Harvest Natural Resources, Inc. reported net income of $5.1 million, or $0.15 per diluted share, in the fourth quarter of 2009, a vast improvement from the net loss of $16.8 million, or $0.51 per share, the same quarter in 2008.
During 2009, Harvest Natural Resources, Inc. drilled 15 successful wells through its 32% owned Venezuelan affiliate (Petrodelta). This exploration and development program increased oil production in Venezuela to an average of 21,464 barrels of oil per day, or 7.8 million barrels per year.
“Despite one of the most challenging business environments in recent memory, Harvest achieved several key milestones in the Company’s growth strategy. The success of Petrodelta’s development and appraisal drilling program demonstrates the robust economics and potential of our Venezuelan business and the El Salto and Temblador fields, in particular. We expect to continue growing production over the next several years with internally generated cash flow,” said James A. Edmiston, the CEO of Harvest Natural Resources, Inc.
Harvest Natural Resources, Inc. reported proved reserves of 46.3 million barrels oil equivalent at the end of 2009, an increase of 7% from the 43.3 million barrels oil equivalent at year-end 2008.
Harvest Natural Resources, Inc. is an oil and gas exploration and production company with operations in the United States and several international areas including China, Oman, Venezuela, Indonesia and West Africa.