Harvest Natural Resources, Inc.

Tested. Proven. Moving Forward

IPAA Presentation
New York
April 12, 2011
1
Forward-Looking Statements

Cautionary Statements: Certain statements in this presentation are forward-looking and are based upon
Harvest’s current belief as to the outcome and timing of future events. All statements other than statements
of historical facts including planned capital expenditures, increases in oil and gas production, Harvest’s
outlook on oil and gas prices, estimates of oil and gas reserves, business strategy and other plans, estimates,
projections, and objectives for future operations, are forward-looking statements within the meaning of the
“safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Important factors that
could cause actual results to differ materially from those in the forward-looking statements herein include
Harvest’s concentration of assets in Venezuela; timing and extent of changes in commodity prices for oil and
gas; political and economic risks associated with international operations; and other risk factors as
described in Harvest’s Annual Report on Form 10-K and other public filings. Should one or more of these
risks or uncertainties occur, or should underlying assumptions prove incorrect, Harvest’s actual results and
plans could differ materially from those expressed in the forward-looking statements. Harvest undertakes no
obligation to publicly update or revise any forward-looking statements.

Harvest may use certain terms such as resource base, prospective resources, probable reserves, possible
reserves, non-proved reserves or other descriptions of volumes of reserves. These estimates are by their
nature more speculative than estimates of proved reserves and accordingly, are subject to substantially
greater risk of being actually realized by the Company. Investors are urged to consider closely the
disclosure in our 2010 Annual Report on Form 10-K and other public filings available from Harvest at 1177
Enclave Parkway, Houston, Texas, 77077 or from the SEC’s website at www.sec.gov.

2
About Harvest

„ Market Data
¾ Exchange/Ticker NYSE: HNR
¾ Market Capitalization * $ 509 MM
¾ Enterprise Value $ 542 MM
¾ Cash (12/31/2011) $ 59 MM
¾ Debt (12/31/2011) $ 92 MM
¾ Shares Outstanding 33.5 MM
¾ Institutional Ownership 76%
* As of April 1st, 2011

3
2011 Outlook

„ Harvest Value Created in Utah:

¾ Pay down debt
¾ Fund exploration /appraisal in Indonesia, Gabon and Oman

„ Exposure to High Impact Exploration:

¾ Indonesia ongoing
¾ Gabon spud in April
¾ Oman late in the year

„ Continue to explore Strategic Alternatives to unlock

further value

4
 Harvest Natural Resources, Inc.

Tested. Proven. Moving Forward

International Portfolio

5
Venezuela - Petrodelta
„ 32% Equity interest in Petrodelta
¾ Six fields, 9.1 billion barrels of
oil-in-place
„ Active Drilling Program
¾ Current production rate of
30,000 BOPD
¾ Successful Appraisal and
Development Program
ongoing in Temblador, Isleno
and El Salto
Block 5

¾ El Salto Block 5 extended

ILM-8
¾ Isleño: first horizontal well
drilled and producing

¾ Investment program funded by

Petrodelta cash flow

„ Operations generating solid

financial performance
¾ 2010 CFO of $192 million
(gross)
¾ Total 2009 Dividend declared -
South Monagas Unit (SMU): Uracoa, Tucupita, Bombal - New Fields: El Salto, Temblador, Isleno
$19.6 million net to Harvest

6
 Petrodelta Production
50 6

2011 Outlook
45
¾ 36,000 BOPD average full year 5
40 ● 29,000 BOPD in Q1 2011

¾ Capital Budget: $224 million March 2011

35
Barrels of Oil Per Day (000's)

30 MBPD
● Temblador and El Salto Infrastructure
4
● 2 rigs for development and appraisal wells
30 ● 28 new oil wells

# of Rigs
25 3

20
2
15

10
1

5
Conversion Process
0 0
Mar-04
May-04

Mar-05
May-05

Mar-06
May-06

Mar-07
May-07

Mar-08
May-08

Mar-09
May-09

Mar-10
May-10

Mar-11
May-11
Jan-04

Jul-04
Sep-04
Nov-04
Jan-05

Jul-05
Sep-05
Nov-05
Jan-06

Jul-06
Sep-06
Nov-06
Jan-07

Jul-07
Sep-07
Nov-07
Jan-08

Jul-08
Sep-08
Nov-08
Jan-09

Jul-09
Sep-09
Nov-09
Jan-10

Jul-10
Sep-10
Nov-10
Jan-11

Jul-11
Sep-11
Nov-11
2004 2005 2006 2007 2008 2009 2010 2011

# of Drilling Rigs SMU New Fields Production Outlook

7
Petrodelta Margins
PD Cash Margin Example
Cash Costs
$90.0 ($/BOE after 33.33% royalty)
Other Taxes

$80.0 10.04 Windfall PT

2.09 Income Tax
$70.0
Cash Margin
16.69
10.04
$60.0
1.78
2.37 10.04
$/BOE

$50.0 1.57
22.78
21.38
$40.0 18.64
10.04
$30.0 1.24
0.00
8.19
$20.0
$32.33 $33.73
$29.59
$10.0 $19.14

