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Exhibit 99.1



		FAX (303) 623-4258


621 SEVENTEENTH STREET		SUITE 1550		DENVER, COLORADO 80293		TELEPHONE (303) 623-9147

October 19, 2010

HNR Finance B.V.
Prins Bernhardplein 200
P.O. Box 990
1000 AZ Amsterdam, Netherlands

Attention:

Harvest (US) Holdings, Inc. — Director A
Fortis Intertrust (Netherlands) B.V. — Director B

Gentlemen:

At your request, we have prepared an estimate of the proved, probable and possible reserves, future production, and income attributable to HNR Finance B.v.’s (“HNR Finance”) interest in certain properties located in the Greater Oficina Trend of Eastern Venezuela as of September 30, 2010. These properties have been included in a company called Petrodelta S.A. , in which HNR Finance has a 40 percent interest, and Corporacion Venezolana del Petroleo S.A. (CVP) has 60 percent interest. The properties included in this report are in the EI Saito field (fla Petrodelta field”).

The reserves and income data were estimated based on the definitions and disclosure guidelines of the United States Securities and Exchange Commission (SEC) contained in Title 17, Code of Federal Regulations, Modernization of Oil and Gas Reporting, Final Rule released January 14, 2009 in the Federal Register (SEC regulations). Our third party study, completed on October 19, 2010 and presented herein, was prepared for public disclosure by HNR Finance in filings made with the SEC in accordance with the disclosure requirements set forth in the SEC regulations.

Based on information provided by HNR Finance, the proved, probable and possible reserves summarized in our report represent approximately 55 percent of the total net proved, 87 percent of the total net probable and 75 percent of the total net possible liquid hydrocarbon reserves and 11 percent of the total net proved, 92 percent of the total net probable and 60 percent of the total net possible gas reserves of HNR Finance as of September 30, 2010.

The estimated reserves and future net income amounts presented in this report, as of September 30, 2010, are related to hydrocarbon prices. The hydrocarbon prices used in the preparation of this report are based on the average prices during the 12-month period prior to the ending date of the period covered in this report, determined as the unweighted arithmetic averages of the prices in effect on the first-day-of-the-month for each month within such period, unless prices were defined by contractual arrangements, as required by the SEC regulations. Actual future prices may vary significantly from the prices required by SEC regulations; therefore, volumes of reserves actually recovered and the amounts of income actually received may differ significantly from the estimated quantities presented in this report. The results of this study are summarized below.


1100 LOUISIANA, SUITE 3800	HOUSTON, TEXAS 77002-5218	TEL (713) 651-9191	FAX (713) 651-0849
1100, 530-8TH STREET, S.W.	CALGARY, ALBERTA T2P 2W2	TEL (403) 262-2799	FAX (403) 262-2790

HNR Finance B.V.
October 19, 2010
Page 2

SEC PARAMETERS
Estimated Net Reserves and Income Data
Certain Leasehold and Royalty Interests of
HNR Finance in Petrodelta S.A.
As of September 30, 2010


	Proved
	Developed						Total
	Producing		Non-Producing		Undeveloped		Proved
*Net Remaining Reserves*
Oil/Condensate — Barrels		220,736		282,157		28,129,907		28,632,800
Gas — MMCF		55		71		7,012		7,138

*Income Data $M*
Future Gross Revenue	$	15,342	$	19,611	$	1,955,137	$	1,990,090
Deductions		3,654		6,349		647,113		657,116

Future Net Income (FNI)	$	11,688	$	13,262	$	1,308,024	$	1,332,974

Discounted FNI @ 10%	$	10,281	$	9,212	$	690,448	$	709,941


							Total
	Probable				Total		Possible
	Shut-In		Undeveloped		Probable		Undeveloped
*Net Remaining Reserves*
Oil/Condensate — Barrels		55,482		54,231,042		54,286,524		110,797,926
Gas — MMCF		14		13,549		13,563		27,699

*Income Data $M*
Future Gross Revenue	$	3,856	$	3,769,316	$	3,773,172	$	7,701,010
Deductions		918		1,173,872		1,174,790		2,342,203

Future Net Income (FNI)	$	2,938	$	2,595,444	$	2,598,382	$	5,358,807

Discounted FNI @ 10%	$	2,122	$	1,107,629	$	1,109,751	$	1,932,165

Liquid hydrocarbons are expressed in standard 42 gallon barrels. All gas volumes are reported on an “as sold basis” expressed in millions of cubic feet (MMCF) at the official temperature and pressure bases of the areas in which the gas reserves are located. Where applicable, one barrel of oil is considered equivalent to 6,000 cubic feet of natural gas. In this report, the revenues, deductions, and income data are expressed as thousands of U.S. dollars (M$).

