Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

     Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act.

     Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

     At April 17, 2006, 37,142,59526, 2007, 37,547,523 shares of the Registrant’s Common Stock were outstanding.

     In our opinion, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of normal recurring accruals only) necessary to present fairly the financial position as of March 31, 2006,2007, and the results of operations and cash flows for the first quarter 2006three months ended March 31, 2007 and 2005.2006. The unaudited consolidated financial statements are presented in accordance with the requirements of Form 10-Q and do not include all disclosures normally required by accounting principles generally accepted in the United States of America.America (“GAAP”). Reference should be made to our consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended 2005,2006, which include certain definitions and a summary of significant accounting policies and should be read in conjunction with this Quarterly Report on
Form 10-Q. The results of operations for the interim period are subject to the receipt of the first quarter 2006 payment under the Operating Service Agreement (“OSA”) which is due by the end of May. In addition, the results for this quarter are not necessarily indicative of the results of operations for the entire year due to the uncertainty of the situation in Venezuela, including the possible conversion of the OSA to a mixed company (the “Mixed Company”) as described in Note 6.

     Harvest Natural Resources, Inc. is engaged in the exploration, development, production and management of oil and natural gas properties. We conduct our business principally in Venezuela through our 80 percent owned subsidiary Harvest-Vinccler, C.A.Harvest Vinccler, S.C.A. (“Harvest Vinccler”) in which we indirectly own an 80-percent interest. Effective April 1, 2006, our activities under our Operating Service Agreement (“OSA”) are reflected under the equity method of accounting. Since such activities are subject to the completion of the conversion of the OSA to Petrodelta S. A. (“Petrodelta”), we have not recorded any net earnings from such activities since April 1, 2006, including the three months ended March 31, 2007.

     On March 31, 2006, Harvest Vinccler signed a Memorandum of Understanding (the “MOU”) with two affiliates of PDVSA, Corporación Venezolana del Petroleo S.A. (“CVP”) and PDVSA Petroleo S.A. (“PPSA”), to convert the OSA into a minority interest in Petrodelta. Upon receipt of the Venezuelan government approvals contemplated by the MOU, Harvest Vinccler, HNR Finance B.V. and CVP will enter into a Contract of Conversion (the “Conversion Contract”). Upon execution of the Conversion Contract, Petrodelta will be formed. Subject to the conditions of the Conversion Contract, the OSA will be cancelled, Harvest Vinccler will transfer substantially all of its tangible assets and contracts, permits and rights related to the Uracoa, Tucupita and Bombal fields (“SMU fields”) in Venezuela to Petrodelta and Petrodelta will engage in the exploration, production, gathering, transportation and storage of hydrocarbons from the SMU fields, as well as the Isleño, Temblador and El Salto fields which will have been awarded to Petrodelta as a condition of conversion. Upon completion of conversion, HNR Finance B.V. will have a 40 percent ownership interest in Petrodelta. Since we indirectly own 80 percent of HNR Finance B.V., we will indirectly own a net 32 percent interest in Petrodelta and our partner, Oil & Gas Technology Consultants (Netherlands) Coöperatie U.A., a controlled affiliate of Venezolana de Inversiones y Construcciones Clerico, C.A. (“Vinccler”), will indirectly own a net eight percent interest. CVP will own the remaining 60 percent. At our request, CVP has added HNR Finance B.V. as a party to the Conversion Contract. Petrodelta will be governed by its own Charter and By-Laws.

     The consolidated financial statements include the accounts of all wholly-owned and majority-owned subsidiaries. The equity method of accounting is used for companies in which we have significant influence. All intercompany profits, transactions and balances have been eliminated.

     The U.S. Dollar is our functional and reporting currency.

