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.
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