Harvest Natural Resources calls all $85 million of 9 3/8% notes

Pittsburgh, Sept. 1 - Harvest Natural Resources Inc. will redeem all $85 million of its 9 3/8% senior notes, according to a company news release.

The Nov. 1 redemption date is the date the call premium will be reduced to 1.5625%, the release said.

"Redeeming the notes prepays virtually all of our debt and eliminates $8 million of annual interest expense charge," president and chief executive officer Peter J. Hill said in the release. "After the redemption we will have substantial cash balances of approximately $70 million plus the cash generated by our Venezuelan properties available to fund our acquisition programs in Venezuela and Russia."

Harvest Natural Resources is a Houston independent oil and gas exploration and development company.

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