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Harvest Natural Resources, Inc. (HNR) Issues Updated Reserve Report

Harvest Natural Resources, Inc. issued an updated reserve report that incorporates a revaluation of one of the oil and gas fields owned by Petrodelta, S.A., a partly owned affiliate of the company.

Harvest Natural Resources, Inc. said that the El Salto field, located in Venezuela, now has 103.0 million barrels of oil equivalent (BOE) of proved and probable reserves as of the end of September 2010. This is a 26% increase from the end of 2009.

Harvest Natural Resources, Inc. reported that the increase was due to additional exploration and development in Block 5 of the El Salto Field. The company extended the field to the south through the drilling of the ELS 33 and ELS 34 wells.

Harvest Natural Resources, Inc. said that Ryder Scott Company, L.P., an independent petroleum-engineering firm, conducted the updated reserve report. Ryder Scott Company, L.P, used an oil price of $69.12 per barrel, and a natural gas price of $1.54 per thousand cubic feet (Mcf).

Harvest Natural Resources, Inc. said that there were no material changes in reserves at the other five fields owned by Petrodelta, S.A. Harvest Natural Resources, Inc. has a 32% indirect interest in Petrodelta, S.A.

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