Harvest Natural Resources Inc. (HNR) saw its loss widen to $193.49 million, or $4.60 a share for the year ended Dec. 31, 2014. In the previous year period, the company reported a loss of $89.10 million, or $2.25 a share.

The company has not recorded any revenues for the current as well as previous year.

Operating loss for the year was $449.60 million, compared with an operating loss of $45.44 million in the previous year.

James Edmiston, president and chief executive officer of Harvest stated, "2014 started out as a promising year for Harvest shareholders with the announcement of the sale of our Venezuelan assets, elimination of debt, and acquisition of the new 3-D seismic in Gabon, but ended in disappointment, as once again, the Venezuelan government withheld its approval for the sale of our Venezuelan assets to Petroandina."

The company has spent $5.03 million cash to meet investing activities during the year as against cash inflow of $80.46 million in the last year.

The company has spent $70.07 million cash to carry out financing activities during the year as against cash inflow of $4.89 million in the last year period. It has made net debt repayment of $72.15 million. It has raised net of $1.94 million by selling common stocks.

Cash and cash equivalents stood at $6.58 million as on Dec. 31, 2014, down 94.55 percent or $114.31 million from $120.90 million on Dec. 31, 2013.

Working capital remains negative
Working capital of Harvest Natural Resources was negative $12.94 million on Dec. 31, 2014 compared with negative $31.67 million on Dec. 31, 2013. Current ratio was at 0.36 as on Dec. 31, 2014, down from 0.80 on Dec. 31, 2013.