The assets are located in Harvest’s Antelope project area in the Uinta basin and consist of approximately 69,000 gross acres.
Harvest owned a working interest of approximately 70% in the Uinta assets, and the transaction includes wells operated by both Harvest and Newfield.
The transaction is expected to close in May 2011 and the final sales price is subject to customary adjustments.
Harvest president and CEO James Edmiston said that the net proceeds from this transaction will yield a strong balance sheet to reduce the company’s outstanding debt and help in execution of its international exploration programs in Indonesia, Gabon and Oman while at the same time continuing its strategic alternatives process.
