvest Natural Resources, Inc., headquartered in Houston, Texas, is an independent energy
company with exploration and exploitation assets in Gabon.
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, the following: difficult
economic, global and commodity and capital markets conditions;
changes in the legal or regulatory environment; uncertainties
associated with Harvest's ability to enter into a definitive
purchase agreement regarding its Gabon assets on terms that it believes are in
the best interests of its stockholders; uncertainties regarding
business opportunities that may or may not be available to Harvest;
and other risks, including many of those included in Harvest's
Annual Report on Form 10-K for 2015, Harvest's proxy statement
relating to its annual stockholders' meeting held in September 2016, and other public filings made
with the Securities and Exchange Commission.
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SOURCE Harvest Natural Resources, Inc.