Harvest Acquires Near-Offshore Properties from Hess

Harvest Oil and Gas, LLC announced that it has entered into a transaction to buy all of Hess Corp.'s oil and gas producing properties in Plaquemines and St. Bernard parishes, La.

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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