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Harvest negotiating to sell Venezuelan interests

Harvest Natural Resources Inc., Houston, has begun exclusive negotiations with a third party for a specified time period for the possible sale of Harvest’s 32% interest in Petrodelta SA, its Venezuelan asset.

Petrodelta produced 11.39 million bbl of oil in 2011, up 33% on the year. Petrodelta has averaged 32,500 b/d of oil so far in 2012 compared with 31,205 b/d in calendar 2011.

The Venezuelan company sold 2.27 bcf of natural gas, up 3%. Petrodelta is operating three drilling rigs and one workover rig. Capital expenditures for development drilling and infrastructure are estimated to have been $137.5 million in 2011 compared with $98.7 million in 2010.

Petrodelta drilled and completed 15 successful development wells in calendar 2011 compared with 16 development wells in 2010.


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