Harvest Natural Resources, Inc. (HNR)’s Investors Conference Call Transcript

Let start with our request for arbitration and discuss some of the legal background, timing and issues related to the request. Harvest filed a request with ICSID the international center for settlements of investments disputes and institutions offered by the World Bank in Washington DC, where in 50 years the ICSID has served as a neutral arbitration form for international disputes. Specifically, harvest claim relates to the Government of Venezuela violations under the Netherland Venezuela bilateral investment treaty or with which the two countries signed back in 1991. Harvest’s investment in Venezuela is entitled protection under the Netherlands bet cents. Through the years the investment is being held by [inaudible]. Although Venezuela terminated the Netherland’s bet in 2008 the treaty contains the some set provision under which investors continue to be protected until 2023.

Further, the Netherland bet provides the resolution of investment disputes to be held before ICSID, [inaudible] few set of rules that determine how arbitrating cases will be conducted. The ICSID convention and ICSID traditional facility. As many of you know, Venezuela has announced  the ICSID convention in 2012, and has taken a position is no longer bound to arbitrate this under the ICSID convention. Now I’d like get into the legal detail that Harvest believes its proceedings should be conducted under the ICSID convention for several reasons, including the fact that in earlier 2005, our [inaudible] party to the arbitration provided a notice of dispute letter under the which specifically consenting the arbitration under the ICSID convention.

We believe that in the arbitration, Harvest Investment will receive fair treatment and any award in favor of company will ultimately be enforceable against Venezuela Government. Our form 8-k filed Friday, contains the description of some of the conduct by the Venezuela Government which we believe violates Netherlands bet. I can’t and won’t elaborate in going into the further details with respect to claims set forth in the request but the claims includes that very of the Government to approve two separate transactions the company entered into this [inaudible] transactions which would each been fully  added with your appropriate authorities prior to undertaking either transactions.