HARVEST NATURAL RESOURCES ANNOUNCES

FIRST QUARTER 2005 RESULTS

• Earnings Increased 130%
• Production Increased 17%
• Venezuela Update

HOUSTON, Texas (April 28, 2005) – Harvest Natural Resources, Inc. (NYSE: HNR) today announced 2005 first quarter earnings of $17.3 million, or $0.45 per diluted share, an increase of 130 percent, compared with net income of $7.5 million, or $0.20 per diluted share, for the same period last year.

Operating cash flow (defined as cash flows from operating activities before changes in operating assets and liabilities) was $34.2 million for the 2005 first quarter, an 86 percent increase, compared with $18.4 million for the 2004 first quarter. See reconciliation to Generally Accepted Accounting Principles in table below.

Harvest President and Chief Executive Officer, Dr. Peter J. Hill, said, “First quarter production, oil prices, earnings and cash flow increased significantly compared with the same period last year. Oil production averaged 28,100 barrels per day, a 34 percent increase, compared with the 21,000 barrels per day last year.”

Production for the 2005 first quarter was 2.5 million barrels of oil and 7.3 billion cubic feet of natural gas for a combined total production of 3.7 million barrels of oil equivalent. Production for the same period last year was 1.9 million barrels of oil and 7.8 billion cubic feet of natural gas for a combined total production of 3.2 million barrels of oil equivalent.

The Company received an average of $21.15 per barrel of oil for 2005 first quarter sales, an increase of $5.05 per barrel, compared with the $16.10 per barrel average for the same period last year. The Company receives $1.03 per thousand cubic feet of natural gas delivered to Petroleos de Venezuela, S.A. (“PDVSA”).

Hill said, “Currently, oil production is about 25,000 barrels per day. However, as previously announced, we suspended our Venezuela drilling program in January which impedes our ability to maintain production. Revised guidance for 2005 will be issued after the capital investment and production issues have been clarified.”

Hill continued, “In addition, Harvest Vinccler C.A., our 80 percent owned Venezuelan affiliate (‘HVCA’), has been notified that all operating service agreements are to be converted into incorporated joint ventures under the 2001 Venezuelan Organic Hydrocarbon Law (‘OHL’) through negotiation with the contract holders. HVCA has exchanged proposals and is in discussions with PDVSA and MEP to resolve our 2005 capital program and production issues

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under our operating service agreement and also to establish a longer-term path forward. The proposals define a valuation and organizational framework under which we would migrate the South Monagas Unit to an ‘Empresa Mixta’, or mixed company under the OHL. Under the OHL, PDVSA will own a majority stake in the new company and HVCA will own the remaining stake in the joint venture. If these negotiations are successful, HVCA would contribute its rights to the South Monagas Unit to the new company and PDVSA would contribute other fields and assets pro-rata to their ownership interest. A technical and economical evaluation of the South Monagas Unit and other fields and assets conducted jointly by the MEP, PDVSA and HVCA is expected to commence during the second quarter. We hope to have a successful conclusion to the OHL negotiations within six months.”

Hill said, “HVCA was notified by PDVSA last week that it intends to limit the fees paid for oil deliveries to no more than two-thirds of the market value of the delivered oil. Based on our estimates, as indirectly confirmed by Government officials, the oil fee paid to HVCA in 2004 was approximately two-thirds of the market value. Consequently, we do not expect the fee limit to be significant. In addition, SENIAT, the Venezuelan income tax authority, has stated the income tax rate for activities conducted under the operating service agreements in Venezuela will increase from 34% to 50% effective April 18, 2005. However, it is not clear how this increase might be implemented. The SENIAT also announced it will audit companies with operating service agreements. The tax audit for HVCA is underway. We believe HVCA has met its tax payment obligations in all material respects. HVCA paid approximately $29 million of Venezuelan income taxes for 2004.”

Reconciliation of Non-GAAP measures ($MM)

Harvest will hold an earnings conference call today at 9:00 a.m. Central Time to discuss 2005 first quarter results. To access the call, dial 706-643-7873 five to ten minutes prior to the start time. A recording of the conference call will also be available for replay at 706-645-9291. To listen to the live webcast of the call, please visit our website at www.harvestnr.com.

Harvest Natural Resources, Inc., headquartered in Houston, Texas, is an independent oil and gas development and production company with principal operations in Venezuela and an office in Russia. For more information visit the Company’s website at www.harvestnr.com.

“This press release may contain projections and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts may constitute forward-looking statements. Although Harvest believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Actual results may differ materially from Harvest’s expectations as a result of factors discussed in Harvest’s 2004 Annual Report on Form 10-K and subsequent reports.”

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HARVEST NATURAL RESOURCES, INC.
CONSOLIDATED BALANCE SHEETS
($ millions, unaudited)

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HARVEST NATURAL RESOURCES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands except per BOE and per share amounts, unaudited)

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HARVEST NATURAL RESOURCES, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(in thousands, unaudited)

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