Venezuela

Petrodelta Reserves

Harvest retained an independent engineering firm to estimate its share of Petrodelta's reserves as of December 31, 2012. The proved reserve and resource potential estimates were based on a detailed study of the properties. The proved reserves conform to the definition set forth in the Securities and Exchange Commission's Regulation S-X, as clarified by subsequent Commission Staff Accounting Bulletins. The probable and possible reserves were determined based on Society of Petroleum Engineers and World Petroleum guidelines using deterministic methodology.

 

Based on the reserve report completed by an independent third party engineering firm, as of December 31, 2012, the six fields held by Petrodelta had proved reserves of 34.5 million barrels of oil (MMBO) and 23.2 billion cubic feet (Bcf) of natural gas net to Harvest's 32 percent interest after a one-third royalty. The estimated proved plus probable reserves for the fields are 99.5 MMBO and 29.4 Bcf net to Harvest's 32 percent interest after a one-third royalty.