Harvest Natural Resources, Inc. reported an update on its oil and gas exploration and development activities during the first quarter of 2011. The company is active in the United States, South America, Africa, Asia and the Middle East.
Harvest Natural Resources, Inc. drilled and completed four wells on its properties in Venezuela, and reported average daily production of 28,700 barrels of oil per day during the quarter. This represented a 32% increase over the same quarter in 2010.
In the United States, Harvest Natural Resources, Inc. signed an agreement to sell its oil and gas properties in Utah to Newfield Exploration Company for $215 million. The company’s assets here include 22 wells located on approximately 69,000 gross acres of leasehold. The properties are in the Uinta Basin and the company expects the deal to close in May 2011.
In Indonesia, Harvest Natural Resources, Inc. drilled the Lariang LG-1 well to a total depth of 5,311 feet. The well encountered multiple pay zones but due to high pressure areas, the well was plugged and abandoned.
Harvest Natural Resources, Inc. also plans to start drilling several exploration wells on properties in its portfolio in 2011, including one in Gabon and two in Oman.
For more information on the company, go to www.harvestnr.com