Harvest Expands Venezuela Pact

The company's shares rise nearly 12% on the news.
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Harvest Natural Resources (HNR) said its 80%-owned affiliate Harvest Vinccler signed a memorandum of understanding with Corporacion Venezolana del Petroleo to develop three additional oil fields.

The companies operate a joint venture called Empresa Mixta Petrodelta. A Harvest affiliate will own 40% of the venture's shares, and the Venezuelan company will own the remaining 60%. In addition to the new Isleno, Temblador and El Salto fields, Petrodelta will operate and develop the three South Monagas Unit fields.

Shares of Harvest, a Houston-based oil and gas production company, were rising $1.38, or 11.6%, to $13.29.