$0.0
2010 WTI = $100 WTI = $70 WTI = $45
Actuals (Income Tax and Windfall Profit Tax are approximated)
WTI = $79.43
WTI = $79.43

8
Petrodelta Resource Base
„ At December 31, 2010
¾ Six fields with 9.1 billion barrels OOIP
¾ 50.0 million BOE net Proven, 171 million BOE net Probable and Possible

„ 2010 Drilling Program at El Salto,Temblador and Isleno fields will continue to drive
reserve additions

„ Dec 2010 Reserve Report increases 2P oil and gas reserves 24% vs. Dec 2009
Ryder Scott reserve report @ 12/31/2010
WTI = $79.43/BBL, Venezuela oil price = $70.43/BBL Relative to December 2009:
(Net to Harvest Natural Resources)

¾ Oil Reserve Replacement: 305%

Net Resource Base* Proved Probable Possible
Oil, MMBBL 41.7 51.0 111.6 ¾ Proven Oil reserves up 10%
Gas, BCF 50.0 15.4 32.4
Total, MMBOE 50.0 53.6 116.9
¾ Probable Oil reserves up 46%
Proved 2P 3P
Reserves (MMBOE) 50.3 103.6 220.6 ¾2P Oil Reserves up 27%
After – Tax PV10 ($MM) $585 $1,102 $2,124

Per BOE $11.63 $10.64 $9.63

Enterprise Value/BOE(1) $6.58 $3.19 $1.50

* Net to HNR after 33.33% royalty. (1) Enterprise value adjusted to exclude the value of the Utah Asset Sale transaction

9
Isleño Field
ILM 8 – Horizontal Well Tests 1,800 BOPD

A Isleño North is updip from Uracoa with a A’ A

similar structure and the same formations Uracoa

ILM-1 1953 144 BOPD 15 API

ILM-8 2011 1,800 BOPD

Isleño North 15.5 API

Isleño South

ILM-3 1958 93 BOPD 12.9 API

Uracoa Isleño North A’

„ ILM-8 drilled in Feb 2011 confirms API and demonstrates productivity of horizontal vs
vertical wells originally tested in 1950’s
„ ILM-8 Well Results
¾ Pilot hole and horizontal well drilled in Feb 2011
¾ Identified free gas cap
¾ Oil Rate 1,800 BOPD compared to 93 to 144 BOPD from 50’s vertical wells
¾ 15.5 API, no diluent required

10
Isleño Plans
Nearby Infrastructure at Uracoa Enables Rapid Development

„ Existing Uracoa processing

plants will enable rapid Isleno tie-in to Uracoa Field
development of the Isleño Field
UM-1
Uracoa
UM-2
„ Oil production from ILM-8 is
currently being transported by
7 km line
trucks to UM-2 Phase 1

Export
„ Engineering underway for a 7 Isleño North
Lines Isleño South
km multiphase line to Uracoa

Phase 2
„ Second phase to include
extension of line to Isleño
South and full development of
the Isleño North

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Indonesia Budong-Budong
■ 884,000 acre PSC, Onshore West Sulawesi, 2011 Well Locations
Indonesia
¾ 64.4% interest
¾ Proven hydrocarbon system
¾ Thrust fold belt
LG-1
¾ Several oil and gas surface seeps present

■ 2011 Work Program

¾ 2 Exploration wells
z Independent thrust folded anticlines
z Stacked targets – potential reservoirs in Miocene
and Eocene clastics
z 50-180 MMBBL each

¾ Additional multiple leads and prospects

identified
z Exposure to significant resource potential KD-1
z Contingent appraisal/exploration well activity in
second half of 2011

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LG Well Status
■ Operations LG-1 Gas Flare

¾ Spud 6th Jan 2011

¾ P&A 6th April 2011
¾ TD 5,311 feet - Miocene
¾ Planned TD 7,200 feet not reached due to high
pressures and well control issues
¾ Drilling operations took longer than anticipated
due to:
z Mechanical failures on the rig and service
equipment
z Casing integrity problems
z Higher pore pressures than expected

■ Well Results
¾ Primary Eocene Target – not reached
¾ Secondary Miocene Target
z Encountered multiple oil & gas shows
z Thicker Miocene section
z Significant overpressure encountered

