Harvest Natural Resources Resumes Drilling Operations in Indonesia - Budong-Budong Block, West Sulawesi
HOUSTON, June 22, 2011 /PRNewswire/ -- Harvest Natural Resources, Inc. (NYSE: HNR) announced today drilling operations have resumed in its Budong-Budong Block. The KD-1 well spud on June 20, 2011, is the second of two planned exploration wells located in the Budong-Budong Block, onshore West Sulawesi.
The KD-1 well will be drilled to test a thrusted surface anticline with stacked Miocene and Eocene targets to a planned total measured depth of approximately 10,800 feet. Drilling is anticipated to require approximately 43 days. In the event of success, additional time may be required to test and evaluate the well.
Harvest owns a 64.4 percent non-operated working interest in the Budong-Budong Block PSC.
About Harvest Natural Resources:
Harvest Natural Resources, Inc., headquartered in Houston, Texas, is an independent energy company with principal operations in Venezuela, exploration assets in the United States, Indonesia, Gabon, China and Oman and business development offices in Singapore and the United Kingdom. For more information visit the Company's website at www.harvestnr.com.
CONTACT:
Stephen C. Haynes
Vice President, Chief Financial Officer
(281) 899-5716
This press release may contain projections and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. They include estimates and timing of expected oil and gas production, oil and gas reserve projections of future oil pricing, future expenses, planned capital expenditures, anticipated cash flow and our business strategy. All statements other than statements of historical facts may constitute forward-looking statements. Although Harvest believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Actual results may differ materially from Harvest's expectations as a result of factors discussed in Harvest's 2010 Annual Report on Form 10-K and other public filings.
SOURCE Harvest Natural Resources, Inc.
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