The estimates of the reserves, future production, and income attributable to properties in this report were prepared using the economic software package PHDWin Petroleum Economic Evaluation Software (version 2.8 Build 9), a copyrighted program of TRC Consultants L.C. The program was used at the request of HNR Finance. Ryder Scott has found this program to be generally acceptable, but notes that certain summaries and calculations may vary due to rounding and may not exactly match the sum of the properties being summarized. Furthermore, one line economic summaries may vary slightly from the more detailed cash flow projections of the same properties, also due to rounding. The rounding differences are not material

The future gross revenue is after the deduction of production taxes. The deductions incorporate the normal direct costs of operating the wells, ad valorem taxes, recompletion costs, development costs, and certain abandonment costs net of salvage. The future net income is before the deduction of state and federal or foreign income taxes and general administrative overhead, and has not been

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October 19, 2010
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adjusted for outstanding loans that may exist nor does it include any adjustment for cash on hand or undistributed income.

Liquid hydrocarbon reserves account for approximately 99 percent of the total future gross revenue from proved reserves and gas reserves account for the remaining one percent of total future gross revenue from proved reserves. Liquid hydrocarbon reserves account for approximately 99 percent of the total future gross revenue from probable reserves and gas reserves account for the remaining one percent of total future gross revenue from probable reserves. Liquid hydrocarbon reserve, account for approximately 99 percent of the total future gross revenue from possible reserves and gas reserves account for the remaining one percent of total future gross revenue from possible reserves.

The discounted future net income shown above was calculated using a discount rate of 10 percent per annum compounded annually. Future net income was discounted at four other discount rates which were also compounded annually. These resul~s are shown in summary form as follows.

Discounted Future Net Income-M$
As of September 30, 2010


	Total		Total		Total
Discount Rate Percent	Proved		Probable		Possible

5	$	954,635	$	1,661,811	$	3,145,893
8	$	796,016	$	1,298,070	$	2,336,300
12	$	636,258	$	954,379	$	1,608,098
15	$	544,317	$	769,038	$	1,234,715

The results shown above are presented for your information and should not be construed as our estimate of fair market value.

Reserves Included in This Report

The proved, probable and possible reserves included herein conform to the definition as set forth in the Securities and Exchange Commission’s Regulations Part 210A-10(a). An abridged version of the SEC reserves definitions from 210A-10(a) entitled “Petroleum Reserves Definitions” is included as an attachment to this report.

The various reserve status categories are defined under the attachment entitled “Petroleum Reserves Definitions” in this report. The proved, probable and possible developed non-producing reserves included herein consist of the shut-in and behind pipe categories.

No attempt was made to quantify or otherwise account for any accumulated gas production imbalances that may exist. The proved, probable and possible gas volumes included herein do not attribute gas consumed in operations as reserves.

Reserves are those estimated remaining quantities of petroleum that are anticipated to be economically producible, as of a given date, from known accumulations under defined conditions. All reserve estimates involve an assessment of the uncertainty relating the likelihood that the actual remaining quantities recovered will be greater or less than the estimated quantities determined as of the date the estimate is made. The uncertainty depends chiefly on the amount of reliable geologic and engineering data available at the time of the estimate and the interpretation of these data. The relative degree of uncertainty may be conveyed by placing reserves into one of two principal classifications, either proved or unproved. Unproved reserves are less certain to be recovered than proved reserves,

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October 19, 2010
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and may be further sub-classified as probable and possible reserves to denote progressively increasing uncertainty in their recoverability. At HNR Finance’s request, this report addresses the proved, probable and possible reserves attributable to the properties evaluated herein.

Proved oil and gas reserves are those quantities of oil and gas which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward. If deterministic methods are used, the SEC has defined reasonable certainty for proved reserves as a “high degree of confidence that the quantities will be recovered.” Probable reserves are “those additional reserves that are less certain to be recovered than proved reserves but which, together with proved reserves, are as likely as not to be recovered.” Possible reserves are “those additional reserves which are less certain to be recovered than probable reserves” and thus the probability of achieving or exceeding the proved plus probable plus possible reserves is low. The reserves included herein were estimated using deterministic methods and presented as incremental quantities. Under the deterministic incremental approach, discrete quantities of reserves are estimated and assigned separately as proved, probable or possible based on their individual level of uncertainty. Because of the differences in uncertainty, caution should be exercised when aggregating quantities of petroleum from different reserves categories. Furthermore, the reserves and income quantities attributable to the different reserve categories that are included herein have not been adjusted to reflect these varying degrees of risk associated with them and thus are not comparable.

Reserve estimates will generally be revised only as additional geologic or engineering data become available or as economic conditions change. For proved reserves, the SEC states that “as changes due to increased availability of geoscience (geological, geophysical, and geochemical), engineering, and economic data are made to the estimated ultimate recovery (EUR) with time, reasonably certain EUR is much more likely to increase or remain constant than to decrease.” Moreover, estimates of proved, probable and possible reserves may be revised as a result of future operations, effects of regulation by governmental agencies or geopolitical or economic risks. Therefore, the proved, probable and possible reserves included in this report are estimates only and should not be construed as being exact quantities, and if recovered, the revenues therefrom, and the actual costs related thereto, could be more or less than the estimated amounts.

