HOUSTON, Nov. 19, 2012 /PRNewswire/ -- Harvest Natural Resources, Inc. (NYSE: HNR) announced today the commencement of drilling operations on the Dussafu Tortue Marin-1 (DTM-1) exploration well located in the Dussafu Marin PSC, offshore Gabon, West Africa. This exploration well will be drilled utilizing the Scarabeo 3 semi-submersible drilling unit owned and operated by Saipem S.p.A. Harvest operates the Dussafu PSC, holding a 66.667 percent interest.
The DTM-1 well will be drilled in a water depth of 380 feet to test stacked post-salt Madiela and pre-salt Gamba and Dentale reservoir targets to a planned total depth beneath sea level of approximately 10,500 feet. Drilling is anticipated to require approximately 40 days. In the event of success, additional time will be required to test and evaluate the well.
About Harvest Natural Resources:
Harvest Natural Resources, Inc., headquartered in Houston, Texas, is an independent energy company with principal operations in Venezuela, exploration assets in Indonesia, West Africa, China and Oman, and business development offices in Singapore and the United Kingdom. For more information visit the Company's website at www.harvestnr.com.CONTACT: Stephen C. HaynesVice President, Chief Financial Officer(281) 899-5716 This press release may contain projections and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. They include estimates and timing of expected oil and gas production, oil and gas reserve projections of future oil pricing, future expenses, planned capital expenditures, anticipated cash flow and our business strategy. All statements other than statements of historical facts may constitute forward-looking statements. Although Harvest believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Actual results may differ materially from Harvest's expectations as a result of factors discussed in Harvest's 2011 Annual Report on Form 10-K and other public filings.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts