Today’s Energy Winners: HNR, NGAS
Harvest Natural Resources, Inc. (NYSE:HNR) jumped 17.08% to close at $5.14 on news the energy company entered into definitive agreements with institutional investors to raise gross proceeds of up to $32 million, through a registered direct offering of 8.25% senior convertible notes due 2013. The closing of the offering is expected to take place on February 17, 2010. Harvest intends to use the estimated net income of $30 million from the offering to fund capital expenditures, working capital needs and for general corporate purposes. Headquartered in Houston, Texas, Harvest Natural Resources, Inc., is an independent oil and natural gas producer. Through its subsidiary, Harvest Vinccler, S.C.A., the company has interests in the Bolivarian Republic of Venezuela; and through its 40 percent interests in Petrodelta, S. A., operates a portfolio of properties in eastern Venezuela, including proven oil fields, as well as properties with opportunities for development and exploration.
NGAS Resources, Inc. (NASDAQ:NGAS) gained 15.22% to close at $1.59 on no news. Based in Lexington, Kentucky, NGAS Resources, Inc., together with its subsidiaries, engages in the exploration and production of natural gas principally in the southern portion of the Appalachian Basin in the eastern US. The company also has interests in a non-operated coal bed methane project in the Arkoma Basin and non-operated projects in West Virginia and Virginia. NGAS Resources, Inc. own rights to gold and silver properties covering 381 acres in Alaska; and owns and operates distribution systems for retail sales of natural gas in south-central Kentucky.
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