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BRIEF-Harvest Natural Resources shares up in premarket

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NEW YORK, March 6 | Wed Mar 6, 2013 7:49am EST

NEW YORK, March 6 (Reuters) - Harvest Natural Resources Inc : * Shares up 9.6 percent to $5.85 in premarket
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Venerability wrote:
Pretty much all of Harvest’s major Institutional supporters – and this is an Institutional stock, with retail not a factor – have loyally stuck with it after the Pertamina deal went sour.

They did, however, increase “situational Short positions” after the fall by what looks like about 6 or 7 percent. Those 6 or 7 percent of “situational Shorts” – backed up by Long positions – will now all come out, and some new Institutions will probably try to come in on the Long side.

The stock should never have plummeted so low, after the Pertamina bid put a solid valuation on Petrodelta more than twice the current stock price – Yes, for Petrodelta alone, without any other assets being taken into consideration.

Many of us believe a new bidder for Petrodelta – and maybe for ALL of Harvest – will now come in very soon.

It could well be ONGC or one of the other Indians. It could very well be Rosneft, which Senor Maduro will rely on in the months ahead. Or it could even be Eike Batista, who – according to today’s Bloomberg news – needs some new Wins. (And lest one think that is Pie in the Sky, I believe he has been interested in Harvest in the past, as has George Soros, who has owned the stock numerous times.)

Mar 07, 2013 5:35am EST  --  Report as abuse
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