 EnerCom’s The Oil and Gas Conference 2012 EnerCom’s The Oil and Gas Conference 2012 August 13, 2012 August 13, 2012 Exhibit 99.1 |
 Forward Looking Statements Forward Looking Statements NYSE: HNR www.harvestnr.com 1 Cautionary Statements: Certain statements in this presentation are forward-looking and are based upon Harvest’s current belief as to the outcome and timing of future events. All statements other than statements of historical facts including planned capital expenditures, increases in oil and gas production, Harvest’s outlook on oil and gas prices, estimates of oil and gas reserves, business strategy and other plans, estimates, projections, and objectives for future operations, are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Important factors that could cause actual results to differ materially from those in the forward-looking statements herein include Harvest’s concentration of assets in Venezuela; timing and extent of changes in commodity prices for oil and gas; political and economic risks associated with international operations; and other risk factors as described in Harvest’s Annual Report on Form 10-K and other public filings. Should one or more of these risks or uncertainties occur, or should underlying assumptions prove incorrect, Harvest’s actual results and plans could differ materially from those expressed in the forward-looking statements. Harvest undertakes no obligation to publicly update or revise any forward-looking statements. Harvest may use certain terms such as resource base, contingent resources, prospective resources, probable reserves, possible reserves, non-proved reserves or other descriptions of volumes of reserves. These estimates are by their nature more speculative than estimates of proved reserves and accordingly, are subject to substantially greater risk of being actually realized by the Company. Investors are urged to consider closely the disclosure in our 2011 Annual Report on Form 10-K and other public filings available from Harvest at 1177 Enclave Parkway, Houston, Texas, 77077 or from the SEC’s website at www.sec.gov. Contingent resources are resources that are potentially recoverable but not yet considered mature enough for commercial development due to technological or business hurdles. Prospective resources are those quantities of hydrocarbons which are estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. They indicate exploration opportunities and development potential in the event a discovery is made and should not be construed as contingent resources or reserves. The contingent and prospective resources included in this presentation were internally developed by Harvest Natural Resources. |
 About Harvest About Harvest NYSE: HNR www.harvestnr.com 2 Market Data Exchange/Ticker NYSE: HNR Market Capitalization * $ 335 MM Enterprise Value $ 322 MM Cash (06/30/2012) $ 29 MM Debt (06/30/2012) $ 16 MM Shares Outstanding 37.4 MM Institutional Ownership 75% * As of August 09, 2012 |
 Highlights Highlights NYSE: HNR www.harvestnr.com 3 Increased gross production in Venezuela to 39,000 BOPD, an increase of 25% over average 2011 Q2 2012 oil production of 36,418 BOPD, 19% above Q2 2011 Production increases driven by drilling and infrastructure buildout Exploration program: Appraised Ruche oil discovery on Dussafu Block in Gabon Acquired new 3D survey on Dussafu Block shallow water October 2012 spud of Tortue exploration well in Dussafu Block Indonesia and Oman prospects being matured for 2013 drilling Reduced debt to $15.5 million in March 2012, down from $81.2 million at year-end 2009 |
 2012 Outlook 2012 Outlook NYSE: HNR www.harvestnr.com 4 Petrodelta growing production, cash flow and EBITDA: Q2 2012 vs. Q2 2011: Oil Production: Increased 19% EBITDA: Increased 19% Cash From Operations: Increased 32% Estimated 40,300 BOPD average for 2012 Exploration drilling in Gabon: Spud of Tortue exploration well in October 2012 Multiple targets with 62 MMBO mean unrisked reserve potential If successful, will add to the already discovered resources of 23 MMBO Consolidated development scenarios under evaluation Sale of Venezuela interests: On June 21, 2012, signed a Share Purchase Agreement (SPA) with PT Pertamina (Persero), the national oil company of Indonesia, to sell all of the Company's interests in Venezuela to Pertamina $725.0 million transaction $525.0 million net proceeds from the sale estimated after deductions for transaction related costs and US taxes |
