Market Overview

Harvest Natural Resources Reports Another Oil Discovery in the Pre-Salt Offshore Gabon

Harvest Natural Resources (NYSE: HNR) today 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.

Additional technical evaluation will be required to appraise this discovery.  Forward plans include fluid sampling and a sidetrack, which will appraise the Dentale sands in a structurally superior position and the lateral extent of the Gamba reservoir, with a provision for flow testing one or more of the subject pay intervals.  Harvest will provide an update on the drilling operations in due course.

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