HOUSTON, April 13, 2012 /PRNewswire/ -- Harvest Natural Resources, Inc. (NYSE: HNR) today provided an operational update of its first quarter international exploration and production activity.
- During the first three months of 2012, Petrodelta drilled and completed four wells and sold approximately 2.98 million barrels of oil (MMBO) for a daily average of approximately 32,700 barrels of oil per day (BOPD), an increase of 16 percent over the same period in 2011;
- Successfully drilled a second horizontal well in Isleno Field; the field is producing 2,400 BOPD;
- Completed two re-entries and seven well services during the first quarter;
- Petrodelta's current production rate is approximately 37,500 BOPD;
- Facility expansion work at El Salto and Temblador Fields are underway;
- 2012 expected average production rate is 40,300 BOPD with capital expenditures projected at $300 million;
- Exclusive negotiations for the possible sale of Harvest's 32 percent interest in Petrodelta are ongoing.
- Currently negotiating to extend the Exclusive Exploration Authorization for a third period of four years, effective May 28, 2012;
- Currently processing approximately 545 square kilometers of 3-D seismic acquired during the fourth quarter of 2011; the Central 3D Pre-Stack Time Migration (PSTM) volume is expected to be completed by June 2012.
- License commitments fulfilled; planning to request a four year extension at the end of the initial six year term which expires January 16, 2013;
- Prospects and leads being matured in the Lariang and Karama Basins;
- Exploration well planned in 2013.
- Work commitment fulfilled;
- One year extension granted until March 2013.
- Entered into equity distribution agreement with Knight Capital America, LP relating to an "at the market" (ATM) offering of Harvest's common shares having an aggregate sales price of up to $75.0 million;
- Entered into exchange agreements with certain existing noteholders of our 8.25% senior convertible notes to exchange $15,984,000 principal amount of the notes for 2,875,357 shares of common stock.
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