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If it pushes past 5.75 may reach highs
~ $HNR ~ Daily Par Sar Buy Signal ~ Criteria alert triggered during a recent trading session!
$HNR has just triggered the "Parabolic SAR Buy Signals" scan criteria at Stockcharts.com
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c
Two day total of $0.17 + $0.13 is another $0.30. Somebody is adding for some reason. :)
Sweet! Keep going baby keep going!
~ $HNR ~ Daily Par Sar Buy Signal ~ Criteria alert triggered during a recent trading session!
$HNR has just triggered the "Parabolic SAR Buy Signals" scan criteria at Stockcharts.com
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c
Believe me it will rock!!
Hunters are approaching slowly!!
My years of experience tell me this ends with a Hostile Takeover!!
BUY MARKET IMBALANCE OF MORE THAN 1 MILLION SHARES!!!GOOD NEWS!!!!
The end of the story is near! One thing I do not know, if the offer will be 30% or 40% or 100% more than the actual price! I should get a loan an buy all HNR CALL OPTIONS as I can!!!!! CALL Strike 5 September 13 !!! I pay the beers!! Cheers!!
My feeling is we're gonna hear some news that will make this pop.
I follow the E&P Independent small stocks and this company is ridiculously cheap and probably another Oil & Gas company is ready for a hostil takeover very, very soon. Venezuelan assets are so undervalue that any corporation that want to enter into Venezuela is probably considering acquiring HNR. The problem of HNR is that it is running out of cash because PDVSA is not paying them the oil sales. HNR owns 32% of Petrodelta (Venezuelan Oil company) and the other 68% is owned by PDVSA. Petrodelta oil proved reserves worth more than 1.500 million, but oil sales are managed by PDVSA and currently it is not paying to HNR the 32% share. But for any other Oil&Gas company with enough cash it is a perfect deal to enter into a rich oil country, and more important to be a partner of the rich oil government. Never ever I saw an opportunity so clear like this one!!!!! The end of the story is near!!!
I agree this was above $10.00 in March and only dumped 1/2 way ($5+) on the Venezuela news. Then dropped some more due to financials. I'm past the financial screw-up and looking for the value to come right back. I feel there is still great value in HNR.
I got a feeling we're gonna hear some nice news soon. JMHO
HNR- Harvest reported first quarter net income of $36.1 million, or $0.91 per diluted share, compared to a net loss of $1.0 million, or $0.03 per diluted share, for the same period last year. The first quarter results included exploration charges of $1.9 million, or $0.05 per diluted share and unrealized gain on warrant derivative of $3.8 million, or $.10 per diluted share.
Petrodelta reported earnings during the first quarter of $187.7 million, $60.1 million net to Harvest's 32 percent interest, under International Financial Reporting Standards (IFRS). Included in Petrodelta's IFRS first quarter earnings is a gain on exchange rate resulting from a revaluation of assets and liabilities recorded by Petrodelta due to the Venezuela Bolivar/U.S. Dollar currency exchange rate devaluation announced by the Venezuelan government on February 8, 2013. After adjustments to Petrodelta's IFRS earnings, primarily to conform to accounting principles generally accepted in the United States (GAAP), Harvest's 32 percent share of Petrodelta's earnings was $39.6 million.
Excluding the effects of the Venezuelan devaluation, exploration charges and unrealized gain on warrant derivatives, we estimate net income for the first quarter of 2013 would have been approximately $4.3 million, or $0.11 per diluted share.
Highlights for the first quarter of 2013 include:
Venezuela
•During the first three months of 2013, Petrodelta drilled and completed two wells and sold approximately 3.36 million barrels of oil (MMBO) for a daily average of approximately 37,346 barrels of oil per day (BOPD), an increase of 13 percent over the same period in 2012;
•Petrodelta's current production rate is approximately 40,000 BOPD and the 2013 expected average production rate is 42,000 BOPD with capital expenditures projected at $210.0 million;
•Effective February 9, 2013, the Venezuelan government established a new exchange rate for the Bolivar/U.S. Dollar currencies of 6.30 Bolivars per U.S. Dollar resulting in Petrodelta recording a $186.7 million gain on revaluation of its assets and liabilities;
Gabon
•Completed drilling activities on the Tortue exploration well (DTM-1), and appraisal sidetrack (DTM-1ST1) with oil discovered in both the Gamba and Dentale pre-salt reservoirs;
•Log evaluation and pressure data indicate an oil discovery of approximately 42 feet of pay in a 72 foot column within the Gamba Formation and 123 feet of pay in stacked reservoirs within the Dentale Formation;
•Commenced a program of studies to determine optimum development options for the Dussafu block;
•Engaged Tudor, Pickering, Holt & Co. to manage a competitive process to farmout all or a portion of HNR's interest in the Dussafu block;
Indonesia
•Approval of the transfer of operatorship to Harvest was received from SKK Migas, the Special Task Force for oil and gas upstream sector, on March 25, 2013;
•Continued work on an exploration program targeting the Pliocene and Miocene targets.
