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

As you would recall Harvest entered into transaction with [inaudible] 2012 to sell us 32% stake in Petro Delta for 725 million And is we have recently announced the transactions to sell of our remaining 20.4% interest in Petro Delta to crude petrol for 275 million terminated because of failure to receive the Venezuela Government approval. As we noted in our announcement in each of these transactions, the government conditioned its approval on wholly unreasonable and extra contractual conditions. Although, the barrier of the Govt. to allow Petro Delta to pay approved and declared dividend to 12.2 million dollars, as well as the barrier to allow Petro Delta to approve and declare dividend since 2010.

Next, the denial of Petro Delta right to fully explore and develop the reserve within its designated area. Also, the failure of the Govt. to make payments to Petro Delta for all hydro carbon sales. Recordings  instead are now going balance in the accounts of Petro Delta, as well as barrier to pay Petro Delta for its hydro carbons in US Dollars. Also, in appearance with Petro Delta operations including its affiliates act as supplier and material and equipment and provide their services to Petro Delta.

Further, in appearance of Petrodelta’s lack of management including the use of oil, Bolivar’s US dollars exchange rates to the debt of manufacture delta and to the benefit of the Valenzuela government panavases and its affiliates. And finally, the fort’s migration of the harvest investment in Venezuela from an operating services agreement to a mix company structure in two thousand and seven. These actions incrementally and in total operated harvest rights as in investor as this systematically toward the development of our investment in Venezuela as long as our ability accelerate us there. Now let me turn to the anticipate Carnie of the Arbitration process Athens any new term could save for resolution of our dispute. Peace of mind that these are merely estimates and there are many factors that being to this time which fact it to officially acknowledge the request for arbitration in the next week or so, and it’s would then screen and read the server request.