I found a great article that matches my thinking on HNR. Key points:
1) HNR has been in exclusive negotiations for the sale of the Venezuelan assets since 6 Mar 2012.
2) Management has made it clear that "There will be no fire sale" and has also made it clear that a sale equal to the current share price would be a fire sale. (For what it is worth, I like and trust management.)
3) Negotiations are going fine and are on-going. A sale is not guaranteed, but seems likely. $15 per share sale price sounds about what management would accept (verses current $6.27 share price).
4) If sale does not occur, the downside from here is minimal. No sale could even be a blessing in disguise if Chavez loses the election or dies of cancer.
I am cautiously optimistic. Looks like a very good risk/reward scenerio