Harvest Natural Resources.(company description)

Publication: Buyside

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COPYRIGHT 2003 Adams Business Media

Harvest

We Realize the Potential

Company Contact * Steve Tholen, CFO * 281-579-6700

Company Description. Harvest Natural Resources is an independent energy company, which has been engaged in the development and production of hydrocarbon assets since 1989. Harvest has developed significant interests in Venezuela and Russia, and has acquired certain less significant interests in other parts of the world. Harvest's producing operations are conducted predominantly through its 80%-owned Venezuelan subsidiary, Benton-Vinccler, C.A., which operates the South Monagas Unit in Venezuela, and its 34% interest in Geoilbent Ltd., a Russian limited liability company. Harvest has also expanded into other, less significant projects in China, California and Louisiana.

Maintaining Our 'Outperform' Rating on HNR

We are downgrading shares of Callon Petroleum, Remington Oil and Gas, Ultra Petroleum and XTO Energy to Market Perform from Outperform and shares of Carrizo Oil and Gas to Underperform from Market Perform. The sector has shown dizzying strength as taut conditions in the natural gas market have received rare public attention. Natural gas prices, backstopped by crude oil over $30/bbl, vastly exceed competing fuels and are poised to rise...

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