(Harvest Natural Resources, Inc., 19.May.2015) – Harvest Natural Resources, Inc. (HNR) reported a 1Q:15 net loss of approximately $5.6 million, or $0.13/share diluted, compared with a net loss of $8.0 million, or $0.19/share diluted, for the same period last year. The 1Q:15 results included exploration charges of $1.9 million, or $0.04/share diluted. Adjusted for exploration charges, Harvest would have posted a 1Q:15 net loss of approximately $3.7 million, or $0.09/share diluted, before any adjustment for income taxes.
Highlights for the 1Q:15 include:
During the 1Q:15 ended 31.Mar.2015, Petrodelta sold approximately 3.63 MMBO for a daily average of 40,377 bo/d, a decrease of 6% over the 1Q:14 and 1% lower than the 4Q:14. Petrodelta sold 0.96 billion cubic feet (Bcf) of natural gas for a daily average of 10.7 million cubic feet per day (MMcf/d), increasing 71% over the 1Q:14, and decreasing 2% over the 4Q:14. Petrodelta’s current production rate is approximately 40,400 bo/d.
During the 1Q:15, Petrodelta drilled and completed 4 development wells, 1 in the El Salto field and 3 in the Isleño field.
Currently, Petrodelta is operating 6 drilling rigs and 1 workover rig and is continuing with infrastructure enhancement projects in the El Salto and Temblador fields.
Petrodelta’s production target for 2015 is projected to be approximately 41,345 bo/d. The 2015 Petrodelta capital expenditures are expected to be approximately $265 million. Petrodelta expects to drill 24 oil wells during 2015.
Petrodelta generated $145.7 million in revenue during the 1Q:15 before deductions for royalties, compared to $326.5 million for the 1Q:14. The average price of crude oil sold by Petrodelta during the 1Q:15 was $39.69/bbl compared to $83.97/bbl for the 1Q:14.
Petrodelta reported a 1Q:15 operating loss before taxes and non-operating items of $66.9 million compared to operating income before taxes and nonoperating items of $84.8 million for the 1Q:14. Petrodelta posted a net loss of $32.0 million during the 1Q:15 compared to net income of $48.5 million for the 1Q:14.
Petrodelta’s financial results are prepared and presented under IFRS and it should be noted that the official exchange rate of 6.3 Bolivars per 1 US dollar is applied.
A new exchange rate called the Foreign Exchange Marginal System (SIMADI) has been created. The SIMADI rate published as of 31.Mar.2015 was 192.95 Bolivars per U.S. Dollars. The SIMADI’s marginal system is available in limited quantities for individuals and companies to purchase and sell foreign currency via banks and exchange houses. Currently the SIMADI marginal system more accurately reflects the exchange rate between Bolivars and U.S. Dollars in Venezuela. However, Petrodelta is not currently authorized to perform currency exchanges applying the SIMADI system.
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