Harvest Natural Resources has approved a capital budget of $16.1 million to drill additional wells in the Lower Green River and Upper Wasatch formations, south of the Altamont-Bluebell oil field in Utah's Uintah Basin in Duchesne County based on the results to date of the Bar F 1-20-3-2 well. The Board also approved additional development drilling in the shallow Green River formation in the Monument Butte Field.

Harvest plans to start a five-well drilling program in the second half of 2010 to follow up on the recently announced oil discovery in the Bar F 1-20-3-2 well in Duchesne County. This program would further delineate and appraise the extent of the discovery in the Lower Green River and Upper Wasatch formations south of the Altamont-Bluebell oil field in the Uintah Basin. The Bar F 1-20-3-2 well commenced flowing oil on test from six commingled intervals on March 24, 2010, and has produced approximately 5,300 barrels of oil (net to Harvest) as of April 5, 2010. For the week ending April 5, 2010, the well produced approximately 410 barrels of oil per day, BOPD, (net to Harvest). A capital budget of $13.5 million (net to Harvest) was approved for the upcoming five-well drilling program.

Tags: Harvest Natural Resources