SMU - Uracoa Field
The Uracoa Field, discovered in 1937, produced 3 million barrels of oil and 1 Bcf of natural gas before it was abandoned in 1987. After Harvest acquired the rights to the field in 1992, the Uracoa Field produced 93 million barrels of oil and 64 Bcf of natural gas through April 1, 2006. Based on a reserve report compiled by an independent third party engineering firm, the Uracoa Field will have upon completion of the conversion to Petrodelta gross remaining proved reserves as of April 1, 2006 of 72 million barrels of oil and 46 Bcf of natural gas, or 15 million barrels of oil and 10 Bcf of natural gas net to Harvest's 32 percent interest after a one-third royalty. The field currently produces oil and gas from 82 wells. The Uracoa production facilities have the capacity to handle 60 thousand barrels (MBbls) of oil per day, 130 MBbls of water per day and storage for 75 MBbls of crude oil. Harvest Vinccler constructed a 25-mile oil pipeline from its Uracoa processing facilities to a PDVSA storage facility and the custody transfer point In 2003, Harvest Vinccler constructed a 64-mile pipeline with a normal capacity of 70 million cubic feet (MMcf) per day and a design capacity of 90 MMcf of natural gas per day, a gas gathering system and gas treatment and compression facilities.
SMU - Tucupita Field
The Tucupita Field, discovered in 1945, produced 67 million barrels of oil before being abandoned in 1987. Since Harvest acquired the rights to the field in 1992, the Tucupita field has produced 18 million barrels of oil through April 1, 2006. Based on a reserve report complied by an independent third party engineering firm, the Tucupita Field will have upon completion of the conversion to Petrodelta gross remaining proved reserves of 23 million barrels of oil as of April 1, 2006, or 5 million barrels of oil net to Harvest's 32 percent interest after a one-third royalty. The field currently produces oil from 19 wells. The production facilities at Tucupita have the capacity to process 30 MBbls of oil per day, 125 MBbls of water per day and storage capacity for 60 MBbls of oil. Oil produced from the Tucupita Field is transported through a 31-mile pipeline which has capacity for 20 MBbls of oil per day delivered to the Uracoa plant facilities.
SMU - Bombal Field
The Bombal Field was discovered in 1962 and produced 3 million barrels of oil and 8 Bcf of natural gas before being abandoned in 1987. Since Harvest acquired the rights to the field in 1992, the Bombal Field has produced 2 million barrels of oil and 4 Bcf of natural gas and has remaining proved reserves of 2 million barrels of oil. Oil is currently produced from 3 wells. Further development of the Bombal Field has been postponed pending completion of the conversion of the OSA to Petrodelta. Based on a reserve report compiled by an independent third party engineering firm, the Bombal Field will have upon completion of the conversion to Petrodelta gross remaining proved reserves of 11 million barrels of oil and 88 Bcf of natural gas as of April 1, 2006, or 2 million barrels of oil and 19 Bcf of natural gas net to Harvest's 32 percent interest after a one-third royalty.
Fields added to Petrodelta
The Isleño, Temblador and El Salto fields to be transferred to Petrodelta upon conversion are located in the same geographic area and have the same geology and productive formations as the SMU fields. Similar to the SMU fields before Harvest Vinccler acquired the rights to the fields in 1992, there has been minimal development activity in the three fields during the last 20 years.
The Isleņo field was discovered in 1953 and has two discovered oil bearing structures with estimated unrisked probable and possible reserves of 49 million barrels of oil and 3 Bcf of natural gas, or 10 million barrels of oil and one Bcf of natural gas net to Harvest after a one-third royalty. The field is located approximately seven kilometers south of existing infrastructure in the SMU Uracoa field. The Petrodelta business plan projects full development of the Isleņo field over the next three to four years.
The Temblador field was discovered in 1936 and partially developed over the next 20 years. Since its discovery, Temblador has produced 118 million barrels of oil and 64 billion cubic feet of natural gas from 155 wells. 3-D seismic information is available over the entire field and estimated proved reserves are 13 million barrels of oil and 10 Bcf of natural gas, or 2 million barrels of oil and 2 Bcf of natural gas net to Harvest after a one-third royalty. The estimated additional unrisked probable and possible reserves of the field are 122 million barrels of oil and 85 Bcf of natural gas, or 26 million barrels of oil and 18 Bcf of natural gas net to Harvest after a one-third royalty. The field is currently producing approximately 1,000 Bopd from ten wells.
The El Salto field was discovered in 1936. A total of 31 wells have been drilled identifying nine productive structures and six productive formations. The field has produced less than 1 million barrels of oil and is currently dormant. Proved reserves for El Salto are 66 million barrels of oil and 16 Bcf of natural gas, or 14 million barrels of oil and 3 Bcf of natural gas net to Harvest after a one-third royalty. Estimated additional unrisked probable and possible reserves are 280 million barrels of oil and 168 Bcf of natural gas, or 60 million barrels of oil and 36 Bcf of natural gas net to Harvest after a one-third royalty. In addition, El Salto is expected to have substantial exploration upside from several fault blocks which have been identified on 2-D seismic but have not yet been confirmed through drilling.
