Harvest Natural Resources Announces Exclusive Negotiations to Sell Interest in Gabon

Harvest Natural Resources Announces Exclusive Negotiations to Sell Interest in

PR Newswire

HOUSTON, Sept. 30, 2013

HOUSTON, Sept. 30, 2013 /PRNewswire/ --Harvest Natural Resources, Inc. (NYSE:
HNR) (Harvest or the Company) today announced that its wholly-owned
subsidiary, HNR Global Holding B.V. has entered into exclusive negotiations
with Vitol S.A. (Vitol), to sell the Company's 66.667 percent interest in the
Dussafu Marine Permit PSC, offshore Gabon for $137.0 million in cash. Net
proceeds from the sale are estimated to be approximately $123.0 million after
deductions for transaction related costs and taxes. The effective date of the
transaction will be October 1, 2013, and will be subject to agreed

Harvest has agreed to negotiate exclusively with Vitol for a specified period
to reach a definitive purchase and sale agreement. There can be no assurance
that these negotiations will result in the proposed transaction or any other
transaction for the sale of Dussafu.

The closing of the proposed transaction would be subject to, among other
things, approval by the Government of Gabon and the boards of directors of
both the Company and Vitol.

James A. Edmiston, President and Chief Executive Officer of Harvest Natural
Resources stated, "The execution of this agreement with Vitol combined with
the previously announced transaction with Pluspetrol makes clear the path the
Company has chosen to unlock the value of its portfolio for the benefit of its
shareholders. While we cannot make any assurance that these transactions will
close, we see both transactions as complementary and look forward to working
with two outstanding counterparties toward a successful conclusion."

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 business development offices in
Singapore and the United Kingdom. For more information visit the Company's
website at www.harvestnr.com.

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, timing and certainty of future transactions 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 2012 Annual Report on Form 10-K and other
public filings.

SOURCE Harvest Natural Resources, Inc.
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