Formed subsidiary to develop Uracoa, Tucupita, Bombal Isleno, Temblador and El Salto fields. Production 14,000 BO/d. Gross proved 184 MMBO (39 MM net), 160 Bcfg (34 B net), 2P 451 MMBO (96 MM net), 256 Bcf (55 B net).
Harvest Natural Resources Inc., Houston, (NYSE: HNR) has completed the formation of Venezuela-based affiliate Petrodelta SA. Petrodelta will develop the Uracoa, Tucupita and Bombal fields, operated by Harvest Vinccler SCA, and the Isleno, Temblador and El Salto fields assigned by the Venezuelan government. Harvest Vinccler has transferred operating-service-agreement rights and assets to Petrodelta. Harvest affiliate HNR Finance BV will own 40% of Petrodelta and Corporacion Venezolana del Petroleo SA (CVP), an affiliate of Venezuela's state-owned PDVSA, will own the remaining 60%. Petrodelta will operate the fields under a 20-year grant. Isleno Field has unrisked probable and possible reserves of 49 million barrels of oil (10 million net) and 3 billion cubic feet of gas (1 billion net). Temblador Field features 155 wells (10 producing). Production is 1,000 barrels of oil per day. Proved reserves are 13 million barrels of oil (2 million net) and 10 billion cubic feet of gas (2 billion net) and unrisked probable and possible reserves of 122 million barrels of oil (26 million net) and 85 billion cubic feet (18 billion net). El Salto Field features 31 wells. Proved reserves are 66 million barrels of oil (14 million net) and 16 billion cubic feet of gas (3 billion net), and unrisked probable and possible reserves are 280 million barrels of oil (60 million net) and 168 billion cubic feet (36 billion net). The six fields have production of 14,000 barrels of oil per day. Gross proved reserves are 184 million barrels of oil (39 million net) and 160 billion cubic feet of gas (34 billion net) and estimated unrisked probable and possible reserves are 451 million barrels (96 million net) and 256 billion cubic feet (55 billion net). All net reserves are calculated after a one-third royalty. Harvest president and chief executive James A. Edmiston says, "Subsequently, Petrodelta will invoice PDVSA for oil and gas delivered from April 1, 2006, through June 30. Net of a one-third royalty, estimated revenue for the oil and gas delivered is approximately US$275 million. After providing for operating expenses and taxes since April 2006 and providing for working capital to fund future operational and capital costs, we expect Petrodelta to distribute the balance of funds to Harvest and CVP."