Harvest Says Venezuelan Conversion Progressing
Harvest Natural Resources (NYSE: HNR) says that the Venezuelan Ministry of Energy and Petroleum (MENPET) has published a resolution which defines the coordinates of the six fields to be transferred to the mixed company, Petrodelta, S.A. (Petrodelta). Harvest Vinccler S.C.A. (HVSCA), an 80-percent-owned Harvest affiliate, will contribute its Uracoa, Tucupita and Bombal field rights to Petrodelta. HVSCA has operated and developed these fields since 1992. In June, the Venezuela National Assembly approved the direct award of the Isleno, Temblador and El Salto fields to Petrodelta.
Harvest President and Chief Executive Officer, James A. Edmiston, said, "Completion of the MENPET resolution clears the way for the signing of the conversion contract which is the next step in the conversion process. The additional remaining steps include formation of Petrodelta and the signing of the transfer decree."
Harvest Natural Resources, Inc. headquartered in Houston, Texas, is an independent energy company with principal operations in Venezuela and business development offices in Russia and the United Kingdom.
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