The reserves reported herein are limited to the period prior to expiration of current contracts providing the legal rights to produce, or a revenue interest in such production, unless evidence indicates that contract renewal is reasonably certain. Furthermore, properties in the different countries may be subjected to significantly varying contractual fiscal terms that affect the net revenue to HNR Finance for the production of these volumes. The prices and economic return received for these net volumes can vary significantly based on the terms of these contracts. Therefore, when applicable, Ryder Scott reviewed the fiscal terms of such contracts and discussed with HNR Finance the net economic benefit attributed to such operations for the determination of the net hydrocarbon volumes and income thereof. Ryder Scott has not conducted an exhaustive audit or verification of such contractual information. Neither our review of such contractual information nor our acceptance of HNR Finance’s representations regarding such contractual information should be construed as a legal opinion on this matter.

Ryder Scott did not evaluate the country and geopolitical risks in the countries where HNR Finance operates or has interests. HNR Finance’s operations may be subject to various levels of governmental controls and regulations. These controls and regulations may include, but may not be limited to, matters relating to land tenure and leasing, the legal rights to produce hydrocarbons including the granting, extension or termination of production sharing contracts, the fiscal terms of various production sharing contracts, drilling and production practices, environmental protection, marketing and pricing policies, royalties, various taxes and levies including income tax, and foreign

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trade and investment and are subject to change from time to time. Such changes in governmental regulations and policies may cause volumes of proved, probable and possible reserves actually recovered and amounts of proved, probable and possible income actually received to differ significantly from the estimated quantities.

The estimates of reserves presented herein were based upon a detailed study of the properties in which HNR Finance owns an interest; however, we have not made any field examination of the properties. No consideration was given in this report to potential environmental liabilities that may exist nor were any costs included for potential liabilities to restore and clean up damages, if any, caused by past operating practices.

Estimates of Reserves

The estimation of reserves involves two distinct determinations. The first determination results in the estimation of the quantities of recoverable oil and gas and the second determination results in the estimation of the uncertainty associated with those estimated quantities in accordance with the definitions set forth by the Securities and Exchange Commission’s Regulations Part 210.4-10(a). The process of estimating the quantities of recoverable oil and gas reserves relies on the use of certain generally accepted analytical procedures. These analytical procedures fall into three broad categories or methods: (1) performance-based methods; (2) volumetric-based methods; and (3) analogy. These methods may be used singularly or in combination by the reserve evaluator in the process of estimating the quantities of reserves. Reserve evaluators must select the method or combination of methods which in their professional judgment is most appropriate given the nature and amount of reliable geoscience and engineering data available at the time of the estimate, the established or anticipated performance characteristics of the reservoir being evaluated and the stage of development or producing maturity of the property.

In many cases, the analysis of the available geoscience and engineering data and the subsequent interpretation of this data may indicate a range of possible outcomes in an estimate, irrespective of the method selected by the evaluator. When a range in the quantity of reserves is identified, the evaluator must determine the uncertainty associated with the incremental quantities of the reserves. If the reserve quantities are estimated using the deterministic incremental approach, the uncertainty for each discrete incremental quantity of the reserves is addressed by the reserve category assigned by the evaluator. Therefore, it is the categorization of reserve quantities as proved, probable and/or possible that addresses the inherent uncertainty in the estimated quantities reported. For proved reserves, uncertainty is defined by the SEC as reasonable certainty wherein the “quantities actually recovered are much more likely than not to be achieved.” The SEC states that “probable reserves are those additional reserves that are less certain to be recovered than proved reserves but which, together with proved reserves, are as likely as not to be recovered.” The SEC states that “possible reserves are those additional reserves that are less certain to be recovered than probable reserves and the total quantities ultimately recovered from a project have a low probability of exceeding proved plus probable plus possible reserves.” All quantities of reserves within the same reserve category must meet the SEC definitions as noted above.

Estimates of reserves quantities and their associated reserve categories may be revised in the future as additional geoscience or engineering data become available. Furthermore, estimates of reserves quantities and their associated reserve categories may also be revised due to other factors such as changes in economic conditions, results of future operations, effects of regulation by governmental agencies or geopolitical or economic risks as previously noted herein.

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October 19, 2010
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The proved, probable and possible reserves for the properties included herein were estimated by performance methods, the volumetric method, analogy, or a combination of methods. All of the proved producing reserves attributable to producing wells and/or reservoirs were estimated by a combination of performance and volumetric methods. These performance methods include, but may not be limited to, decline curve analysis, material balance and/or reservoir simulation which utilized extrapolations of historical production and pressure data available through September, 2010 in those cases where such data were considered to be definitive. The data utilized in this analysis were supplied to Ryder Scott by HNR Finance or obtained from public data sources and were considered sufficient for the purpose thereof.

All (100 percent) of the proved, probable and possible non-producing and undeveloped reserves included herein were estimated by a combination of the volumetric and analogy methods. The volumetric analysis utilized pertinent well and seismic data supplied to Ryder Scott by HNR Finance or which we have obtained from public data sources that were available through September, 2010. The data utilized from the analogues as well as well and seismic data incorporated into our volumetric analysis were considered sufficient for the purpose thereof.