¾ Confirmed presence of hydrocarbons

¾ Confirmed trap effectiveness
¾ De-risked exploration play

13
LG-1 Well Results
LG-1

Untested hydrocarbons @ 450 – 530m

Gas Kick @ 618m

13 3/8” csg

Gas Condensate from

MDT sample @ 727m

9 5/8” csg
7” csg Gas Kick @ 1262m

Untested shallow
amplitude anomalies
on the crest and flanks
of the LG structure

14
Second Budong Exploration Well:
Karama KD-1 Prospect

„ KD-1 to spud in May 2011

„ Eocene thrust play with
stacked targets:
¾Primary Target: Eocene
„ Good seismic response in
Eocene and good amplitudes
at Intra-Eocene level
KD-1 Drilling „ Close proximity to source rock
Location kitchen

Lumu River

Top Eocene
Prospect
Intra-Eocene1
Prospect

Intra-Eocene2
Prospect
Intra-Eocene3
Prospect

15
KD-1 Risk & Resource Exposure
KD-1

KD-1
Top Eocene

Unrisked Prospective
Resources
(MMBBL)
Top Eocene KD-1
Intra-Eocene 1
Mean P10 P90

Eocene 118 219 37

Intra Eocene 1 (Primary Target)

Intra-Eocene 1 52 93 16
Intra-Eocene 2 180 330 62

KD-1
Intra Eocene 2 Intra-Eocene 2

16
 Gabon – Dussafu

„ 680,000 acre PSC, Offshore Gabon

¾ 66.667% operated interest
¾ Proven hydrocarbon system
¾ Existing discoveries on license area
¾ Prospectivity identified at multiple levels
z Post-Salt
z Pre-Salt Gamba
z Pre-Salt Syn-Rift

3D Seismic
„ 2011 Work Program
¾ Exploration drilling:
z Currently preparing for Pre-Salt
exploration well scheduled to spud by the
end of Q2 2011
z Well to test stacked Pre-Salt Gamba and
Dentale clastic reservoir targets
¾ Additional multiple prospects identified

Gabon
2011 Ruche Prospect

17
 Dussafu – Exploration Plays
RUCHE-1
Post-Salt

Gamba
Gamba
discoveries

Stacked Gamba
Pre-salt
& Dentale
Syn-rift
targets
„ Post Salt
¾ Madiela carbonate & clastics
„ Multiple plays in a proven hydrocarbon
system
„ Pre-Salt
¾ Production established in adjacent Blocks from
¾ Gamba sands multiple plays
¾ Late Syn-rift plays – Dentale sands
¾ Modern technology utilised to resolve imaging issues
¾ Early Syn-rift – M’Bya, Lucina & Basal sands to unlock potential
18
 Dussafu Well:
Ruche Marine-A
Ruche Marine-A „ Pre-salt play with stacked targets
„ Primary Target: Gamba
„ Secondary Target: Dentale
„ 4-way dip closure, new improved imaging
has helped unlock the potential of these
proven plays

Ruche Marine-A
SW NE

Gamba Depth Structure Map Gamba

Dentale

19
Ruche Risk & Resource Exposure
Ruche Marine-A
Gamba

Unrisked Prospective
Resources
(MMBBL)

Mean P10 P90

Upper
Dentale

Gamba Gamba 26 48 8
(Primary Target)

Upper Upper Dentale 26 55 5

Dentale

Middle Middle Middle Dentale 25 53 5

Dentale Dentale
Lower Dentale 13 28 2

20
Oman – Al Ghubar/Qarn Alam
„ 956,000 acre EPSA, Onshore Oman
¾ 100% operated interest subject to 20%
back in by Oman Oil
¾ Large Deep Paleozoic gas and
condensate play in Ghaba Basin beneath
shallow oil fields on production since 1975
¾ Proximal to infrastructure for domestic and
LNG markets with off-take guaranteed by
the Omani government

„ 2011 Work Program

¾ Interpretation of reprocessed PSDM 3D
seismic
¾ Prospect definition
¾ Well planning
¾ 2011 budget: $2 million pre spud

„ Drilling 4th Quarter 2011
„ Offset by Barik, Saih Rawl and Saih
Nihayda gas condensate fields containing
gas and condensate reserves in excess of
18 TCF and 0.5 billion barrels respectively
21
 China – WAB - 21

„ 6.2 million acres, Offshore

South China Sea
¾ 100% operated interest
(CNOOC has 51% back in)
¾ Oil and Gas discoveries being
developed and produced in
adjacent acreage
¾ All elements of proven
petroleum system to the West
are present in WAB-21