     Oil and natural gas revenue is accrued monthly based on production and delivery. EachUntil March 31, 2006, each quarter, Harvest Vinccler invoicesinvoiced PDVSA Petroleo S.A., an affiliate of Petroleos de Venezuela S.A. (“PDVSA”), based on barrels of oil accepted by PDVSA during the quarter, using quarterly adjusted U.S. Dollar contract service fees per barrel. The related OSA with PDVSA providesprovided for Harvest Vinccler to receive an operating fee for each barrel of crude oil delivered and the right to receive a capital recovery fee for certain of its capital expenditures, provided that such operating fee and capital recovery fee cannotcould not exceed the maximum total fee per barrel set forth in the agreement. In August 2005, Harvest Vinccler and PDVSA executed a Transitory Agreement (the “Transitory Agreement”) which providesprovided that the maximum total fee per barrel paid under the OSA could not exceed 66.67 percent of the total value of the crude oil as determined under an Annex to the Transitory Agreement. This limitation was applied retroactively to January 1, 2005 and approximates 47 percent of West Texas Intermediate (“WTI”). The operating fee iswas subject to quarterly adjustments to reflect changes in the special energy index of the U.S. Consumer Price Index. EachUntil March 31, 2006, each quarter, Harvest Vinccler also invoicesinvoiced PDVSA for natural gas sales based on a fixed price of $1.03 per Mcf. In addition, Harvest Vinccler agreed to sell to PDVSA 4.5 million barrels of oil stipulated as additional volumes resulting from the natural gas production (“Incremental Crude Oil”). A portion of the Incremental Crude Oil iswas invoiced to PDVSA quarterly at a fixed price of $7.00 per Bbl. The invoices arewere prepared and submitted to PDVSA by the end of the first month following the end of each calendar quarter, and payment iswas due from PDVSA by the end of the second month following the end of each calendar quarter. Harvest Vinccler invoiced PDVSA for the first quarter 2006 delivery of its crude oil and natural gas in accordance with the Transitory Agreement. However, Harvest Vinccler

     Basic earnings per common share (“EPS”) are computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. The weighted average number of common shares outstanding for computing basic EPS was 37.137.4 million and 36.837.1 million for the first quarterthree months ended March 31, 2007 and 2006, and 2005, respectively. Diluted EPS reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock. The weighted average number of common shares outstanding for computing diluted EPS, including dilutive stock options, was 38.537.4 million and 38.638.5 million for the first quarterthree months ended March 31, 2007 and 2006, and 2005, respectively.

     An aggregate of 1.7 million and 2.1 million and 1.0 million options and warrants were excluded from the earnings per share calculations because their exercise price exceeded the average price for the first quarterthree months ended March 31, 2007 and 2006, and 2005, respectively.

     At March 31, 2006,2007, we had several stock-based employee compensation plans, which are more fully described in Note 5 in our Annual Report on Form 10-K for the year ended 2005.2006. Prior to 2003, we accounted for those plans under the recognition and measurement provisions of Accounting Principles Board (“APB”) Opinion No. 25, Accounting for Stock Issued to Employees, and related interpretations. Effective January 1, 2003, we adopted the fair value recognition provisions of SFAS Statement No. 123 (“SFAS 123”), Accounting for Stock-Based Compensation, as amended by Statement of Financial accounting Standards No. 148 (“SFAS 148”), prospectively to all employee awards granted, modified, or settled after January 1, 2003. Effective January 1, 2005, we adopted Statement of Financial Accounting Standard 123 (revised 2004) Share-Based Payment (“SFAS 123R”) to all employee awards granted, modified, or settled after October 1, 2005. Awards under our plans vest in periodic installments after one year of their grant and expire seven to ten years from the grant date. Therefore, the cost related to stock-based employee compensation included in the determination of net income in the first quarterthree months ended March 31, 2006 and 2005 is less than that which would have been recognized if the fair value based method had been applied to all awards since the original effective date of SFAS 123. The following table illustrates the effect on net income and earnings per share if the fair value based method had been applied to all outstanding and unvested awards in each period.

