Venezuela

Harvest Natural Resources Inc., Houston, said its 32% owned Venezuelan affiliate Petrodelta SA reported increased reserves as of Aug. 31, 2009, mainly from the drilling of two appraisal wells in mostly undeveloped El Salto oil field in eastern Venezuela.

By OGJ editors
HOUSTON, Oct. 21
– Harvest Natural Resources Inc., Houston, said its 32% owned Venezuelan affiliate Petrodelta SA reported increased reserves as of Aug. 31, 2009, mainly from the drilling of two appraisal wells in mostly undeveloped El Salto oil field in eastern Venezuela.

Proved reserves net to Harvest were 47.6 million boe, compared with 43.3 million boe at the end of 2008. Proved, probable, and possible reserves net to Harvest rose 59% to 211.1 million boe.

Proved reserves in El Salto field alone climbed 42% to 18.5 million boe net to Harvest. The two 2009 wells more than offset production from Petrodelta’s existing producing developed properties.

El Salto, one of six Petrodelta-operated fields, may have 980 drilling locations, Harvest estimated. Original oil in place estimated in El Salto is revised upward 48% to 5.4 billion bbl in eight stacked pay zones in eight proved fault blocks. The field has exploration potential for more traps.

El Salto-31 came on at 3,000 b/d of oil, limited by facility constraints and exceeding expectations. El Salto-30 isn’t on production yet.

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