Chavez approves transfer decree for conversion of companies

Oct 26, 2007 02:00 AM

Harvest Natural Resources announced that the transfer decree has been signed by the President of Venezuela, completing the conversion process for Petrodelta.
The transfer decree provides Petrodelta with the authority to develop the Uracoa, Tucupita and Bombal fields, operated by Harvest Vinccler since 1992, and the Isleno, Temblador and El Salto fields recently assigned to Petrodelta by the Venezuelan government.

HVSCA has transferred all of its rights under its operating service agreement and its operating assets to Petrodelta. HNR Finance, an 80-%-owned Harvest affiliate, will own 40 % of Petrodelta and Corporacion Venezolana del Petroleo, a 100-%-owned PdVSA affiliate, will own the remaining 60 %.
Petrodelta will operate the fields under a 20-year grant from the Venezuelan government.

Source / Harvest Natural Resources, Inc
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