To estimate economically recoverable proved, probable and possible oil and gas reserves and related future net cash flows, we consider many factors and assumptions including, but not limited to, the use of reservoir parameters derived from geological, geophysical and engineering data that cannot be measured directly, economic criteria based on current costs and SEC pricing requirements, and forecasts of future production rates. Under the SEC regulations 210.4-10(a)(22)(v) and (26), proved, probable and possible reserves must be anticipated to be economically producible from a given date forward based on existing economic conditions including the prices and costs at which economic producibility from a reservoir is to be determined. While it may reasonably be anticipated that the future prices received for the sale of production and the operating costs and other costs relating to such production may increase or decrease from those under existing economic conditions, such changes were, in accordance with rules adopted by the SEC, omitted from consideration in making this evaluation.

HNR Finance has informed us that they have furnished us all of the material accounts, records, geological and engineering data, and reports and other data required for this investigation. In preparing our forecast of future proved, probable and possible production and income, we have relied upon data furnished by HNR Finance with respect to property interests owned, production and well tests from examined wells, normal direct costs of operating the wells or leases, other costs such as transportation and/or processing fees, ad valorem and production taxes, recompletion and development costs, abandonment costs after salvage, product prices based on the SEC regulations, adjustments or differentials to product prices, geological structural and isochore maps, well logs, core analyses, and pressure measurements. Ryder Scott reviewed such factual data for its reasonableness; however, we have not conducted an independent verification of the data furnished by HNR Finance. We consider the factual data used in this report appropriate and sufficient for the purpose of preparing the estimates of reserves and future net revenues herein.

In summary, we consider the assumptions, data, methods and analytical procedures used in this report appropriate for the purpose hereof, and we have used all such methods and procedures that we consider necessary and appropriate to prepare the estimates of reserves herein. The proved, probable and possible reserves included herein were determined in conformance with the United States Securities and Exchange Commission (SEC) Modernization of Oil and Gas Reporting; Final Rule, including all references to Regulation S-X and Regulation S-K, referred to herein collectively as the “SEC Regulations.” In our opinion, the proved, probable and possible reserves presented in this report comply with the definitions, guidelines and disclosure requirements as required by the SEC regulations.

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October 19, 2010
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Future Production Rates

For wells currently on production, our forecasts of future production rates are based on historical performance data. If no production decline trend has been established, future production rates were held constant, or adjusted for the effects of curtailment where appropriate, until a decline in ability to produce was anticipated. An estimated rate of decline was then applied to depletion of the reserves. If a decline trend has been established, this trend was used as the basis for estimating future production rates.

Test data and other related information were used to estimate the anticipated initial production rates for those wells or locations that are not currently producing. For reserves not yet on production, sales were estimated to commence at an anticipated date furnished by HNR Finance. Wells or locations that are not currently producing may start producing earlier or later than anticipated in our estimates due to unforeseen factors causing a change in the timing to initiate production. Such factors may include delays due to weather, the availability of rigs, the sequence of drilling, completing and/or recompleting wells and/or constraints set by regulatory bodies.

The future production rates from wells currently on production or wells or locations that are not currently producing may be more or less than estimated because of changes including, but not limited to, reservoir performance, operating conditions related to surface facilities, compression and artificial lift, pipeline capacity and/or operating conditions, producing market demand and/or allowables or other constraints set by regulatory bodies.

Hydrocarbon Prices

The hydrocarbon prices used herein are based on SEC price parameters using the average prices during the 12-month period prior to the ending date of the period covered in this report, determined as the unweighted arithmetic averages of the prices in effect on the first-day-of-the-month for each month within such period, unless prices were defined by contractual arrangements. For hydrocarbon products sold under contract, the contract prices, including fixed and determinable escalations, exclusive of inflation adjustments, were used until expiration of the contract. Upon contract expiration, the prices were adjusted to the 12-month unweighted arithmetic average as previously described.

HNR Finance furnished us with the above mentioned average prices in effect on September 30, 2010. These initial SEC hydrocarbon prices were determined using the 12-month average first-day-of-the-month benchmark prices appropriate to the geographic area where the hydrocarbons are sold. These benchmark prices are prior to the adjustments for differentials as described herein. The table below summarizes the “benchmark prices” and “price reference” used for the geographic area included in the report. In certain geographic areas, the price reference and benchmark prices may be defined by contractual arrangements.

The product prices that were actually used to determine the future gross revenue for each property reflect adjustments to the benchmark prices for gravity, quality, local conditions, and/or distance from market, referred to herein as “differentials.” The differentials used in the preparation of this report were furnished to us by HNR Finance.

In addition, the table below summarizes the net volume weighted benchmark prices adjusted for differentials and referred to herein as the “average realized prices.” The average realized prices shown in the table below were determined from the total future gross revenue before production taxes and the

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total net reserves for the geographic area and presented in accordance with SEC disclosure requirements for each of the geographic areas included in the report.