VENEZUELA
During the three months ended March 31, 2013, Petrodelta sold approximately 3.36 MMBO for a daily average of 37,346 BOPD, an increase of 13 percent over the same period in 2012 and remaining at the same level over the previous quarter. Petrodelta also sold 0.78 billion cubic feet (BCF) of natural gas for a daily average of 8.6 million cubic feet per day (MMCFD). Petrodelta's current production rate is approximately 40,000 BOPD.
During the first quarter of 2013, Petrodelta drilled and completed one development well in the Isleño Field and one development well in the El Salto Field. Currently, Petrodelta is operating five drilling rigs and two workover rigs and is continuing with infrastructure enhancement projects in the El Salto and Temblador Fields.
Petrodelta's production target for the year 2013 is projected to be approximately 42,000 BOPD. The 2013 Petrodelta capital budget is expected to be approximately $210.0 million. Petrodelta expects to drill 31 oil wells and 2 water injector wells during 2013.
On February 8, 2013, the Venezuelan government published in the Official Gazette the Exchange Agreement No. 14 which establishes new exchange rates for the Bolivar/U.S. Dollar currencies that became effective February 9, 2013. The exchange rate established in the Agreement is 6.30 Bolivars per U.S. Dollar. The Exchange Agreement also announced the elimination of the Sistema de Transacciones con Títulos en Moneda Extranjera ("SITME") effective February 8, 2013. All exchanges of Bolivars must now transact through the Central Bank. As a result of the February 8, 2013 devaluation, in the three months ended March 31, 2013, Harvest Vinccler recorded a $0.1 million gain on revaluation of its assets and liabilities, and Petrodelta recorded a $186.7 million gain on revaluation of its assets and liabilities.
In March 2013, PDVSA requested an exemption from MENPET for the Windfall Profits Tax under the provision in the April 2011 Windfall Profits Tax law. The exemption was applied to several oil development projects, including Petrodelta. The exemption is allowable under the April 2011 Windfall Profits Tax law; however, MENPET has neither publicly defined the projects qualifying for exemption, nor the guidance to be used in calculating the exemption. PDVSA issued to Petrodelta its share of the exemption credit, $55.2 million ($36.4 million net of tax) ($17.7 million net to our 32 percent interest, $11.6 million net of tax net to our 32 percent interest) based on PDVSA's calculation and projects PDVSA deemed to qualify for the exemption. Neither Petrodelta nor Harvest have been provided with supporting documentation indicating the properties have been appropriately qualified by MENPET, the specific details for the exemption credit, such as which fields, production period or production, or the supporting calculations. Until MENPET either issues guidance on the exemption provision in the April 2011 Windfall Profits Tax law or issues payment forms including the exemption credit, or written approval from MENPET for this exemption credit is received by Petrodelta, Harvest has and will continue to exclude the exemption credit from our equity earnings in Petrodelta.
The average sale price for crude oil produced during the quarter was approximately $94.41 per barrel.
EXPLORATION AND OTHER ACTIVITIES
Dussafu Project - Gabon (Dussafu PSC)
Operational activities during the three months ended March 31, 2013 included completion of drilling activities on the Dussafu Tortue Marin-1 exploration well (DTM-1), and appraisal sidetrack (DTM-1ST1). On January 4, 2013, Harvest announced that DTM-1 had reached a vertical depth of 11,260 feet within the Dentale Formation. Log evaluation and pressure data indicate that the Company has an oil discovery of approximately 42 feet of pay in a 72 foot column within the Gamba Formation and 123 feet of pay in stacked reservoirs within the Dentale Formation. DTM-1ST1 was drilled to a total depth of 11,385 feet in the Dentale Formation, approximately 1,800 feet from DTM-1 wellbore and found 65 feet of pay in the primary Dentale reservoir.
DTM-1 and DTM-1ST1 are suspended pending future appraisal and development activities. The drilling rig was demobilized and released on February 21, 2013.
A program of subsurface and conceptual engineering studies commenced with the objective of evaluating the commerciality of Tortue and the other oil discoveries to determine the optimum development options for the Dussafu block.
