HOCC and Hunt Oil Alberta are wholly owned subsidiaries of Hunt Oil Company of Dallas, Texas.
The agreement contains a mechanism that allows for a subsequent $25m payment in the event that Canadian natural gas prices exceed pre-determined levels over the next two years.
In combination with the acquisition, Korea National Oil has agreed to inject $525m of additional capital into Harvest in exchange for equity to fund the acquisition at closing which is expected to occur on or about 31 January 2011.
