Harvest Natural Resources, Inc. (NYSE-HNR) is primarily focused on the acquisition and development of oil and gas fields in known hydrocarbon basins globally. We seek to leverage our Venezuelan experience as well as our business development and technical platform to create a diversified resource base.
Harvest is currently engaged in new exploration projects in proven hydrocarbon basins worldwide to complement our production, appraisal and development assets in Venezuela. As a result of this diversification effort, Harvest is pursuing domestic plays along the U.S. Coast and in the Rocky Mountains, as well as new international projects in Gabon, Indonesia and Oman. The exploration portfolio consists of a series of high-impact projects, several of which expose the company to net potential resources on par with our Venezuelan interests.
2008 Highlights:
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Began development of our Venezuelan assets, grew daily oil production by more than 50 percent in only 8 months of drilling and received more than $70 million in dividends
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Completed Seismic programs on exploratory blocks in Indonesia and Gabon and increased our interest to 66.67 percent in Gabon’s Dussafu Block.
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Announced entry into the United States through our Gulf Coast AMI and Antelope Project in the Rockies
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Negotiated for the 2009 award of a significant gas block for exploration in Oman
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Maintained a strong balance sheet with no debt.
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Progressed new ventures in the Far East and United States.