Average

Price

Benchmark

Realized Prices

Geographic Area

Product

Reference

Prices

(All Categories)

Venezuela

Oil

WTI Cushing

$77.34 / BBL

$69.12 / BBL

Gas

Defined Contract

$1.54 / MCF

The effects of derivative instruments designated as price hedges of oil and gas quantities are not reflected in our individual property evaluations.

Costs

Operating costs for the leases and wells in this report are based on the operating expense reports of HNR Finance and include only those costs directly applicable to the leases or wells. The operating costs include a portion of general and administrative costs allocated directly to the leases and wells. For operated properties, the operating costs include an appropriate level of corporate general administrative and overhead costs. The operating costs for non-operated properties include the COPAS overhead costs that are allocated directly to the leases and wells under terms of operating agreements. The operating costs furnished to us were accepted as factual data and reviewed by us for their reasonableness; however, we have not conducted an independent verification of the operating cost data used by HNR Finance. No deduction was made for loan repayments, interest expenses, or exploration and development prepayments that were not charged directly to the leases or wells.

Development costs were furnished to us by HNR Finance and are based on authorizations for expenditure for the proposed work or actual costs for similar projects. The development costs furnished to us were accepted as factual data and reviewed by us for their reasonableness; however, we have not conducted an independent verification of these costs. The estimated net cost of abandonment after salvage was included for properties where abandonment costs net of salvage were significant. The estimates of the net abandonment costs furnished by HNR Finance were accepted without independent verification.

The proved, probable and possible non-producing and undeveloped reserves in this report have been incorporated herein in accordance with HNR Finance’s plans to develop these reserves as of September 30, 2010. The implementation of HNR Finance’s development plans as presented to us and incorporated herein is subject to the approval process adopted by HNR Finance’s management. As the result of our inquires during the course of preparing this report, HNR Finance has informed us that the development activities included herein have been subjected to and received the internal approvals required by HNR Finance’s management at the appropriate local, regional and/or corporate level. In addition to the internal approvals as noted, certain development activities may still be subject to specific partner AFE processes, Joint Operating Agreement (JOA) requirements or other administrative approvals external to HNR Finance. Additionally, HNR Finance has informed us that they are not aware of any legal, regulatory, political or economic obstacles that would significantly alter their plans.

Accounting for past bookings, 49 of Harvest’s 147-well proved undeveloped portfolio at EI Saito may not be drilled until after the fifth year since initial booking, but still within 5 years of September 30, 2010. Under the current drilling schedule, 39 of these locations are planned for the sixth year and 10 locations are planned for the seventh year. These locations represent approximately 26 percent of the

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October 19, 2010
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proved reserves. Under the new SEC regulations, undeveloped reserves should be developed within 5 years of the initial booking unless special circumstances exist.

Ryder Scott has discussed these reserves with Harvest and Harvest believes that, in accordance with guidance provided by the SEC, special circumstances do exist with respect to these reserves and warrant classification of these reserves as proved undeveloped reserves. Specifically, Harvest has stated that the rate of development at EI Saito is controlled by PDVSA and that given the significant scale of the development, some proved undeveloped reserves will ultimately take longer than five years to develop. Ryder Scott has included these reserves in this report at Harvest’s request but notes that the SEC may take exception to these special circumstances.

Current costs used by HNR Finance were held constant throughout the life of the properties.

Standards of Independence and Professional Qualification

Ryder Scott is an independent petroleum engineering consulting firm that has been providing petroleum consulting services throughout the world for over seventy years. Ryder Scott is employee-owned and maintains offices in Houston, Texas; Denver, Colorado; and Calgary, Alberta, Canada. We have over eighty engineers and geoscientists on our permanent staff. By virtue of the size of our firm and the large number of clients for which we provide services, no single client or job represents a material portion of our annual revenue. We do not serve as officers or directors of any publicly-traded oil and gas company and are separate and independent from the operating and investment decision-making process of our clients. This allows us to bring the highest level of independence and objectivity to each engagement for our services.

Ryder Scott actively participates in industry-related professional societies and organizes an annual public forum focused on the subject of reserves evaluations and SEC regulations. Many of our staff have authored or co-authored technical papers on the subject of reserves related topics. We encourage our staff to maintain and enhance their professional skills by actively participating in ongoing continuing education.

Prior to becoming an officer of the Company, Ryder Scott requires that staff engineers and geoscientists have received professional accreditation in the form of a registered or certified professional engineer’s license or a registered or certified professional geoscientist’s license, or the equivalent thereof, from an appropriate governmental authority or a recognized self-regulating professional organization.

We are independent petroleum engineers with respect to HNR Finance Neither we nor any of our employees have any interest in the subject properties and neither the employment to do this work nor the compensation is contingent on our estimates of reserves for the properties which were reviewed.

The results of this study, presented herein, are based on technical analysis conducted by teams of geoscientists and engineers from Ryder Scott. The professional qualifications of the undersigned, the technical person primarily responsible for overseeing, reviewing and approving the evaluation of the reserves information discussed in this report, are included as an attachment to this letter.

