Chavez Oks Transfer Completing Conversion to Mixed-Company Structure

Harvest Natural Resources announced that the transfer decree has been signed by the President of Venezuela, completing the conversion process for Petrodelta, S.A. (Petrodelta). The transfer decree provides Petrodelta with the authority to develop the Uracoa, Tucupita and Bombal fields, operated by Harvest Vinccler, S.C.A. (HVSCA) since 1992, and the Isleno, Temblador and El Salto fields recently assigned to Petrodelta by the Venezuelan government. HVSCA has transferred all of its rights under its operating service agreement and its operating assets to Petrodelta. HNR Finance B.V., an 80-percent-owned Harvest affiliate, will own 40 percent of Petrodelta and Corporacion Venezolana del Petroleo S.A., a 100-percent-owned PDVSA affiliate, will own the remaining 60 percent. Petrodelta will operate the fields under a 20-year grant from the Venezuelan government.
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