Harvest Natural Resources Commences Drilling
Operations Antelope Project in Utah
HOUSTON,
June 15, 2009 /PRNewswire-FirstCall via COMTEX News Network/ -- Harvest
Natural Resources, Inc. (NYSE: HNR) announced today commencement of drilling
operations on the Bar F No. 1-20-3-2 well on Harvest's Antelope project
located in the Uinta Basin of northeastern Utah. Mobilization of Unit
Drilling Corporation Rig # 109 to the drilling location commenced in early
June and the well is expected to spud approximately June 15. The permitted
depth of this exploration well is 18,000 feet. Harvest is the operator and
has a 50 percent working interest in the project.
Drilling
is anticipated to require approximately 80 days, and will be followed by
about 90 days of production testing, if warranted. Results from the Bar F No.
1-20-3-2 well may lead to appraisal and development drilling programs on the
project, which would likely be undertaken in late 2009 and 2010. The well is
being drilled as a tight hole, and therefore no further reports will be made
public until testing and evaluation is complete.
The Antelope
project is targeted to explore for and develop oil and natural gas from
multiple horizons in the Uinta Basin, Duchesne and Uintah counties, Utah. Specifically,
three horizons have been identified as most prospective.
Harvest President and CEO James Edmiston said, "We are
excited to see the initiation of drilling activity on our Antelope project.
There are a number of additional prospects, leads and ideas within our 52,000
gross acre (26,000 net) land position. We anticipate the Antelope project to
be a source of multiple exploration and development drilling opportunities
over the next several years."
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, West Africa,
Oman and China and business development offices in Singapore and the United
Kingdom. For more information visit the Company's website at 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 2008 Annual Report on Form 10-K and other
public filings.
SOURCE Harvest Natural Resources, Inc.
http://www.harvestnr.com