Harvest Natural Resources says its 32 percent owned Venezuelan affiliate, Petrodelta, S.A.(Petrodelta) has been advised by the Venezuelan Government that it will be expected to restrict production output to approximately 16,000 barrels of oil per day from November 15, 2008, in order to comply with Venezuela's OPEC quota.

As a result of reducing daily production, Petrodelta must defer its planned development drilling campaign. Currently, Petrodelta has two rigs in operation and two more rigs rigging up on locations in the Uracoa and Temblador fields.

Harvest President and CEO James Edmiston said, "We have been advised the production limitation is temporary, however there can be no assurance as to when the production cuts will be lifted. Consequently, Petrodelta's management and Board are meeting this week to discuss steps to reduce costs including the deferral of its planned development program. The development program will resume when the capacity restrictions are lifted."

Tags: Harvest Natural Resources