Harvest Natural Resources, Inc. Tested. Proven. Moving Forward IPAA Presentation New York April 12, 2011 1
Forward-Looking Statements Cautionary Statements: Certain statements in this presentation are forward-looking and are based upon Harvests current belief as to the outcome and timing of future events. All statements other than…
About Harvest Market Data Exchange/Ticker NYSE: HNR Market Capitalization * 509 MM Enterprise Value 542 MM Cash (12/31/2011) 59 MM Debt (12/31/2011) 92 MM Shares Outstanding 33.5 MM Institutional Ownership 76% * As of April 1st,…
2011 Outlook Harvest Value Created in Utah: Pay down debt Fund exploration /appraisal in Indonesia, Gabon and Oman Exposure to High Impact Exploration: Indonesia ongoing Gabon spud in April Oman late in the year Continue to…
Harvest Natural Resources, Inc. Tested. Proven. Moving Forward International Portfolio 5
Venezuela - Petrodelta 32% Equity interest in Petrodelta Six fields, 9.1 billion barrels of oil-in-place Active Drilling Program Current production rate of 30,000 BOPD Successful Appraisal and Development Program ongoing in…
Petrodelta Production 50 6 2011 Outlook 45 36,000 BOPD average full year 5 40 29,000 BOPD in Q1 2011 Capital Budget: 224 million March 2011 35 Barrels of Oil Per Day (000's) 30 MBPD Temblador and El Salto Infrastructure…
Petrodelta Margins PD Cash Margin Example Cash Costs 90.0 (/BOE after 33.33% royalty) Other Taxes 80.0 10.04 Windfall PT 2.09 Income Tax 70.0 Cash Margin 16.69 10.04 60.0 1.78 2.37 10.04 /BOE 50.0 1.57 22.78 21.38…
Petrodelta Resource Base At December 31, 2010 Six fields with 9.1 billion barrels OOIP 50.0 million BOE net Proven, 171 million BOE net Probable and Possible 2010 Drilling Program at El Salto,Temblador and Isleno fields will continue…
Isleo Field ILM 8 Horizontal Well Tests 1,800 BOPD A Isleo North is updip from Uracoa with a A A similar structure and the same formations Uracoa ILM-1 1953 144 BOPD 15 API ILM-8 2011 1,800 BOPD Isleo North 15.5 API Isleo…
Isleo Plans Nearby Infrastructure at Uracoa Enables Rapid Development Existing Uracoa processing plants will enable rapid Isleno tie-in to Uracoa Field development of the Isleo Field UM-1 Uracoa UM-2 Oil production from ILM-8…
Indonesia Budong-Budong 884,000 acre PSC, Onshore West Sulawesi, 2011 Well Locations Indonesia 64.4% interest Proven hydrocarbon system Thrust fold belt LG-1 Several oil and gas surface seeps present 2011 Work Program 2…
LG Well Status Operations LG-1 Gas Flare Spud 6th Jan 2011 P&A 6th April 2011 TD 5,311 feet - Miocene Planned TD 7,200 feet not reached due to high pressures and well control issues Drilling operations took longer than…
LG-1 Well Results LG-1 Untested hydrocarbons 450 530m Gas Kick 618m 13 3/8 csg Gas Condensate from MDT sample 727m 9 5/8 csg 7 csg Gas Kick 1262m Untested shallow amplitude anomalies on the crest and flanks of…
Second Budong Exploration Well: Karama KD-1 Prospect KD-1 to spud in May 2011 Eocene thrust play with stacked targets: Primary Target: Eocene Good seismic response in Eocene and good amplitudes at Intra-Eocene level KD-1 Drilling…
KD-1 Risk & Resource Exposure KD-1 KD-1 Top Eocene Unrisked Prospective Resources (MMBBL) Top Eocene KD-1 Intra-Eocene 1 Mean P10 P90 Eocene 118 219 37 Intra Eocene 1 (Primary Target) Intra-Eocene 1 52 93 16…
Gabon Dussafu 680,000 acre PSC, Offshore Gabon 66.667% operated interest Proven hydrocarbon system Existing discoveries on license area Prospectivity identified at multiple levels z Post-Salt z Pre-Salt Gamba z Pre-Salt…
Dussafu Exploration Plays RUCHE-1 Post-Salt Gamba Gamba discoveries Stacked Gamba Pre-salt & Dentale Syn-rift targets Post Salt Madiela carbonate & clastics Multiple plays in a proven hydrocarbon system Pre-Salt…
Dussafu Well: Ruche Marine-A Ruche Marine-A Pre-salt play with stacked targets Primary Target: Gamba Secondary Target: Dentale 4-way dip closure, new improved imaging has helped unlock the potential of these proven plays Ruche…
Oman Al Ghubar/Qarn Alam 956,000 acre EPSA, Onshore Oman 100% operated interest subject to 20% back in by Oman Oil Large Deep Paleozoic gas and condensate play in Ghaba Basin beneath shallow oil fields on production since 1975…
China WAB - 21 6.2 million acres, Offshore South China Sea 100% operated interest (CNOOC has 51% back in) Oil and Gas discoveries being developed and produced in adjacent acreage All elements of proven petroleum system to the…
Harvest Natural Resources, Inc. Tested. Proven. Moving Forward US Portfolio 23
Antelope Sale Transaction Definitive sale agreement signed with affiliated Newfield Exploration Company Effective Date: March 01, 2011 Gross Proceeds: 215 MM Estimated Net Proceeds: 205 MM Acreage Sold: 47,600 net acres in the…
Antelope Project Reaping the Harvest Project start: 2008 Location: Uinta Basin, Utah, USA Targets: Shallow Green River Oil, Green River/Wasatch Oil, deep tight Mesaverde Gas Return on Investment: 138% Net Sale proceeds per share:…
2011 Program 2011 2012 Country Project/Unit Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Seismic and G&G Oman Block 64 Exploration Drilling Indonesia Budong 2 wells Gabon Dussafu 1 well Oman Bock 64 2 wells Appraisal Drilling Venezuela…
Share Price Relative to Value 100 Value Drivers 90 Further near-term EXPLORATION 80 UPSIDE exploration in Indonesia, Gabon and Oman 70 59 million cash 12/31/10 205 million in cash 60 32.70 proceeds from the Antelope PD POSSIBLE…
Capital Structure Aligned with Strategy MM 12/31/2010 12/31/2009 12/31/2008 ASSETS: Cash 58.7 32.3 97.2 205 million in net proceeds Restricted cash 0.0 0.0 0.0 from the sale of the Utah Other current assets 16.6 22.2 22.6 assets…
Why Invest In Harvest Demonstrated ability to generate value through exploration 2011 exposure to high-potential exploration prospects in Indonesia, Gabon and Oman Strong Balance Sheet and Organization Significant Valuation Gap…
Delivering Value to Shareholders 1 August 31, 2009 Reserve Report on El Salto 2 BAR F oil test preliminary results 3 Strategic Alternatives Announcement 4 Reserve Update and Antelope Sale Announcements 30
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