 NYSE: HNR www.harvestnr.com 5 Venezuela - Venezuela - Petrodelta Petrodelta 32% equity interest in Petrodelta Six fields, 9.9 billion barrels of gross oil- in-place after 2012 remapping Growth underway Current production rate of 39,000 BOPD, 25% above 2011 average Isleño producing 1900 BOPD from two horizontal wells El Salto producing 16,000 BOPD including a new 3,500 BOPD producer in Lower Morichal reservoir Infrastructure build underway Capital program funded 100% by Petrodelta internal cash flow Operations generating solid financial performance June 2012 CFO of $133 million (gross) $84 million in dividends (net to HNR) received since 2008 $9.8 million (net to HNR) in dividends declared and receivable, still outstanding Cash surplus Jan 2010 – June 2012: $87 million net to HNR 32% interest NYSE: HNR www.harvestnr.com 5 |
 Petrodelta Production Petrodelta Production NYSE: HNR www.harvestnr.com 6 2012 Outlook 40,300 BOPD average full year 37,300 BOPD average July 2012 $300 million capex for 2012 New fields infrastructure 5 rigs for development wells 22 new oil wells Current 39.0 MBOPD Average July 2012 37.3 MBOPD 0 10 20 30 40 50 60 70 0 1 2 3 4 5 6 7 8 9 Conversion Process # of Drilling Rigs Production Outlook 2004 2005 2006 2008 2009 2010 2011 2012 2007 |
 El Salto Field El Salto Field Planned central processing facility layout NYSE: HNR www.harvestnr.com 7 Petrodelta New Facilities Petrodelta New Facilities Phase 1 – to 50 MBOPD Phase 2 – to 100 MBOPD Phase 3 - > 100 MBOPD |
 NYSE: HNR www.harvestnr.com 8 Petrodelta New Facilities Petrodelta New Facilities El Salto Field El Salto Field Three phase separator being installed as part of facility expansion |
 NYSE: HNR www.harvestnr.com 9 Petrodelta New Facilities Petrodelta New Facilities El Salto Field El Salto Field Heater treater installation underway as part of facility expansion |
 NYSE: HNR www.harvestnr.com 10 Petrodelta New Facilities Petrodelta New Facilities Temblador Field Temblador Field Free-water knockout and treater operational with capacity of 15 MBOPD |
 Petrodelta Reserves Valuation Petrodelta Reserves Valuation NYSE: HNR www.harvestnr.com 11 Ryder Scott reserve report @ 12/31/2011 WTI = $96.2/BBL, Petrodelta oil price = $98.4/BBL (Net to Harvest Natural Resources 32% Interest) Net Resource Base* Proved Probable Oil, MMBBL 38.7 53.5 101.9 Gas, BCF 27.8 41.9 29.5 Total, MMBOE 43.3 60.5 106.8 Proved 2P 3P Reserves (MMBOE) * 43.3 103.8 210.5 After – Tax PV10 ($MM): As of 12/31/2011: 543 1,053 1,918 Per BOE (1) $12.5 $10.1 $9.1 * Net to HNR after 33.33% royalty. (1) Includes the new Windfall Profit Tax. The impact of the Windfall Profit Tax change has been calculated based on HNR’s current understanding of the new legislation. The Venezuelan authorities have yet to clarify some issues related to the implementation of the tax. Net HNR reserves at December 31, 2011 103.8 million BOE Proved and Probable 210.5 million BOE Proved, Probable and Possible 2012 drilling program at El Salto, Temblador and Isleño fields will continue to drive reserve additions Petrodelta Reserves Value (After Tax (2) - Net to HNR 32% Interest ) (2) After Venezuelan Income Taxes but before U.S. Income Taxes 0 500 1,000 1,500 2,000 2,500 NPV10… NPV10… NPV10… Possible Probable Proved Possible |
 Gabon - Gabon - Dussafu Dussafu NYSE: HNR www.harvestnr.com 12 680,000 acre PSC, Offshore Gabon 66.667% operated interest 23 MMBO Discovered resources 3 Exploration Period 4 year Period to May 27, 2016 Work commitment – 1 well and 3D reprocessing 2012 Activity 4 Qtr spud of Tortue Prospect Stacked targets, post-salt Madiela and pre-salt Gamba and Dentale Ruche Discovery (2011) Commercial and Development Studies 3D processing & reprocessing Central 3D PSTM complete 3 Qtr PSDM & inboard 3D reprocessing commenced 2 Qtr HNR PROPERTIES GAMBA PROSPECTS/LEADS OTHER PROSPECTS/LEADS OIL FIELDS GAS DISCOVERY GABON CONGO ATLANTIC OCEAN GABON CONGO Lucina Etame Yombo Loango Ruche Walt Whitman Moubenga GMC-1X M’Bya Tortue Prospect rd th rd nd |
