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HRT Certifies 2.1 Billion BOE in Prospective and Contingent Resources and Conducts IPO

November 12, 2010

RIO DE JANEIRO, Nov. 12, 2010 /PRNewswire-FirstCall/ — HRT Participacoes em Petroleo S.A. (“HRT”) (BM&FBOVESPA: HRTP3) announces its 3Q10 earnings results.

3Q10 Highlights:

  • HRT held its Initial Public Offering (IPO) in October 2010. Its shares listed on the Novo Mercado segment were offered at the price of R$1,200.00 per share. The funds raised from the offering will be allocated to the exploration, development and infrastructure program in the Solimoes basins and in Namibia.
  • DeGolyer & MacNaughton (“D&M”) certified, net to HRT, 1,532 million barrels of oil equivalent (“BOE”) (mean estimate) Pe-adjusted prospective resources and 542 million BOE in 3C contingent resources. The volumes certified by D&M are resources identified in around 1/3 of HRT’s total area and the remaining concession blocks have yet to be analyzed for future certification.
  • Acquisition of additional 4% interest in the 21 Solimoes blocks (to be approved by ANP), after which HRT now holds 55% interest in these blocks.
  • Environmental licenses obtained for conducting 2D seismic survey on 7 blocks and drilling of exploratory wells in 6 blocks, in addition to the license for the installation of a Support Base in Manaus.
  • Contracting of four drilling rigs for services in the Solimoes Basin. Drilling is expected to begin in the first quarter of 2011.
  • The acquisition of BN 31 Participacoes Ltda. in August, after which the Company holds 100% interest in two exploration blocks in the Walvis offshore basin in Namibia, as well as 10% interest in four exploration blocks in the Brazilian onshore sedimentary basins of Espirito Santo, Reconcavo and Rio do Peixe.

For further information, please contact the Investor Relations department: ri@hrt.com.br

About HRT

HRT Participacoes holds one of the largest independent oil and gas exploration and production companies in Brazil, as well as a provider of state-of-the-art integrated data interpretation and geophysical, geological and geochemical analysis services. The HRT Group comprises three main subsidiaries: IPEX (Integrated Petroleum Expertise Company Servicos em Petroleo Ltda.), HRT O&G Exploracao e Producao de Petroleo Ltda. and HRT Netherlands B.V. The Company holds 55% interest in 21 exploration blocks located in the Solimoes Basin, covering an area of approximately 48,000 km2, located in an area considered the third largest daily producer of oil and gas in Brazilian sedimentary basins. HRT also operates five exploratory blocks located in the off shore of Namibia, covering an area of about 27,000 km2. With 100% interest in two of them, located in Walvis Sub-Basin, and with 40% interest in the other three located in Orange Sub-Basin. HRT has a team of PhDs and masters’ degree holders in geology, geochemistry, geophysics, biology and engineering, most of them being former employees of Petrobras and ANP. The Company currently has 210 professionals, including highly qualified specialists with more than 20 years of experience in research for the exploration and production of oil and natural gas. HRT is engaged in minimizing potential environmental impacts in the areas it operates. The commitment to local communities involves reducing the impacts of its operations’ on the health and safety conditions as well as the quality of life. For more information, visit www.hrt.com.br/ir

SOURCE HRT Participacoes em Petroleo S.A.


Source: newswire



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