Harvest has a strong platform for sustainable long-term growth from our producing assets in Venezuela combined with our global exploration portfolio. Our 32 percent share of Petrodelta, S.A. (Petrodelta) provides a solid foundation of reserves and production growth in a hydrocarbon-rich region with low technical risk. Our exploration portfolio consists of high-impact, technically driven prospects located in proven active hydrocarbon systems having significant resource potential.
Recent accomplishments include:
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Completed the conversion process for our Venezuelan assets, clearing the path for development drilling and assessment of new properties.
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Reported Proved reserves of 43.3 million barrels equivalent from our 32 percent equity in Petrodelta.
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Increased oil production from 13,300 barrels of oil per day (BOPD) in Q1 2008 to 24,000 BOPD in May 2009.
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Developed an exploration portfolio with assets in existing hydrocarbon regions located in the United States, Oman, Indonesia, Gabon and China.
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Established a debt-free balance sheet, aligning our capital structure with our exploration business strategy.
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Increased our equity interest in Fusion Geophysical, LLC to 49 percent.