Harvest Nat Res Inc has a market cap of $514 million; its shares were traded at around $15.19 with a P/E ratio of 36.2 and P/S ratio of 2839.8.
Highlight of Business Operations:As of December 31, 2010, we had total assets of $488.2 million, unrestricted cash of $58.7 million and $81.2 long-term debt. For the year ended December 31, 2010, we had revenues of $10.7 million and net cash used in operating activities of $5.3 million. As of December 31, 2009, we had total assets of $348.8 million, unrestricted cash of $32.3 million and no long-term debt. For the year ended December 31, 2009, we had revenues of $0.2 million and net cash used in operating activities of $34.9 million.
In February 2010, we closed an offering of $32.0 million in aggregate principal amount of our 8.25 percent senior convertible notes due March 1, 2013, which resulted in net proceeds to us, after deducting underwriting discounts, commissions and estimated offering expenses, of approximately $30.0 million.
In August 2010, Petrodeltas board of directors declared a dividend of $30.5 million, $12.2 million net to HNR Finance ($9.8 million net to our 32 percent interest), which was received October 22, 2010. The dividend represents 50 percent of the cash withdrawal rights as shareholders on Petrodeltas net income as reported under International Financial Reporting Standards (IFRS) for the year ended December 31, 2009.
In September 2010, our partner in the Budong-Budong Production Sharing Contract (Budong PSC) exercised their option to increase our acquisition commitment carry obligation by $2.7 million from $17.2 million to a total of $19.9 million ($7.9 million for acquisition of seismic and $12.0 million for drilling). The additional carry increases our ownership by 7.4 percent to 54.4 percent. The change in ownership interest was approved on March 3, 2011 by the Government of Indonesia and BPMIGAS, Indonesias oil and gas regulatory authority.
In October 2010, we announced the closing of a $60.0 million term loan facility with MSD Energy Investments Private II, LLC (MSD Energy), an affiliate of MSD Capital, L.P., as the sole lender under the term loan facility. Under the terms of the term loan facility, interest is paid on a monthly basis at the initial rate of 10 percent and the term loan will mature on October 28, 2012. The net proceeds of the term loan facility were approximately $59.5 million, after deducting fees related to the transaction.
In November 2010, Petrodeltas board of directors declared a dividend of $30.6 million, $12.2 million net to HNR Finance ($9.8 million net to our 32 percent interest). The dividend represents the remaining 50 percent of the cash withdrawal rights as shareholders on Petrodeltas net income as reported under IFRS for the year ended December 31, 2009. This dividend is subject to shareholder approval, and will not be accrued on our consolidated balance sheet until Petrodelta shareholder approval is received. Shareholder approval was received on March 14, 2011.
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