Breaking News

Tweet TWEET

HRT signs a binding Term Sheet for the sale of its air logistics business

HRT signs a binding Term Sheet for the sale of its air logistics business 
RIO DE JANEIRO, March 7, 2013 /CNW/ - HRT Participações em Petróleo S.A. 
(the "Company" or "HRT") (BM&FBOVESPA: HRTP3, TSX-V: HRP) today announces the 
signing of a binding Term Sheet with Erickson Air-Crane Inc. (the "Buyer"), 
for the sale of HRT´s air logistics business, Air Amazonia. 
This binding Term Sheet replaces the non-binding Term Sheet announced by the 
Company on November 6, 2012, and reaffirms the parties' commitment to the 
development of a definitive agreement for the acquisition to occur on the main 
terms previously set in the non-binding Term Sheet and subject to the 
satisfaction of certain agreed closing conditions therein established, 
including the approval of the aerial services agreement by the partner in the 
Solimões Project. Both companies expect to finalize this transaction during 
the second quarter of 2013. 
The transaction involves the sale of the Company's rotary-wing fleet (14 
helicopters), with the understanding that the Buyer will provide aerial 
services to HRT's operations in the Solimões Basin for a 3-year period. 
The agreed-upon total transaction price would be US$65 million to US$75 
million contingent upon meeting certain contractual terms. 
"Our decision to sell the Company's air logistics business, Air Amazonia to 
Erickson will allow HRT to concentrate our efforts on exploration, delegating 
our air logistics activity to a recognized operator that will improve the 
availability and diversify the types of aircraft, as well as provide 
flexibility and productivity to our work program. This increase in efficiency 
will bring significant cost savings to our operations in the Solimões basin", 
emphasized Marcio Rocha Mello, Chairman and Chief Executive Officer of HRT. 
About HRT
HRT Participações holds one of the largest independent oil and gas 
exploration and production companies in Brazil. The HRT Group comprises eight 
main subsidiaries: IPEX (Integrated Petroleum Expertise Company Serviços em 
Petróleo Ltda.), HRT O&G Exploração e Produção de Petróleo Ltda., HRT 
Netherlands B.V., HRT África Petróleo S.A., HRT América Inc., Air Amazonia 
Serviços Aéreos Ltda. and HRT Canada Inc.. The Company retains a 55% 
interest in 21 exploratory blocks in the Solimões Basin. HRT also operates 
ten exploratory blocks off the Namibian coast: eight blocks in the Orange 
Sub-basin and two blocks in the Walvis Sub-basin. HRT's team includes PHDs and 
masters in geochemistry, geophysics, biology and engineering, most of them 
former employees of Petrobras and ANP (Brazil petroleum agency). HRT is 
committed to minimizing any possible environmental impacts in the sites where 
it acts. Our commitment to the local communities is towards health conditions, 
safety and quality of life. For more information, please visit the Company's 
website: www.hrt.com.br/ir 
Disclaimer
This news release contains forward-looking statements. All statements other 
than statements of historical fact contained in this news release are 
forward-looking statements, including, without limitation, statements 
regarding our drilling and seismic plans, operating costs, acquisitions of 
equipment, expectations of finding oil, the quality of oil we expect to 
produce and our other plans and objectives. Readers can identify many of these 
statements by looking for words such as "expects", "believe", "hope" and 
"will" and similar words or the negative thereof. Although management believes 
that the expectations represented in such forward-looking statements are 
reasonable, there can be no assurance that such expectations will prove to be 
correct. By their nature, forward-looking statements require us to make 
assumptions and, accordingly, forward-looking statements are subject to 
inherent risks and uncertainties. We caution readers of this news release not 
to place undue reliance on our forward-looking statements because a number of 
factors may cause actual future circumstances, results, conditions, actions or 
events to differ materially from the plans, expectations, estimates or 
intentions expressed in the forward-looking statements and the assumptions 
underlying the forward-looking statements.
The following risk factors could affect our operations: the contingent 
resource and prospective resource evaluation reports involving a significant 
degree of uncertainty and being based on projections that may not prove to be 
accurate; inherent risks to the exploration and production of oil and natural 
gas; limited operating history as an oil and natural gas exploration and 
production company; drilling and other operational hazards; breakdown or 
failure of equipment or processes; contractor or operator errors; 
non-performance by third party contractors; labour disputes, disruptions or 
declines in productivity; increases in materials or labour costs; inability to 
attract sufficient labour; requirements for significant capital investment and 
maintenance expenses which HRT may not be able to finance; cost overruns and 
delays; exposure to fluctuations in currency and commodity prices; political 
and economic conditions in Namibia and Brazil; complex laws that can affect 
the cost, manner or feasibility of doing business; environmental, safety and 
health regulation which may become stricter in the future and lead to an 
increase in liabilities and capital expenditures, including indemnity and 
penalties for environmental damage; early termination, non-renewal and other 
similar provisions in concession contracts; and competition. We caution that 
this list of factors is not exhaustive and that, when relying on 
forward-looking statements to make decisions, investors and others should also 
carefully consider other uncertainties and potential events. The 
forward-looking statements herein are made based on the assumption that our 
plans and operations will not be affected by such risks, but that, if our 
plans and operations are affected by such risks, the forward-looking 
statements may become inaccurate.
The forward-looking statements contained herein are expressly qualified in 
their entirety by this cautionary statement. The forward-looking statements 
included in this news release are made as of the date of this news release. 
Except as required by applicable securities laws, we do not undertake to 
update such forward-looking statements. 
contact HRT`s Investor Relations Department. 
IR Contacts 
Carlos Tersandro Adeodato ri@hrt.com.br 
Sandra Calcado sandra.calcado@hrt.com.br   
SOURCE: HRT Participações em Petróleo S.A. 
To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/March2013/07/c3032.html 
CO: HRT Participações em Petróleo S.A.
NI: OIL AIR  
-0- Mar/07/2013 14:00 GMT
 
 
Press spacebar to pause and continue. Press esc to stop.