Harvest has a strong platform for long sustainable growth. Our 32 percent share of Petrodelta, S.A. (Petrodelta) provides a solid foundation for the Company. We are also building a portfolio of exploration prospects to complement our low technical risk Venezuelan development assets. The Company targets technically-driven exploration prospects located in proven active hydrocarbon systems having significant resource potential.
2007 highlights included:
• Completed the conversion process for our Venezuelan assets, clearing the path for development drilling and exploration of the new fields to commence.
• Reported proved reserves of 43,6 million barrels equivalent from our 32 percent equity in Petrodelta.
• Entered into agreements to secure two significant oil-levered exploration opportunities in areas of large, known hydrocarbon resources.
• Reduced debt from $105 million to $9 million and purchased 3.0 million Harvest shares.
• Acquired a 45 percent equity interest in Fusion Geophysical, L.L.C.
