Harvest Natural Resources, Inc. (NYSE-HNR) is primarily focused on the exploration for and the acquisition and development of oil and gas fields in known hydrocarbon basins worldwide. We seek to leverage our global experience in major field development as well as our business development and technical skills to create a diversified resource base.
Harvest is currently engaged in new exploration projects in proven hydrocarbon basins to complement our production, appraisal and development assets in Venezuela. Our diversification efforts include high-impact international drill-ready exploration projects in Indonesia, Gabon and Oman as well as identifying and securing access to other worldwide prospects which can expose the Company to major resource potential.
We achieved the following in 2011 and into early 2012:
- Increased 2011 gross oil production in Venezuela to 11.4 million barrels of oil or an average of 31,205 barrels of oil per day, an increase of 33% over 2010;
- Maintained proved and probable (2P) reserves, unchanged from 2010;
- Closed the sale of Utah assets in May 2011, received proceeds of $217.8 million (net $205 million) and achieved a return on investment of 138% with a cycle time of three years;
- Discovered hydrocarbons in Gabon, which combined with prior discoveries increased gross unrisked contingent resources to 26 million barrels of oil;
- Drilled two exploration wells in the Budong-Budong license in Sulawesi, Indonesia, and confirmed the presence of a working petroleum system;
- Spudded a two-well exploration drilling program in Oman and completed both wells in a combined 70 days ahead of schedule and under budget; and
- Reduced debt to $15.5 million in March 2012, down from $81.2 million at year-end 2010.