Harvest Natural Resources Commences Drilling Operations – Qarn Alam Block 64, Oman
HOUSTON, Nov. 2, 2011 /PRNewswire/ — Harvest Natural Resources, Inc. (NYSE: HNR) announced today commencement of drilling operations of the Mafraq South-A (MFS-A) exploration well onshore Oman. This is the first of a two-well exploratory program utilizing the MB Petroleum Services LLC Rig #113 drilling unit.
The MFS-A well will test the Mafraq South structure, which is a large salt-supported high with stacked reservoir targets in the Barik, Miqrat and Amin reservoirs. Targets are both in the footwall and hanging wall fault blocks which comprise four segments (north, west, south and east). Mean prospective resources for the targeted south segment total 1.25 TCF of gas with 46 MMBBLS of condensate. The geological chance of success for a discovery in the Barik is estimated to be 28 percent. The MFS-A well will be drilled to a total vertical depth of approximately 12,000 feet to test coincident fault bounded dip closure at all three reservoir levels.
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, China and Oman and business development offices in Singapore and the United Kingdom. For more information visit the Company’s website at www.harvestnr.com.
Stephen C. Haynes
Vice President, Chief Financial Officer
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 2010 Annual Report on Form 10-K and other public filings.
SOURCE Harvest Natural Resources, Inc.