Harvest Natural Resources Announces Lease Acquisition - Bay Exploration Area
HOUSTON, July 9, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- Harvest Natural Resources, Inc. ("Harvest") (NYSE: HNR) today announced the successful acquisition of significant additional leasehold covering its prospective Bay Exploration Area located near Galveston, Texas. This completes the lease acquisition phase in this area. Harvest and its partners now control a major position in the Bay prospective area containing 13 identified leads in the regionally prolific Frio and Vicksburg intervals. This additional acreage was acquired at the Texas General Land Office lease sale held in Austin, Texas on July 1, 2008. The Bay prospective area is the second opportunity being pursued in Harvest's recently announced Gulf Coast AMI (area of mutual interest).
At the July lease sale, the AMI participants acquired a total of 6,510 acres representing all or part of 12 separate tracts for a total gross cost of $2.75 million. All bids submitted were successful. The newly acquired leases complement the AMI participants' previously existing leasehold in the prospective area which consists of 5,418 acres covering 7 separate shallow water tracts together with adjoining onshore acreage. Harvest's working interests range from 50 to 55 percent in the various tracts that make up the area.
The AMI participants are re-processing a proprietary 3-D seismic survey which covers a significant portion of the Bay prospective area to confirm the leads previously identified from initial interpretation of the 3-D survey. Soon the participants expect to start the planning and permitting process with intent to spud the initial well in the area during the first half of 2009.
Harvest President and CEO James Edmiston said, "We are extremely pleased to have successfully expanded and consolidated our lease position on the Bay Exploration Area. We are looking forward to initiating drilling activity on the area, which we believe contains some of the most prospective undrilled features along the Upper Texas Gulf Coast."
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 the United States, Indonesia, Gabon and China, and business development offices in London and Singapore. For more information visit the Company's website at http://www.harvestnr.com.
"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 2007 Annual Report on Form 10-K and other public filings."
SOURCE Harvest Natural Resources, Inc.
http://www.harvestnr.com/
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Harvest Natural Resources Inc.
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CODE : HNR |
ISIN : US41754V1035 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Harvest Natural est une société développant des projet miniers et de pétrole basée aux Etats-Unis D'Amerique. Harvest Natural détient divers projets d'exploration au Gabon. Son principal projet en exploration est RUCHE MARIN A au Gabon. Harvest Natural est cotée aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 73,1 millions US$ (66,6 millions €). La valeur de son action a atteint son plus haut niveau récent le 11 mai 2007 à 9,99 US$, et son plus bas niveau récent le 15 janvier 2016 à 0,30 US$. Harvest Natural possède 11 040 000 actions en circulation. |