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Harvest Natural Resources (HNR) Announced Oil Discovery

Harvest Natural Resources, Inc. (HNR) announced that it has encountered oil in the wildcat well Dussafu Tortue Marin-1 (DTM-1) drilled in the Dussafu Marin PSC, in the offshore waters of Gabon, West Africa. Harvest operates the Dussafu PSC, holding a 66.667 percent interest. The well was spudded on November 19, 2012, and is being drilled to test the potential of the pre-salt Gamba and Dentale Formations.

Drilled with the Saipem Scarabeo 3 semi-submersible drilling unit in 380 feet of water, the DTM-1 well has reached a vertical depth of 11,260 feet within the Dentale Formation. Log evaluation and pressure data indicate that Harvest has discovered approximately 42 feet of pay in a 72 foot oil column within the Gamba Formation and 123 feet of pay in stacked reservoirs within the Dentale Formation.

Harvest advanced 11 percent to $10.25 at the close in New York, the most since June 22, and its highest since Nov. 8, 2011.

Further appraisal is needed to determine the scope of the discovery, including fluid sampling and a sidetrack well, according to the statement. Harvest operates Dussafu and holds a 66.66 percent stake.

About Harvest:

Harvest Natural Resources, Inc. is an independent energy company engaged in the acquisition, development, production and disposition of oil and natural gas properties.
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