Harvest Natural Resources, Inc. (HNR) Updates Oil and Gas Activity
Seeking Alpha Analyst Since 2008
Harvest Natural Resources, Inc. issued an operations review of the company’s oil and gas exploration and development activity during the first quarter of 2011. The company is active in the United States, South America, Africa and Asia.
Harvest Natural Resources, Inc. is operating four rigs on various properties in Venezuela and reported average daily production of 28,700 barrels of oil per day during the first quarter of 2011.
Harvest Natural Resources, Inc. recently drilled and completed a well at the Isleno field in Venezuela. The company said that the ILM-8 well was the first at the field and tested at a production rate of 1,800 barrels of oil per day.
Harvest Natural Resources, Inc. previously announced the sale of all of its assets in the Uinta Basin in Utah and expects the sale to close in May 2011.
In Africa, Harvest Natural Resources, Inc. recently spud the Ruche Marin-A exploration well located in the offshore area of Gabon. The well is being drilled with a semi-submersible drilling rig owned by Transocean (RIG).
In Indonesia, Harvest Natural Resources, Inc. increased its ownership of the Budong-Budong Block to 64.4% through a contractual right of first refusal.
For more information on the company, go to harvestnr.com
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