Terms of Usage

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October 19, 2010
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The results of our third party study, presented in report form herein, were prepared in accordance with the disclosure requirements set forth in the SEC regulations and intended for public disclosure as an exhibit in filings made with the SEC by HNR Finance

HNR Finance makes periodic filings on Form 10-K with the SEC under the 1934 Exchange Act. Furthermore, HNR Finance has certain registration statements filed with the SEC under the 1933 Securities Act into which any subsequently filed Form 10-K is incorporated by reference. We have consented to the incorporation by reference in the registration statements on Form S-8 (Nos. 333-115841, 333-94823, 333-49114 and 333-85900) and Forms S-3 (No. 333-162858) of HNR Finance of the references to our name as well as to the references to our third party report for HNR Finance, which appears in the September 30, 2010 annual report on Form 10-K of HNR Finance. Our written consent for such use is included as a separate exhibit to the filings made with the SEC by HNR Finance.

We have provided HNR Finance with a digital version of the original signed copy of this report letter. In the event there are any differences between the digital version included in filings made by HNR Finance and the original signed report letter, the original signed report letter shall control and supersede the digital version.

The data and work papers used in the preparation of this report are available for examination by authorized parties in our offices. Please contact us if we can be of further service.


	Very truly yours, RYDER SCOTT COMPANY, L.P. TBPE Firm Registration No. F-1580
	/s/ Scott J. Wilson
	Scott J. Wilson, P.E., MBA
	Senior Vice President

Professional Qualifications of Primary Technical Person

The conclusions presented in this report are the result of technical analysis conducted by teams of geoscientists and engineers from Ryder Scott Company, L.P. Mr. Scott James Wilson was the primary technical person responsible for the estimate of the reserves, future production, and income presented herein.

Mr. Wilson, an employee of Ryder Scott Company L.P. (Ryder Scott) since 2000, is a Senior Vice President responsible for coordinating and supervising staff and consulting engineers of the company in ongoing reservoir evaluation studies worldwide. Before joining Ryder Scott, Mr. Wilson served in a n umber of engineering positions with Atlantic Richfield Company. For more information regarding Mr. Wilson’s geographic and job specific experience, please refer to the Ryder Scott Company website at http://www.ryderscott.com/Experience/Employees.php.

Mr. Wilson earned a Bachelor of Science degree in Petroleum Engineering from the Colorado School of Mines in 1983 and an MBA in Finance from the University of Colorado in 1985, graduating from both with High Honors. He is a registered Professional Engineer by exam in the States of Alaska, Colorado, and Wyoming. He is also an active member of the Society of Petroleum Engineers; serving as co-Chairman of the SPE Reserves and Economics Technology Interest Group, and Gas Technology Editor for SPE’s Journal of Petroleum Technology. He is a member and past chairman of the Denver section of the Society of Petroleum Evaluation Engineers. Mr. Wilson has published several technical papers and holds two US patents.

In addition to gaining experience and competency through prior work experience, the Wyoming Board of Professional Engineers requires a minimum of fifteen hours of continuing education annually, including at least one hour in the area of professional ethics, which Mr. Wilson fulfills. As part of his 2009 continuing education hours, Mr. Wilson attended an internally presented sixteen hours of formalized training as well as a public forum relating to the definitions and disclosure guidelines contained in the United States Securities and Exchange Commission Title 17, Code of Federal Regulations, Modernization of Oil and Gas Reporting, Final Rule released January 14, 2009 in the Federal Register. Mr. Wilson attended an additional seven hours of formalized external training during 2009 covering such topics as the SPEIWPC/AAPG/SPEE Petroleum Resources Management System, reservoir engineering and petroleum economics evaluation methods, procedures and software and ethics for consultants.

Based on his educational background, professional training and more than 25 years of practical experience in the estimation and evaluation of petroleum reserves, Mr. Wilson has attained the professional qualifications as a Reserves Estimator and Reserves Auditor set forth in Article III of the “Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information” promulgated by the Society of Petroleum Engineers as of February 19, 2007.

PETROLEUM RESERVES DEFINITIONS

As Adapted From:
RULE 4-10(a) of REGULATION S-X PART 210
UNITED STATES SECURITIES AND EXCHANGE COMMISSION (SEC)

PREAMBLE

On January 14, 2009, the United States Securities and Exchange Commission (“the Commission”) published the “Modernization of Oil and Gas Reporting; Final Rule” in the Federal Register of National Archives and Records Administration (NARA). The “Modernization of Oil and Gas Reporting; Final Rule” includes revisions and additions to the definition section in Rule 4-10 of Regulation S-X, revisions and additions to the oil and gas reporting requirements in Regulation S-K, and amends and codifies Industry Guide 2 in Regulation S-K. The “Modernization of Oil and Gas Reporting; Final Rule”, including all references to Regulation S-X and Regulation S-K, shall be referred to herein collectively as the “SEC Regulations”. The SEC Regulations take effect with all filings made with the United States Securities and Exchange Commission as of December 31, 2009, or after January 1, 2010. Reference should be made to the full text under Title 17, Code of Federal Regulations, Regulation S-X Part 210, Rule 4-10 (a) for the complete definitions, as the following definitions, ‘descriptions and explanations rely wholly or in part on excerpts from the original document (direct passages excerpted from the aforementioned SEC document are denoted in italics herein).

