Harvest Agrees to Comply with Tax Rates

Harvest Vinccler, the Venezuelan unit of US oil and gas company Harvest Natural Resources (NYSE: HNR), has agreed to pay back taxes to Venezuela's tax authority Seniat, the latter said in a statement.

Seniat in July 2005 ordered Harvest to pay more than 202bn bolÝvares (US$94mn at the official rate) as a result of a retroactive increase in tax rates to 50% from 34% for oil companies.

The company initially contested the increase, but has since paid Seniat 157bn bolÝvares, Seniat said.

Harvest late last year became one of the first private oil companies to enter into a E&P joint venture dominated by state oil firm PDVSA. The company has been operating since without interruption.

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