In other parts of the block, activities during the first quarter of 2013 included the continuation of the Pre-Stack Depth processing and reprocessing of the new Central 3-D together with the 2005 Inboard 3-D seismic, approximately 1,300 square kilometers, which commenced in June 2012. The Pre-Stack Depth processing of the merged 3-D project is expected to be completed in July 2013.
Harvest is moving forward with the development plans for the resources discovered to date, and is also planning the acquisition of 3D seismic over the outboard portion of the Dussafu block to better define the exploration prospects that have been identified on existing 2D seismic.
Harvest has engaged Tudor, Pickering, Holt & Co. to manage a competitive process to farmout a significant portion of its interest in the Dussafu block. This process is expected to be concluded in the third quarter 2013.
Budong-Budong PSC - Indonesia
In December 2012, we signed a farm-out agreement with the operator of the Budong PSC to acquire an additional 7.1 percent participating interest and to become operator of the Budong PSC. The assignment of interest was approved by the Government of Indonesia on April 9, 2013. Approval of the transfer of operatorship was received from SKK Migas, the Special Task Force for oil and gas upstream sector, on March 25, 2013.
Operational activities during the three months ended March 31, 2013 included continued work on an exploration program targeting the Pliocene and Miocene targets encountered in the previous two wells. Land acquisition, tender prequalification and environmental studies are on-going.
Non-GAAP Financial Measures
These measures are included due to the significant nature of Petrodelta's earnings to Harvest. In this press release, Petrodelta's adjusted EBITDA disclosure is not presented in accordance with accounting principles generally accepted in the United States (GAAP) and Petrodelta's financials are not intended to be used in lieu of GAAP presentations of net income or cash flows from operating activities. Adjusted EBITDA is presented because we believe it provides additional information with respect to both the performance of our fundamental business activities as well as our ability to internally fund our future capital expenditures and working capital requirements. We also believe that financial analysts commonly use adjusted EBITDA to analyze Petrodelta's performance.
The Company defines adjusted EBITDA as net income (loss) before interest expense, investment earnings, current income taxes and certain non-cash items in the Company's statements of operations, including depreciation, depletion and amortization, accretion of asset retirement obligations, deferred income taxes, certain employee compensation charges and gains or losses from foreign exchange. Although we present selected items that we consider in evaluating our performance, you should also be aware that the items presented do not represent all items that affect comparability between the periods presented. Variations in our operating results are also caused by changes in volumes, prices, exchange rates and numerous other factors. These types of variations are not separately identified in this release, but are discussed, as applicable, in management's discussion and analysis of operating results in our Annual Report on Form 10-K for the year ended December 31, 2012.
A reconciliation of adjusted EBITDA to net income and cash flows from operating activities for the periods presented is included in the tables attached to this release.
Conference Call
Harvest will hold a conference call at 10:00 a.m. Central Daylight Time on Wednesday, June 5, 2013, during which management will discuss Harvest's 2013 first quarter results. The conference leader will be James A. Edmiston, President and Chief Executive Officer. To access the conference call, dial 888-455-2263 or 719-325-2463, five to ten minutes prior to the start time. At that time you will be asked to provide the conference number, which is 7050198. A recording of the conference call will also be available for replay at 719-457-0820, passcode 7050198, through September 4, 2013.
The conference call will also be transmitted over the internet through the Company's website at www.harvestnr.com. To listen to the live webcast, enter the website fifteen minutes before the call to register, download and install any necessary audio software. For those who cannot listen to the live broadcast, a replay of the webcast will be available beginning shortly after the call and will remain on the website for approximately 90 days.
About Harvest Natural Resources:
Harvest Natural Resources, Inc., headquartered in Houston, Texas, is an independent energy company with principal operations in Venezuela, exploration assets in Indonesia, West Africa, and China and business development offices in Singapore and the United Kingdom. For more information visit the Company's website at www.harvestnr.com.
CONTACT:
Stephen C. Haynes
Vice President, Chief Financial Officer
(281) 899-5716
GLTA
Talking about the Q1 results... Looking pretty good to me... Seems the market likes them to...
What r they talking about? Traded this when it was at 5 to 10
Shorts do better cover now... Results looking good and future even better... Watch cc. Gltu
Pretty nice dip here this morning.
For a trade opportunity.
Might be possible that the reported asset sale was less than factual as well.
Always nice to see companies that might be faced with fraud allegations have stock prices that bounce.
in @ 3.04 out @ 3.44 SWEET
Overview of Harvest Natural Resources, Inc. (NYSE-HNR)
http://www.harvestnr.com/about/about.html
Harvest Natural Resources, Inc. (NYSE-HNR) is primarily focused on the exploration for and the acquisition and development of oil and gas fields in known hydrocarbon basins worldwide. We seek to leverage our global experience in major field development as well as our business development and technical skills to create a diversified resource base.
