Harvest Natural Resources sells assets in Gabon, begins dissolution

A drilling rig working for Houston-based Vaalco Energy approaches the Ebouri platform, offshore Gabon. (Vaalco Energy)

The small Houston oil company Harvest Natural Resources has sold assets in Africa and started the process of liquidation and dissolution.

Harvest has struggled financially for months.

Last June, the firm said it was selling its Venezuelan interests for $100 million to an Italian-Venezuelan consortium after its original $275 million deal was blocked by the Venezuelan government.

Prior to Venezuela, the Indonesian government rejected Harvest’s offer to sell its assets to that country’s state-owned oil company, Pertamina.

RELATED: Oil company bankruptcies accelerate despite rise in crude prices

And, just this week, a Harvest subsidiary sold its interest in 210,000 acres off the coast of Gabon to the private Singapore company BW Energy Gabon Pte. for $32 million in cash, subject to adjustments.

Net proceeds of the transaction are estimated to be $29.7 million. Houston-based Tudor, Pickering, Holt & Co. served as financial advisor to the company.