Reserves are those quantities of petroleum which are anticipated to be commercially recovered from known accumulations from a given date forward under defined conditions. All reserve estimates involve some degree of uncertainty. The uncertainty depends chiefly on the amount of reliable geologic and engineering data available at the time of the estimate and the interpretation of these data. The relative degree of uncertainty may be conveyed by placing reserves into one of two principal classifications, either proved or unproved. Unproved reserves are less certain to be recovered than proved reserves and may be further sub-classified as probable and possible reserves to denote progressively increasing uncertainty in their recoverability. Under the SEC Regulations as of December 31, 2009, or after January 1, 2010, a company may optionally disclose estimated quantities of probable or possible oil and gas reserves in documents publicly filed with the Commission. The SEC Regulations continue to prohibit disclosure of estimates of oil and gas resources other than reserves and any estimated values of such resources in any document publicly filed with the Commission unless such information is required to be disclosed in the document by foreign or state law as noted in §229.102 (5).

Reserves estimates will generally be revised as additional geologic or engineering data become available or as economic conditions change.

Reserves may be attributed to either natural energy or improved recovery methods. Improved recovery methods include all methods for supplementing natural energy or altering natural forces in the reservoir to increase ultimate recovery. Examples of such methods are pressure maintenance, cycling, waterflooding, thermal methods, chemical flooding, and the use of miscible and immiscible displacement fluids. Other improved recovery methods may be developed in the future as petroleum technology continues to evolve.

PETROLEUM RESERVES DEFINITIONS
Page 2

RESERVES (SEC DEFINITIONS)

Securities and Exchange Commission Regulation S-X §229.4-10(a) (26) defines reserves as follows:

Reserves. Reserves are estimated remaining quantities of oil and gas and related substances anticipated to be economically producible, as of a given date, by application of development projects to known accumulations. In addition, there must exist, or there must be a reasonable expectation that there will exist, the legal right to produce or a revenue interest in the production, installed means of delivering oil and gas or related substances to market, and all permits and financing required to implement the project.

Note to paragraph (a)(26): Reserves should not be assigned to adjacent reservoirs isolated by major, potentially sealing, faults until those reservoirs are penetrated and evaluated as economically producible. Reserves should not be assigned to areas that are clearly separated from a known accumulation by a non-productive reservoir (i.e., absence of reservoir, structurally low reservoir, or negative test results). Such areas may contain prospective resources (i.e., potentially recoverable resources from undiscovered accumulations).

PROVED RESERVES (SEC DEFINITIONS)

Securities and Exchange Commission Regulation S-X §229.4-10(a) (22) defines proved oil and gas reserves as follows:

Proved oil and gas reserves. Proved oil and gas reserves are those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible-from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations-prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to extract the hydrocarbons must have commenced or the operator must be reasonably certain that it will commence the project within a reasonable time.

(i) The area of the reservoir considered as proved includes:

(A) The area identified by drilling and limited by fluid contacts, if any, and

(B) Adjacent undrilled portions of the reservoir that can, with reasonable certainty, be judged to be continuous with it and to contain economically producible oil or gas on the basis of available geoscience and engineering data.

(ii) In the absence of data on fluid contacts, proved quantities in a reservoir are limited by the lowest known hydrocarbons (LKH) as seen in a well penetration unless geoscience, engineering, or performance data and reliable technology establishes a lower contact with reasonable certainty.

(iii) Where direct observation from well penetrations has defined a highest known oil (HKO) elevation and the potential exists for an associated gas cap, proved oil reserves may be assigned in the structurally higher portions of the reservoir only if geoscience, engineering, or performance data and reliable technology establish the higher contact with reasonable certainty.

PETROLEUM RESERVES DEFINITIONS
Page 3

(iv) Reserves which can be produced economically through application of improved recovery techniques (including, but not limited to, fluid injection) are included in the proved classification when:

(A) Successful testing by a pilot project in an area of the reservoir with properties no more favorable than in the reservoir as a whole, the operation of an installed program in the reservoir or an analogous reservoir, or other evidence using reliable technology establishes the reasonable certainty of the engineering analysis on which the project or program was based; and

(B) The project has been approved for development by all necessary parties and entities, including governmental entities.

(v) Existing economic conditions include prices and costs at which economic producibility from a reservoir is to be determined. The price shall be the average price during the 12-month period prior to the ending date of the period covered by the report, determined as an unweighted arithmetic average of the first-day-of-the-month price for each month within such period, unless prices are defined by contractual arrangements, excluding escalations based upon future conditions.

PROBABLE RESERVES (SEC DEFINITIONS)

Securities and Exchange Commission Regulation S-X §229.4-10(a) (18) defines probable oil and gas reserves as follows:

Probable reserves. Probable reserves are those additional reserves that are less certain to be recovered than proved reserves but which, together with proved reserves, are as likely as not to be recovered.

