San Diego, CA -- (SBWIRE) -- 04/15/2013 -- An investigation on behalf of current long-term investors who hold NYSE:HNR shares was announced concerning whether certain directors and officers of Harvest Natural Resources, Inc. breached their fiduciary duties in connection with certain statements made between May 7, 2010 and March 18, 2013.

Investors who are current long-term stockholders in Harvest Natural Resources, Inc. (NYSE:HNR) shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm for current long term investors in Harvest Natural Resources, Inc. (NYSE:HNR) stocks follows a lawsuit filed recently against Harvest Natural Resources, Inc. over alleged securities laws violations.

The investigation on behalf of current long term investors in NYSE:HNR stocks concerns whether certain Harvest Natural Resources officers and directors are liable in connection with the allegations made in that lawsuit.

According to that complaint filed in the U.S. District Court for the Southern District of Texas the plaintiff alleges that Harvest Natural Resources, Inc. violated the Securities Exchange Act of 1934 by issuing between May 7, 2010 and March 18, 2013 a series of allegedly materially false and misleading statements regarding the Company's revenues and operations.

On June 21, 2012, Harvest Natural Resources, Inc. announced that its wholly-owned subsidiary, HNR Energia B.V., has signed a definitive Share Purchase Agreement (SPA) with PT Pertamina (Persero), the national oil company of Indonesia (the Buyer), to sell all of the Company's interests in Venezuela for $725.0 million in an all-cash transaction. Net proceeds from the sale were estimated to be approximately $525.0 million after deductions for transaction related costs and taxes.

The plaintiff claims that the Defendants made false and/or misleading statements and/or failed to disclose that Harvest Natural Resources, Inc incorrectly capitalized certain lease maintenance costs and certain internal selling, general and administrative costs, that Harvest Natural Resources, Inc improperly presented certain cash flow items and caused certain long-lived assets to be impaired, Harvest Natural Resources, Inc was unable to sell its interests in Petrodelta S.A. to PT Pertamina (Persero), that Harvest Natural Resources, Inc lacked adequate internal and financial controls; and that as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.

Then on Feb. 20, 2013, Harvest Natural Resources, Inc. announced that the Share Purchase Agreement (SPA) between PT Pertamina (Persero) and HNR Energia B.V., a wholly-owned subsidiary of Harvest, for the purchase of Harvest's interests in Venezuela for $725 million has been terminated as a result of the Government of Indonesia, in its capacity as sole shareholder of PT Pertamina (Persero), voting not to approve the transaction.

On March 19, 2013, Harvest Natural Resources, Inc disclosed that there were certain errors in its financial statements related to, among others, the capitalization of certain lease maintenance costs and certain internal selling, general and administrative costs. In addition, the Company disclosed that it had determined that a material weakness existed in its controls over the accuracy and presentation of its accounting for certain long-lived assets and as a result, the Company would be required to "revise and possibly restate its financial statements for certain periods in 2010, 2011 and 2012."

Shares of Harvest Natural Resources, Inc. (NYSE:HNR) declined from $9.16 on Feb. 19, 2013 to $5.45 on Feb 20, 2013 and as low as $3.05 on March 19, 2013. NYSE:HRN shares continued to decline to as low $2.97 per share on April 3, 2013.

On April 12, 2013, NYSE:HNR shares closed at $3.39 per share, which is significantly below its current 52 week high of $10.83 per share.

Those who are current long-term stockholders in Harvest Natural Resources, Inc. (NYSE:HNR) shares, have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com