The assets are immediately adjacent to Harvest's core Grand Bay field. The Hess properties include wells and facilities located in eight fields currently producing at a combined net rate of more than 7.5 Mmcfe/d. An additional six fields impacted by Hurricane Katrina are expected to be returned to production in the Third Quarter, 2006. Pre-storm net production from these shut-in properties was 8.6 Mmcfe/d.
The transaction is effective as of April 1, 2006, and is anticipated to close in late August.
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