In addition, Benton-Vinccler received $19.3 million in May for oil delivered to PDVSA during the first quarter. Benton-Vinccler received $15.53 per barrel for the 1.2 million barrels of first quarter production, on time and in accordance with the Operating Service Agreement.
Harvest President and Chief Executive Officer, Dr. Peter J. Hill, said, "We are pleased to deliver the first oil from West Bombal as planned. The well was completed within budget and will assist us in reaching our 30 to 50 percent production growth over the next two years to projected 2004 exit production rates of 35,000 to 40,000 barrels of oil equivalent per day. Also, our gas project remains on schedule to deliver first natural gas sales in the fourth quarter of 2003."
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