Harvest President and Chief Executive Officer, James A. Edmiston, said, "Upon receipt of the transfer decree when signed by President Chavez, the conversion process will be complete. Subsequently, Petrodelta will invoice PDVSA for oil and gas delivered from April 1, 2006 through June 30, 2007. Net of one-third royalty, estimated revenue for the oil and gas delivered is approximately $275 million. After providing for operating expenses and taxes since April 2006 and providing for working capital to fund future operational and capital costs, we expect Petrodelta to distribute the balance of funds to Harvest and CVP."
CVP President and PDVSA Director, Eulogio Del Pino, said, "Petrodelta is a key mixed company with substantial growth potential. The addition of the Isleno, Temblador and El Salto fields provides Petrodelta with an asset base to significantly increase production over the next three to four years."
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