Harvest is currently engaged in new exploration projects in proven hydrocarbon basins to complement our production, appraisal and development assets in Venezuela. Our diversification efforts include high-impact international drill-ready exploration projects in Indonesia, Gabon and Oman as well as identifying and securing access to other worldwide prospects which can expose the Company to major resource potential.
We achieved the following in 2011 and into early 2012:
Increased 2011 gross oil production in Venezuela to 11.4 million barrels of oil or an average of 31,205 barrels of oil per day, an increase of 33% over 2010;
Maintained proved and probable (2P) reserves, unchanged from 2010;
Closed the sale of Utah assets in May 2011, received proceeds of $217.8 million (net $205 million) and achieved a return on investment of 138% with a cycle time of three years;
Discovered hydrocarbons in Gabon, which combined with prior discoveries increased gross unrisked contingent resources to 26 million barrels of oil;
Drilled two exploration wells in the Budong-Budong license in Sulawesi, Indonesia, and confirmed the presence of a working petroleum system;
Spudded a two-well exploration drilling program in Oman and completed both wells in a combined 70 days ahead of schedule and under budget; and
Reduced debt to $15.5 million in March 2012, down from $81.2 million at year-end 2010.
Will Harvest Natural’s SPA Termination Vex These Top Institutional Shareholders?
http://wallstcheatsheet.com/investing/will-harvest-naturals-spa-termination-vex-these-top-institutional-shareholders.html/?ref=YF
Harvest Natural Resources Announces Termination of Agreement to Sell Interests in Venezuela
http://investor.shareholder.com/harvestnr/releasedetail.cfm?ReleaseID=741651
Harvest Natural Resources Announces 2012 Third Quarter Results
HOUSTON, Nov. 9, 2012 /PRNewswire/ -- Harvest Natural Resources, Inc. (NYSE: HNR) today announced 2012 third quarter net income and provided an operational update.
http://investor.shareholder.com/harvestnr/releasedetail.cfm?ReleaseID=720078
Harvest Natural Resources Announces Another Oil Discovery in the Pre-Salt Offshore Gabon
Feb 11, 2013 7:15:00 AM
HOUSTON, Feb. 11, 2013 /PRNewswire/ -- Harvest Natural Resources, Inc. (NYSE: HNR) today announced an update to its drilling operations in the Dussafu Tortue Marin-1 (DTM-1) well drilled in the Dussafu Marin PSC, offshore Gabon, West Africa. Harvest operates the Dussafu PSC, holding a 66.667% interest.
The DTM-1 well was initially drilled in 380 feet of water to a vertical depth of 11,260 feet. On January 4, 2013, Harvest announced an oil discovery in the pre-salt Gamba and Dentale reservoirs with plans to drill a sidetrack to appraise the extent of the Dentale oil discovery.
The Tortue oil discovery has been appraised by drilling a sidetrack (DTM-1ST1) to the southwest to test the lateral extent and structural elevation of both the Gamba and Dentale reservoirs. The sidetrack was drilled to a Total Depth (TD) in the Dentale of 11,385 feet, 10,790 feet True Vertical Depth Subsea (TVDSS), approximately 1,800 feet from the original wellbore and found 65 feet of oil pay in the primary Dentale reservoir with better reservoir character and an apparent similar fluid level to that encountered in the vertical well, DTM-1. In addition, several other stacked sands with oil shows were encountered; however, due to a stuck downhole tool, logging operations in the sidetrack were terminated early before pressure data could be collected to confirm connectivity.
The well will be suspended pending future appraisal and development activities and the rig will be released and demobilized.
Reservoir and conceptual engineering studies will start with the aim of evaluating the commerciality of the discovered oil in the Gamba and Dentale reservoirs at Tortue, as well as Harvest's previous Ruche oil discovery and the nearby Walt Whitman and Moubenga oil discoveries to determine the optimum development options for the block.
The addition of the Tortue oil discovery extends the proven fairway for stacked pre-salt reservoirs and has demonstrated the exploration potential for the outboard part of the Dussafu license.
About Harvest Natural Resources
Harvest Natural Resources, Inc., headquartered in Houston, Texas, is an independent energy company with principal operations in Venezuela, exploration assets in Indonesia, West Africa, China and Oman, and business development offices in Singapore and the United Kingdom. For more information visit the Company's website at www.harvestnr.com.
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. They include estimates and timing of expected oil and gas production, oil and gas reserve projections of future oil pricing, future expenses, planned capital expenditures, anticipated cash flow and our business strategy. All statements other than statements of historical facts may constitute forward-looking statements. Although Harvest believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Actual results may differ materially from Harvest's expectations as a result of factors discussed in Harvest's 2011 Annual Report on Form 10-K and other public filings.
