RIO DE JANEIRO, Sept. 4, 2013 /CNW/ - HRT Participações em Petróleo S.A. (the "Company" or "HRT") (BM&FBOVESPA: HRTP3, TSX-V: HRP), after announcing its initiatives designed to divest the non-core assets and its focus on the recovery of financial resources, as disclosed on July 22nd, 2013, informs the status of the following initiatives:
- Conclusion of the sale, on September 3rd, 2013, of its air logistics business, Air Amazonia, and part of its helicopters fleet, to Erickson Air-Crane Inc (the "Buyer" or "Erickson")
In this transaction, the Company has transferred to Erickson its wholly-owned subsidiary, Air Amazonia, including a team of fifty-nine (59) professionals, apart from six (6) helicopters (2 small, 2 mid and 2 heavy sizes), having received, as of yesterday, the amount of US$ 23 million, and an additional US$ 3 million will be received within twelve (12) months. The transaction price was US$ 26 million, and may reach up to US$ 40 million, contingent upon meeting certain contractual terms.
Through the same transaction, the signing of one-year aerial services agreement to support HRT's operations in the Solimões Basin was concluded, with an annual renewal option for additional four years. Furthermore, the Company has granted Erickson the right of first refusal to purchase the remaining fleet of eight (8) helicopters and on aerial supporting services in HRT´s future operations in other regions.
- Disposal of eight (8) helicopters not included in the transaction with Erickson
HRT has received a firm offer to sell one of its Bell 212 helicopters, as well as concluded the claim regulation process to recover the value of another helicopter, of the same type, which crashed this year. The Company relies on the support of specialized international brokers to sell this group of aircraft, which has a total indicative value of US$ 30 million.
- Disposal of three (3) EMB 120 aircraft ("Embraer Brasília") and one (1) Cesna Caravan aircraft
HRT concluded the sale of the first airplane, having received US$ 1.8 million, and has received firm offer to sell the second one. The company relies on the support of specialized international brokers to sell these airplanes.
- The sale offer of four heli-transportable drilling rigs with the capacity to drill up to 4,000 meters depth and four cranes, which support in the operation and in the assembly of the rigs
The Company follows through on negotiations with potential buyers. As previously disclosed, the market value for the drilling rigs may reach US$ 50 million.
- The sale process of the geochemistry service provider, IPEXco
After opening a virtual data room in July 2013, HRT pursues in talks with ten (10) companies that showed interest in evaluating the asset, being some of them in an advanced evaluation stage. The Company intends to receive proposals from the beginning of the 4th quarter and conclude the sale process until the end of the fiscal year 2013.
For additional information, please contact HRT's Investor Relations Department.
Sedar Profile # 00031536
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
HRT Participações holds one of the largest independent oil and gas exploration and production companies in Brazil. The HRT Group comprises eight main subsidiaries: IPEX (Integrated Petroleum Expertise Company Serviços em Petróleo Ltda.), HRT O&G Exploração e Produção de Petróleo Ltda., HRT Netherlands B.V., HRT África Petróleo S.A., HRT América Inc. and HRT Canada Inc.. The Company retains a 55% interest in 19 exploratory blocks in the Solimões Basin. HRT also operates ten exploratory blocks off the Namibian coast: eight blocks in the Orange Sub-basin and two blocks in the Walvis Sub-basin. HRT's team includes PHDs and masters in geochemistry, geophysics, biology and engineering, most of them former employees of Petrobras and ANP (Brazil petroleum agency). HRT is committed to minimizing any possible environmental impacts in the sites where it acts. Our commitment to the local communities is towards health conditions, safety and quality of life. For more information, please visit the Company's website: www.hrt.com.br/ir
This news release contains forward-looking statements. All statements other than statements of historical fact contained in this news release are forward-looking statements, including, without limitation, statements regarding our drilling and seismic plans, operating costs, acquisitions of equipment, expectations of finding oil, the quality of oil we expect to produce and our other plans and objectives. Readers can identify many of these statements by looking for words such as "expects", "believe", "hope" and "will" and similar words or the negative thereof. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. By their nature, forward-looking statements require us to make assumptions and, accordingly, forward-looking statements are subject to inherent risks and uncertainties. We caution readers of this news release not to place undue reliance on our forward-looking statements because a number of factors may cause actual future circumstances, results, conditions, actions or events to differ materially from the plans, expectations, estimates or intentions expressed in the forward-looking statements and the assumptions underlying the forward-looking statements.
The following risk factors could affect our operations: the contingent resource and prospective resource evaluation reports involving a significant degree of uncertainty and being based on projections that may not prove to be accurate; inherent risks to the exploration and production of oil and natural gas; limited operating history as an oil and natural gas exploration and production company; drilling and other operational hazards; breakdown or failure of equipment or processes; contractor or operator errors; non-performance by third party contractors; labour disputes, disruptions or declines in productivity; increases in materials or labour costs; inability to attract sufficient labour; requirements for significant capital investment and maintenance expenses which HRT may not be able to finance; cost overruns and delays; exposure to fluctuations in currency and commodity prices; political and economic conditions in Namibia and Brazil; complex laws that can affect the cost, manner or feasibility of doing business; environmental, safety and health regulation which may become stricter in the future and lead to an increase in liabilities and capital expenditures, including indemnity and penalties for environmental damage; early termination, non-renewal and other similar provisions in concession contracts; and competition. We caution that this list of factors is not exhaustive and that, when relying on forward-looking statements to make decisions, investors and others should also carefully consider other uncertainties and potential events. The forward-looking statements herein are made based on the assumption that our plans and operations will not be affected by such risks, but that, if our plans and operations are affected by such risks, the forward-looking statements may become inaccurate.
The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this news release are made as of the date of this news release. Except as required by applicable securities laws, we do not undertake to update such forward-looking statements.
SOURCE: HRT Participações em Petróleo S.A.
For further information:
Ricardo Bottas Dourado - CFO and Investor Relations Officer
Sandra Calcado - Investor Relations Manager
Tainah Costa - Investor Relations Senior Analyst
+55 21 2105-9700