Harvest Natural Resources, Inc. has completed the previously announced sale of HNR's oil and gas assets in Utah's Uinta Basin to an affiliate of Newfield Exploration Company (Newfield) for $215.0 million in cash. The sale has an effective date of March 1, 2011. Closing occurred on May 17, 2011 at which time Newfield became the operator of the assets. The net proceeds from the sale are estimated to be $205.0 million after deductions for transaction related costs.

Bank of America Merrill Lynch served as the Company's financial advisor in connection with the transaction. This transaction is part of the Company's ongoing process of exploring strategic alternatives announced in September of 2010.

Harvest also announced the repayment of the $60.0 million term loan facility with MSD Energy Investments Private II, LLC, an affiliate of MSD Capital, L.P., also on May 17, 2011. The repayment included the repayment of the principal, accrued interest, and other fees related to the early repayment of the debt.

Tags: Harvest Natural Resources