     Certain items in 2006 have been reclassified to conform to the FASB issued Statement of Financial Accounting Standard 156 – Accounting for Servicing of Financial Assets (“SFAS 156”), which requires all separately recognized servicing assets and servicing liabilities be initially measured at fair value. SFAS 156 permits, but does not require, the subsequent measurement of servicing assets and servicing liabilities at fair value. Adoption is required as of the beginning of the first fiscal year that begins after September 15, 2006. Early adoption is permitted. The adoption of SFAS 156 is not expected to have a material effect on our consolidated2007 financial position, results of operations or cash flows.statement presentation.

     Long-term debt consists of the following:

     Excel Enterprises L.L.C. vs. Benton Oil & Gas Company, now known as Harvest Natural Resources, Inc., Chemex, Inc., Harvest Vinccler, C.A., Gale Campbell and Sheila Campbell in the District Court for Harris County, Texas. This suit was brought in May 2003 by Excel alleging, among other things, breach of a consulting agreement between Excel and us, misappropriation of proprietary information and trade secrets, and fraud. Excel seeks actual and exemplary damages, injunctive relief and attorneys’ fees. In October 2003, the Court abated the suit pending final judgment of a case pending in Louisiana to which we are not a party. We dispute Excel’s claims and plan to vigorously defend against them. We are unable to estimate the amount or range of any possible loss.

     Uracoa Municipality Tax Assessments. In July 2004, Harvest Vinccler has received three taxnine assessments from a tax inspector for the Uracoa municipality in which part of the South Monagas Unit is located. A protest to the assessments was filed with the municipality, and in September 2004 the tax inspector responded in part by affirming one of the assessments and issuing a payment order. SMU fields are located as follows:

Harvest Vinccler has filed a motion withdisputes the tax court in Barcelona, Venezuela, seeking to enjoin the payment order and dismiss the assessment. We dispute all of theUracoa tax assessments and believe we havebelieves it has a substantial basis for ourits positions. We areHarvest Vinccler is unable to estimate the amount or range of any possible loss. As a result of retroactive tax increases imposed by the SENIAT, the Venezuelan income tax authority, Harvest Vinccler has filed claims against the Uracoa Municipality in the Tax Court in Caracas for the refund of all municipal taxes paid since 1997.

     Libertador Municipality Tax Assessment. In April 2005, Harvest Vinccler received a tax assessment from a tax inspector for the Libertador municipality in which part of the South Monagas Unit isSMU fields are located. Harvest Vinccler has submitted a protest to the assessment at the Mayor’s Office, and if no favorable resolution is obtained, it will file a motion with the tax court seeking to enjoin the payment order and dismiss the assessment. We dispute the allegations set forth in the assessment and believe we have a substantial basis for our position. We are unable to estimate the amount or range of any possible loss.

     International Arbitration. As a result of the actions taken by PDVSA, the Ministry of Energy and Petroleum (“MEP”) and the SENIAT, in July 2005, we delivered formal notices to Venezuelan government officials of an investment dispute under Venezuelan law and bilateral investment treaties entered into by the government of Venezuela. The bilateral investment treaties and Venezuelan law provide for international arbitration of investment disputes conducted through the International Centre for Settlement of Investment Disputes of the World Bank.

     Harvest Vinccler payspaid municipal taxes on operating fee revenues it receivesreceived under the OSA for deliveries from the South Monagas Unit.SMU fields. The components of taxes other than on income were (in thousands):were:

     InWe had a loss of $6.5 million, or $0.17 per diluted share, for the three months ended March 31, 2007. The loss is due to the continued inability to recognize equity earnings for the producing operations in Venezuela. As we described in our Annual Report on Form 10-K for the year ended 2005,2006, we describedwill not be able to report the eventsresults of our Venezuelan operations in Venezuela that have and may continueour consolidated financial statements until the conversion to adversely affect our operations. These events were part ofPetrodelta S.A. (“Petrodelta”) is completed or there is a series of actions initiatedcontractual means recognized by the government of Venezuela to compel companies with operating service agreements to convert those agreements into new companies in which Petroleos de Venezuela,address revenues, costs and expenses. Although the Memorandum of Understanding executed by Harvest Vinccler, Corporación Venezolana del Petroleo S.A. (“CVP”) and PDVSA Petroleo S.A. (“PDVSA”) has a majority interest. In our Annual Reportin March 2006 provides that upon completion of the conversion there will be an adjustment between the parties to obtain the same economic result as if the conversion had been completed on Form 10-K, we also describedApril 1, 2006, this adjustment will not occur until the risk factors createdconversion is completed. Conversion cannot be completed until Harvest Vinccler receives all required approvals by the situationgovernment of Venezuela. Based on our ongoing discussions with Venezuelan officials, we believe that these approvals will be received, but we cannot provide assurance when or if that will occur.

     Certain operating statistics for the three and twelve month periods ended March 31, 2007 for the SMU fields operated by Harvest Vinccler are set forth below. This information is provided at 100 percent, without reduction for our interest under the Operating Services Agreement (“OSA”) or an ownership interest in Venezuela, including:Petrodelta. While we believe this information to be accurate, no representation is made with respect to what will be reflected in our consolidated financial statements after completing the conversion to Petrodelta. This information may not be representative of future results.

expenditures is due to the continued suspension of our drilling program as a resultand the fact that the conversion of actions taken by the Venezuelan government.OSA to Petrodelta has not been finalized. We continue to expendadvance funds during the period prior to the conversion for workovers, maintenance gathering systems and facility upgrades forof the existing wells. Our remaining worldwideAfter the conversion to Petrodelta, our capital commitments will be determined by the business plan provided for in the Conversion Contract and the annual budget approved by the Petrodelta Board of Directors to implement the business plan. Outside of Venezuela, our capital commitments support our search for new acquisitions, are relatively minimalbusiness development efforts and are substantially at our discretion.

     Cash Flow from Financing Activities.During the first quarterthree months ended March 31, 2007, Harvest Vinccler repaid 15 billion Bolivars (approximately $7.0 million) of its Bolivar denominated debt. During the three months ended March 31, 2006, Harvest Vinccler repaid $2.9 million of its U.S. Dollar denominated debt (one payment of $0.3 million and two payments of $1.3 million each on the variable rate loans). During the first quarter 2005, Harvest Vinccler repaid $1.3 million of its U.S. dollar debt.

     You should read the following discussion of the results of operations for the first quarterthree months ended March 31, 2007 and 2006 and 2005 and the financial condition as of March 31, 20062007 and December 31, 20052006 in conjunction with our consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended 2005.2006.

     We reported a net loss of $6.5 million, or $0.17 diluted earnings per share, for the three months ended March 31, 2007 compared with net income of $13.9 million, or $0.36 diluted earnings per share, infor the first quarter 2006 compared with net income of $18.0 million, or $0.47 diluted earnings per share, in the first quarter of 2005. Below is a discussion of revenues, price and volume variances.

     During the three months ended March 31, 2007, our net foreign exchange gains attributable to our international operations were minimal. The U.S. Dollar and Bolivar exchange rates have not been adjusted since that time. ThereMarch 2005. However, there are many factors affecting foreign exchange rates and resulting exchange gains and losses, manymost of which are beyond our control. We have recognized significant exchange gains and losses in the past, resulting from fluctuations in the relationship of the Venezuelan currency to the U.S. Dollar. It is not possible for us to predict the extent to which we may be affected by future changes in exchange rates and exchange controls. PDVSA is currently remitting 25 percent of the quarterly oil service fees in Bolivars. Due to currency control regulations, it may not be possible to convert excess Bolivars into U.S. Dollars or other foreign currencies. Continued substantial payment by PDVSA in Bolivars or the inability to convert the Bolivars into U.S. Dollars could have a material adverse effect on our financial condition.

None.

None.