Petrodelta will be formed upon execution of the conversion contract and the receipt of certain Venezuelan government approvals, including approval by the National Assembly. After conversion, an 80 percent owned affiliate of Harvest Natural Resources will own 40 percent of Petrodelta and Corporacion Venezolana del Petroleo S.A. ("CVP"), a subsidiary of Petroleos de Venezuela, S.A. ("PDVSA"), will own the remaining 60 percent of Petrodelta. After formation, Petrodelta will operate and develop the three South Monagas Unit fields presently operated by Harvest Vinccler and the Isleno, Temblador and El Salto fields being contributed by the Venezuelan government.
Harvest President and Chief Executive Officer, James A. Edmiston, said, "We are pleased with the overwhelming support received from our stockholders to proceed with the conversion to the Mixed Company in Venezuela. We are working with the Venezuelan Ministry of Energy and Petroleum and CVP to complete the conversion process as quickly as possible. Once completed, we hope to begin an aggressive long-term drilling and capital program to increase production and reserves."
Harvest Natural Resources, Inc. headquartered in Houston, Texas, is an independent oil and gas production and development company with principal operations in Venezuela and business development offices in Russia and the United Kingdom.
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