 Dussafu - Dussafu - Tortue Marine-A Tortue Marine-A NYSE: HNR www.harvestnr.com 13 Post & pre-salt plays with stacked targets 4-way closure at pre-salt Gamba and Dentale levels Gamba – top structure at 9120 ft subsea Middle Dentale – top structure at 9990 ft subsea Mean unrisked resource potential 62 MMBO Consolidated chance of success 56% Tortue Marine-A SE NW Unrisked Prospective Resources (MMBBL) Mean P10 P90 Risk Madiela 16 32 4 8% Gamba 22 38 9 29% Middle Dentale 24 50 5 35% Red contour is P90 closure Blue contour is P50 closure Tortue Marine-A Gamba Structure Dentale Structure |
 Dussafu - Dussafu - Potential Value Potential Value NYSE: HNR www.harvestnr.com 14 Visualisation of Gamba structure with Discoveries (green) and Prospects (yellow) Ruche Walt Whitman N Moubenga Tortue Unrisked Resources (MMBBL) Mean Contingent Resource 23 Prospects (12) 235 Leads (12) 170 TOTAL 428 EMV Buildup of Dussafu Prospectivity (net to HNR) Incr. EMV, $MM Cum. EMV, $MM Tortue Prospect (2012) Plus Discovered 121 121 Next 3 Prospects 181 302 Remaining Prospects and Leads 222 524 |
 Indonesia - Indonesia - Budong-Budong Budong-Budong NYSE: HNR www.harvestnr.com 15 747,862 acre PSC, onshore West Sulawesi, Indonesia 64.4% interest License commitments fulfilled Favorable fiscal terms Two major sub-basins Extensive oil and gas seeps Oil & gas encountered by LG-1 & KD-1 wells Mature source demonstrated Undrilled structures on seismic and surface anticlines Proven trap system Seals proven by LG-1 & KD-1 wells Large-scale opportunity Unrisked Prospective Resources (MMBBL) Mean Prospects (14) 767 Leads (10) un-quantified TOTAL 767 |
 Oman - Oman - Block 64 Block 64 NYSE: HNR www.harvestnr.com 16 956,000 acre EPSA, onshore Oman 80% operated interest (Oman Oil has a 20% interest) Large Paleozoic gas and condensate play in Ghaba Basin beneath shallow oil fields Proximal to infrastructure for domestic and LNG markets with offtake guaranteed by the Omani Government Mean Gross Unrisked Prospective Resources Condensate (MMBBL) Prospects (12) 261 6,491 Initial period current to May 2013 Work commitment fulfilled Post-well studies – post-mortem PI revision – based on results of MFS-1 and AGN-1 Review potential for a pre-salt unconventional shale play on the eastern portion of Block 64 G&G Studies for Ghaba Flank & Ghaba East 200 km 2D seismic acquisition Reprocess 100 km2 of existing 3D seismic data 1 exploration well to Haima Supergroup 2012 Activity Second phase – May 2013 to May 2016 Ghaba East Ghaba Flank MFS 1 AGN 1 Gas (BCF) |
 Asset Portfolio Asset Portfolio After Tax Expected Mean Value After Tax Expected Mean Value NYSE: HNR www.harvestnr.com 17 Net EMV Dussafu and Exploration Upside: @10%, Based on Mean Resources and $80 /bbl WTI Net EMV (US$ MM) $525 $524 $420 After Tax Petrodelta Transaction Value Dussafu Exploration Upside The Expected Monetary Value (EMV) is a function of the dry hole cost of the well, the NPV of the prospect/lead in the event of discovery and the chance of making a discovery. The value of the assets presented in this chart is estimated by arithmetically adding the EMV10 of each of the prospects and leads for which a chance of success is available. Only prospects and leads with positive EMV are included. The NPV of a discovery has been estimated using the mean prospective resources of the prospect/lead. When applicable, the estimated value of the contingent resources is also included. There can be no assurance that the estimates presented or the underlying assumptions will be realized and that actual results of operations or future events will not be materially different from the estimates presented. These estimates have been internally developed by Harvest Natural Resources. |
 2012 Program 2012 Program NYSE: HNR www.harvestnr.com 18 |
 Why Invest in Harvest? Why Invest in Harvest? NYSE: HNR www.harvestnr.com 19 Demonstrated ability to generate value through exploration with exposure to high-potential exploration prospects in Indonesia, Gabon and Oman Building pipeline of future oil-focused plays Strong balance sheet and organization Significant valuation gap Petrodelta CFO funding strong growth in production Significant weight towards oil relative to our peers Portfolio provides for significant value relative to stock price Petrodelta transaction value of over $12/share after tax |