CONTACT:
Stephen C. Haynes
Vice President, Chief Financial Officer
(281) 899-5716
SOURCE Harvest Natural Resources, Inc.
The stock has a $19 price target from the Point and Figure chart. There are three analyst buy ratings, two neutral ratings and 0 sell ratings with an average target price of $11.17. The stock is trading at a forward P/E ratio of 11.65. The company has a book value of $10.45 per share. The Petrodelta transaction value is over $12 per share after tax. The deal is expected to close on or before March 21, 2013. The closing of the transaction is subject to approval by the Government of the Bolivarian Republic of Venezuela, and the Government of Indonesia. I believe the stock could be trading above $10 after these country approvals, which could happen already this year
Yes very. Excited to see how things progress going into 4th quarter.
She is looking strong.
HOUSTON, Aug. 9, 2012 /PRNewswire/ -- Harvest Natural Resources, Inc. (NYSE: HNR) today announced 2012 second quarter net income and provided an operational update.
Harvest reported second quarter net income of approximately $8.2 million, or $0.20 per diluted share, compared to earnings of $89.8 million, or $2.23 per diluted share, for the same period last year. The second quarter 2012 results included exploration charges of $1.3 million, or $0.03 per diluted share, and $1.5 million, or $0.04 per diluted share, for transaction costs incurred related to the pending sale of our 32 percent interest in Petrodelta. Additionally during the second quarter, Harvest incurred $1.6 million, or $0.04 per diluted share, in discontinued operations related to the settlement of all outstanding claims with a private third-party related to the Antelope project. Excluding the exploration charges, transaction costs and settlement charges in discontinued operations, and net of the related tax benefits of $0.8 million, or $0.02 per diluted share, second quarter 2012 earnings would have been $11.8 million, or $0.29 per diluted share.
The second quarter 2011 results included the sale of our Utah properties for a net gain of $98.7 million.
Petrodelta reported net income during the second quarter of $72.0 million, as reported under International Financial Report Standards (IFRS), compared to $47.3 million for the same period in 2011. Harvest's 32 percent share of Petrodelta's net income for the second quarter as reported under U.S. GAAP was $18.1 million, compared to $14.6 million, for the same period one year ago.
Second Quarter 2012 Earnings Release And Conference Call For Harvest Natural Resources
Aug 2, 2012 1:10:00 PM
HOUSTON, Aug. 2, 2012 /PRNewswire/ -- Harvest Natural Resources, Inc. (NYSE: HNR) will release its 2012 second quarter operational and financial results before the market opens on Thursday, August 9, 2012.
Harvest will hold a conference call at 10:00 a.m. Central Daylight Time on Thursday, August 9, 2012, during which management will discuss Harvest's 2012 second quarter results. The conference leader will be James A. Edmiston, President and Chief Executive Officer. To access the conference call, dial 888-256-9128 or 913-312-1472, five to ten minutes prior to the start time. The conference identification number is 4576497. A recording of the conference call will also be available for replay at 719-457-0820, passcode 4576497, through August 13, 2012.
The conference call will also be transmitted over the internet through the Company's website at www.harvestnr.com. To listen to the live webcast, enter the web site fifteen minutes before the call to register, download and install any necessary audio software. For those who cannot listen to the live broadcast, a replay of the webcast will be available beginning shortly after the call and will remain on the web site for approximately 90 days.
About Harvest Natural Resources
Harvest Natural Resources, Inc., headquartered in Houston, Texas, is an independent energy company with principal operations in Venezuela, exploration assets in Indonesia, West Africa, China and Oman and business development offices in Singapore and the United Kingdom. For more information visit the Company's website at www.harvestnr.com.
CONTACT:
Stephen C. Haynes
Vice President, Chief Financial Officer
(281) 899-5716
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. They include estimates and timing of expected oil and gas production, oil and gas reserve projections of future oil pricing, future expenses, planned capital expenditures, anticipated cash flow and our business strategy. All statements other than statements of historical facts may constitute forward-looking statements. Although Harvest believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Actual results may differ materially from Harvest's expectations as a result of factors discussed in Harvest's 2011 Annual Report on Form 10-K and other public filings.
SOURCE Harvest Natural Resources, Inc.
Harvest Natural Resources Inc. (HNR) – is an independent energy company, engages in the acquisition, exploration, development, production, and disposition of oil and natural gas properties. Median Price target by 2 brokers is $17.5. High target $19.
HNR in rally mode lowman...
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