Wednesday, March 31, 2010

Harvest Natural shares up on Utah well testing results

Harvest Natural Resources Inc. said testing indicated that one of its wells in Utah was likely a commercial oil discovery, sending its shares up 13 percent to new 52-week high. The company said the testing results showed that the well had a current stable production rate of about 900 barrels of oil per day and 650,000 cubic feet of natural gas per day. The well has produced over 4,000 barrels in the first five days of production through March 29, the company said. Reuters