February 19, 2010 (FinancialWire) — Harvest Natural Resources, Inc. (NYSE: HNR) has closed a direct offering raising gross proceeds of $32 million, before transaction related expenses. The offering, which closed on February 17, 2010, consisted of 8.25% senior convertible notes due 2013.

Under the terms of the notes, Harvest will pay interest semi-annually and the notes will mature on March 1, 2013, unless earlier redeemed, repurchased or converted as described below.

The notes are convertible into shares of Harvest common stock at a conversion rate of 175.2234 shares of common stock per $1,000 principal amount of convertible notes, equivalent to a conversion price of around $5.71 per share of common stock, subject to adjustment.

Harvest saw net proceeds of around $30 million, which it plans to use to fund capital expenditures and for working capital needs and general corporate purposes.

Texas-based Harvest Natural Resources is an independent energy company with principal operations in Venezuela, producing and exploration assets in the United States, exploration assets in Indonesia, West Africa, China and Oman and business development offices in Singapore and the United Kingdom.

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