Pluspetrol in Acquisition of Venezuelan Interests of Harvest Natural Resources for $400 Million

Cleary Gottlieb is representing Pluspetrol in two separate acquisitions with respect to the interests of Harvest Natural Resources, Inc. (“Harvest”), a Delaware corporation based in Houston, Texas, in Petrodelta, S.A., an oil and gas exploration and development company majority owned by the state of Venezuela. Harvest currently has a 32% indirect interest in Petrodelta which it holds through ownership of an 80% interest in Harvest-Vinccler Dutch Holding B.V. (“Harvest Vinccler”). The first acquisition, for shares representing 29% of Harvest Vinccler in exchange for a purchase price of $125 million, closed simultaneously with the entry into a share purchase agreement between Pluspetrol and Harvest on December 16. The share purchase agreement provides for the acquisition of Harvest’s remaining 51% interest in Harvest-Vinccler for consideration of $275 million. The second transaction is subject to approval by Harvest’s shareholders and the government of Venezuela and is expected to close in the middle of 2014.