„ Subject to territorial dispute between China and Vietnam

22
 Harvest Natural Resources, Inc.

Tested. Proven. Moving Forward

US Portfolio

23
Antelope Sale Transaction

 Definitive sale agreement signed with affiliated

Newfield Exploration Company
¾ Effective Date: March 01, 2011
¾ Gross Proceeds: $215 MM
¾ Estimated Net Proceeds: $205 MM
¾ Acreage Sold: 47,600 net acres in the Uinta
Basin, Utah
¾ Estimated Closing Date: May 2011

24
Antelope Project
Reaping the Harvest
„ Project start: 2008
„ Location: Uinta Basin, Utah, USA
„ Targets: Shallow Green River Oil, Green River/Wasatch Oil,
deep tight Mesaverde Gas
„ Return on Investment: 138%
„ Net Sale proceeds per share: $6.12
„ Project Cycle Time: 3 years
„ Project Timeline:

2008 2009 2010 2011

Lease Position • Bar F spuds • Bar F oil discovery
Acquired • Mon. Butte drilling starts • Proved up resource Sold for $215 MM

25
2011 Program

2011 2012
Country Project/Unit Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Seismic and G&G
Oman Block 64

Exploration Drilling
Indonesia Budong 2 wells
Gabon Dussafu 1 well
Oman Bock 64 2 wells

Appraisal Drilling
Venezuela Petrodelta El Salto/Isleno

Indonesia Budong
Gabon Dussafu

Development Drilling
Venezuela Petrodelta Rig 1 Temblador/Uracoa/Bombal/El Salto/Isleno
Rig 2 Temblador/Uracoa/El Salto/Isleno

Rig 3

Indonesia Budong
Gabon Dussafu

26
Share Price Relative to Value
$100
Value Drivers
$90
„ Further near-term
EXPLORATION
$80 UPSIDE
exploration in Indonesia,
Gabon and Oman

$70 „ $59 million cash @ 12/31/10

„ $205 million in cash

$60 $32.70 proceeds from the Antelope
PD POSSIBLE
sale will fund exploration
$50 $26.58
„ Venezuela

$40 ¾ Petrodelta running rigs,

$16.62 PD PROBABLE
growing production
$30 $15.45 and reserves, reducing
$13.39 costs

$20 $7.48 ¾ $192 million gross CFO

$15.19 $15.24 $18.71
PD PROVEN in 2010
$9.08
$10
¾ $19.6 million cash
6.12 6.12 6.12 ANTELOPE (1)
dividend declared in
$0 2010 to Harvest
Share Price (04/01/2011) NPV10 Per Share @ NPV10 Per Share @ NPV10 Per Share @
$50/BBL WTI $70/BBL WTI $100/BBL WTI
(1) Antelope value based on expected net after tax sale proceeds

27
Capital Structure Aligned
with Strategy
$MM 12/31/2010 12/31/2009 12/31/2008

ASSETS:
Cash $58.7 $32.3 $97.2 $205 million in net proceeds
Restricted cash 0.0 0.0 0.0 from the sale of the Utah
Other current assets 16.6 22.2 22.6 assets expected in May 2011
Investment in equity affiliate 287.9 234.0 218.9
PPE, net 125.0 60.3 23.6
Total assets 488.2 348.8 362.3
Balance Sheet cash and
cash dividends from
LIABILITIES & S/H EQUITY: expanding Petrodelta
operations historically have
Current liabilities 27.7 16.8 39.5 been reinvested in high-
Short-term debt 0.0 0.0 0.0 impact exploration projects
Long-term debt 81.2 0.0 0.0 in U.S. and Worldwide
Retirement Obligations 0.7 0.0 -
Minority interest 70.1 57.4 49.6
Stockholders’ equity 306.8 274.6 273.2
Total liabilities & S/H equity $488.2 $348.8 $362.3

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Why Invest In Harvest?

 Demonstrated ability to generate value through exploration

„ 2011 exposure to high-potential exploration prospects in

Indonesia, Gabon and Oman

„ Strong Balance Sheet and Organization

„ Significant Valuation Gap

¾ Current EV equates the expected Antelope Net proceeds and the PV35 of
Petrodelta’s 2P alone, using a Petrodelta Oil price of $70.43/BBL
¾ Petrodelta CFO funding strong growth in production
¾ Significant weight towards oil relative to our peers
¾ Near term exploration catalysts

„ Commitment to Long Term Shareholder Value

¾ Commitment to close the Gap through the Strategic Alternatives Process

29
Delivering Value to Shareholders

1 August 31, 2009 Reserve Report on El Salto

2 BAR F oil test preliminary results
3 Strategic Alternatives Announcement
4 Reserve Update and Antelope Sale Announcements
30