Harvest Natural Resources, Inc. announced updated information about its continuing discussions with Pluspetrol Venezuela S.A. to sell Harvest's 32% interest in Petrodelta, S.A., its Venezuelan equity affiliate.

In response to a new proposal by Pluspetrol, Harvest and Pluspetrol have agreed, subject to negotiation of definitive agreements, to enter into two independent transactions. Under the proposal, Pluspetrol would purchase Harvest's 32% interest in Petrodelta, S.A. by purchasing HNR Energia B.V.'s 80% interest in Harvest-Vinccler Dutch Holding B.V. (HVDH) in two separate and independent transactions. The total consideration for both proposed transactions would be $400 million.

Tags: Harvest Natural Resources