Home > Updates > HNR: Good results, 3rd parties interested in company’s assets

HNR: Good results, 3rd parties interested in company’s assets

Harvest Natural reported solid Q2 results. The company’s Venezuala assets keep generating strong cash while the other global assets are diversify the company’s Venezuala risk. The company Antelope projects produced a total of 50K barrels of oil in Q2. Although this is miniscule compared to its Venezuala production, the company is generating cash and diversifying itself.

The company’s Indonesia project hit some minor roadblocks, relating to permits for equipment. The company is still on track for exploration wells. This project could be a game changer for the company.

The most interesting news from today’s report was the interest from third-parties in acquisition of the company’s global assets.

Edmiston added, “From time to time we learn of possible interests in acquiring ownership in certain assets within our property portfolio. We evaluate these potential opportunities taking into consideration our overall property mix, our operational and liquidity requirements, our strategic focus and our commitment to long-term shareholder value. For example, we have recently received such expressions of interest in acquiring some of our international producing and exploration assets, and we are currently evaluating these potential opportunities. These considerations are at a very preliminary stage, and there can be no assurances that our discussions will continue or that any transaction may ultimately result from our discussions.”

The company has some very interesting exploration assets in Indonesia, South Sea (China), and Oman. The company is setup for a very interesting second half of 2010 and early 2011. Based on the results from the Indonesia wells and the interest from other parties for the company’s assets, I think shareholders have a huge upside based on current market prices.

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