Harvest Natural Resources Operational Update

Harvest Natural Resources, Inc.

today provided an operational update for its 32-percent-owned Venezuelan affiliate, Petrodelta, S.A. (Petrodelta) as well as Harvest's international exploration activity, as well as reserves and corporate and financial reporting matters. Venezuela In the twelve months ended December 31, 2011, Petrodelta drilled and completed 15 wells and executed two well re-entries; Production was approximately 11.39 million barrels of oil (MMBO) for a daily average of approximately 31,205 barrels per day, an increase of 33 percent over the same period in 2010; Capital expenditures were estimated to be $137.5 million in 2011, compared to $98.7 million in 2010; Petrodelta's average production rate for 2012 to date is approximately 32,500 barrels of oil per day (BOPD); Petrodelta's proved plus probable reserves on December 31, 2011, net to HNR are 103.7 million barrels oil equivalent (MMBOE), essentially unchanged from 2010; Harvest has commenced exclusive negotiations with a third party for the possible sale of its 32 percent interest in Petrodelta. There can be no assurance that such negotiations will be successful. Gabon Harvest drilled Dussafu Ruche Marin 1 (DRM-1) exploration well and two appraisal sidetracks during 2011; Harvest announced a discovery after drilling the DRM-1 well upon reaching a vertical depth of 9,953 feet. Log evaluation indicated a discovery of approximately 55 feet of pay in a 90 foot oil column within its primary objective, the Gamba Formation; DRM-1 well was deepened to reach a TVDSS of 11, 355 feet and discovered a second oil accumulation with approximately 35 feet of oil within the Middle Dentale Formation; Approximately 545 square kilometers of 3-D seismic was acquired during the fourth quarter. Indonesia Lariang Sub-Basin The Lariang LG-1 well spud on January 6, 2011 in the Budong Budong Block, West Sulawesi; The LG-1 well was drilled to a total depth of 5,311 feet and encountered multiple hydrocarbon shows and overpressure in Miocene formations requiring up to 16.5 pound per gallon mud weight. After encountering difficulty in controlling the well due to high pressures, the well was plugged and abandoned on April 8, 2011; The test confirmed the presence of hydrocarbons as well as the existence of an effective trap and seal in the Lariang sub-basin; Karama Sub-Basin The KD-1 well, the second exploration well of a two well program on the Budong PSC, spud on June 20, 2011, and initially drilled to a total depth of 11,880 feet and logged; Evaluation of cuttings, log and sidewall cores demonstrated the presence of oil over a 200 foot section of low permability and low porosity clastic rock in the Miocene; The Company elected to deepen the well to a final TD of 14,437 feet on a sole risk operation and encountered both Oligocene and Eocene stratigraphy before drilling reached the limits of the BOP pressure rating, after which the well was plugged and abandoned. Oman The Mafraq South-1 (MFS-1) exploration well was spud on October 29, 2011, the first of a two-well exploratory drilling program; the MFS-1 well reached TD of 10,348 feet. The logs indicated no presence of hydrocarbons within the stacked reservoir targets and was plugged and abandoned; A second exploration well, Al Ghubar North-1 (AGN-1), was spud on December 23, 2011. Mudlog and wireline logs indicated no apparent hydrocarbon saturations within the principal stacked Haima targets in the Barik, Miqrat and Amin reservoirs; The AGN-1 was plugged and abandoned on February 6, 2012. United States Completed sale of Utah assets on May 17, 2011 and received $217.8 million, $205 million net of transaction related costs, achieving a return on investment of 138 percent with a project cycle time of 3 years;