HOUSTON, Aug. 30 /PRNewswire-FirstCall/ -- Harvest Natural Resources, Inc. today announced that the Venezuelan Ministry of Energy and Petroleum (MENPET) has published a resolution which defines the coordinates of the six fields to be transferred to the mixed company, Petrodelta, S.A. (Petrodelta). Harvest Vinccler S.C.A. (HVSCA), an 80-percent-owned Harvest affiliate, will contribute its Uracoa, Tucupita and Bombal field rights to Petrodelta. HVSCA has operated and developed these fields since 1992. In June, the Venezuela National Assembly approved the direct award of the Isleno, Temblador and El Salto fields to Petrodelta.
Harvest President and Chief Executive Officer, James A. Edmiston, said, "Completion of the MENPET resolution clears the way for the signing of the conversion contract which is the next step in the conversion process. The additional remaining steps include formation of Petrodelta and the signing of the transfer decree."
Harvest Natural Resources, Inc. headquartered in Houston, Texas, is an independent energy company with principal operations in Venezuela and business development offices in Russia and the United Kingdom. For more information visit the company's website at http://www.harvestnr.com/.
"This press release may contain projections and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. They include estimates and timing of expected oil and gas production, oil and gas reserve projections of future oil pricing, future expenses, planned capital expenditures, anticipated cash flow and our business strategy. All statements other than statements of historical facts may constitute forward-looking statements. Although Harvest believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Actual results may differ materially from Harvest's expectations as a result of factors discussed in Harvest's 2006 Annual Report on Form 10-K and other public filings."