Harvest Natural Resources reported an operational update on its recent oil and gas activities across its global portfolio of assets. The company also released a summary of recent financial activity involving the debt and equity markets.
During the first quarter of 2012, Harvest Natural Resources drilled four wells in Venezuela and produced an average of 32,700 barrels of oil per day from various fields that the company operates here. The company reported rapid production growth from Venezuela and exited 2011 with production of 37,500 barrels of oil per day.
Harvest Natural Resources estimates that the company will spend $300 million in capital in Venezuela in 2012, and that oil production from this country will average 40,300 barrels per day during the year.
In March 2012, Harvest Natural Resources entered into an exchange agreement with holders of the company’s senior convertible bonds. The agreement was accepted by approximately 50% of the holders and reduced debt outstanding on this issue to $15.6 million for the company.
Harvest Natural Resources also entered into an equity distribution agreement with a third party to issue up to $75 million of common stock. The shares are expected to be sold at the current market prices.
For more information on the company, go to www.harvestnr.com
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