Harvest Natural Resources Announces Stock Purchase Program
Harvest Natural Resources, Inc.'s Board of Directors has authorized the purchase of up to $50 million of Harvest's common stock through open market purchases from time to time.
Harvest President and Chief Executive Officer, James A. Edmiston, said, "Having achieved Venezuelan National Assembly approval for the formation of Petrodelta, we have eliminated much of the uncertainty that has negatively affected the value of our share price and hindered our plans for further development in Venezuela and elsewhere. We are confident an investment in the shares of our company represents an attractive alternative to holding cash in excess of our expected near-term needs."
Edmiston continued, "Given our cash balances and the expectation Petrodelta will internally fund its activities, we have sufficient cash to undertake this buyback program as well as to fund an active development and exploration program in other countries. A continued open market share purchase program should enhance the shareholder returns expected as we expand production and reserves in Venezuela and execute on our growth plans."
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- West African Find for Harvest (Jan 04)