(i) When deterministic methods are used, it is as likely as not that actual remaining quantities recovered will exceed the sum of estimated proved plus probable reserves. When probabilistic methods are used, there should be at least a 50% probability that the actual quantities recovered will equal or exceed the proved plus probable reserves estimates.

(ii) Probable reserves may be assigned to areas of a reservoir adjacent to proved reserves where data control or interpretations of available data are less certain, even if the interpreted reservoir continuity of structure or productivity does not meet the reasonable certainty criterion. Probable reserves may be assigned to areas that are structurally higher than the proved area if these areas are in communication with the proved reservoir.

(iii) Probable reserves estimates also include potential incremental quantities associated with a greater percentage recovery of the hydrocarbons in place than assumed for proved reserves.

(iv) See also guidelines in paragraphs (a)(17)(iv) and (a)(17)(vi) of this section.

POSSIBLE RESERVES (SEC DEFINITIONS)

Securities and Exchange Commission Regulation S-X §229.4-10(a) (17) defines possible oil and gas reserves as follows:

PETROLEUM RESERVES DEFINITIONS
Page 4

Possible reserves. Possible reserves are those additional reserves that are less certain to be recovered than probable reserves.

(i) When deterministic methods are used, the total quantities ultimately recovered from a project have a low probability of exceeding proved plus probable plus possible reserves. When probabilistic methods are used, there should be at least a 10% probability that the total quantities ultimately recovered will equal or exceed the proved plus probable plus possible reserves estimates.

(ii) Possible reserves may be assigned to areas of a reservoir adjacent to probable reserves where data control and interpretations of available data are progressively less certain. Frequently, this will be in areas where geoscience and engineering data are unable to define clearly the area and vertical limits of commercial production from the reservoir by a defined project.

(iii) Possible reserves also include incremental quantities associated with a greater percentage recovery of the hydrocarbons in place than the recovery quantities assumed for probable reserves.

(iv) The proved plus probable and proved plus probable plus possible reserves estimates must be based on reasonable alternative technical and commercial interpretations within the reservoir or subject project that are clearly documented, including comparisons to results in successful similar projects.

(v) Possible reserves may be assigned where geoscience and engineering data identify directly adjacent portions of a reservoir within the same accumulation that may be separated from proved areas by faults with displacement less than formation thickness or other geological discontinuities and that have not been penetrated by a wellbore, and the registrant believes that such adjacent portions are in communication with the known (proved) reservoir. Possible reserves may be assigned to areas that are structurally higher or lower than the proved area if these areas are in communication with the proved reservoir.

(vi) Pursuant to paragraph (a)(22)(iii) of this section, where direct observation has defined a highest known oil (HKO) elevation and the potential exists for an associated gas cap, proved oil reserves should be assigned in the structurally higher portions of the reservoir above the HKO only if the higher contact can be established with reasonable certainty through reliable technology. Portions of the reservoir that do not meet this reasonable certainty criterion may be assigned as probable and possible oil or gas based on reservoir fluid properties and pressure gradient interpretations.

[Remainder of this page is left blank intentionally]

RESERVES STATUS DEFINITIONS AND GUIDELINES

As Adapted From:
RULE 4-10(a) of REGULATION S-X PART 210
UNITED STATES SECURITIES AND EXCHANGE COMMISSION (SEC)

and

PETROLEUM RESOURCES MANAGEMENT SYSTEM (SPE-PRMS)
Sponsored and Approved by:
SOCIETY OF PETROLEUM ENGINEERS (SPE),
WORLD PETROLEUM COUNCIL (WPC)
AMERICAN ASSOCIATION OF PETROLEUM GEOLOGISTS (AAPG)
SOCIETY OF PETROLEUM EVALUATION ENGINEERS (SPEE)

Reserves status categories define the development and producing status of wells and reservoirs.

DEVELOPED RESERVES (SEC DEFINITIONS)

Securities and Exchange Commission Regulation S-X §229.4-10(a) (6) defines developed oil and gas reserves as follows:

Developed oil and gas reserves are reserves of any category that can be expected to be recovered:

(i) Through existing wells with existing equipment and operating methods or in which the cost of the required equipment is relatively minor compared to the cost of a new well; and

(ii) Through installed extraction equipment and infrastructure operational at the time of the reserves estimate if the extraction is by means not involving a well.

Developed Producing (SPE-PRMS Definitions)

While not a requirement for disclosure under the SEC regulations, developed oil and gas reserves may be further sub-classified according to the guidance contained in the SPE-PRMS as Producing or Non-Producing.

Developed Producing Reserves

Developed Producing Reserves are expected to be recovered from completion intervals that are . open and producing at the time of the estimate.

Improved recovery reserves are considered producing only after the improved recovery project is in operation.

Developed Non-Producing

Developed Non-Producing Reserves include shut-in and behind-pipe reserves.

RESERVES STATUS DEFINITIONS AND GUIDELINES
Page 2

Shut-In

Shut-in Reserves are expected to be recovered from:

(1) completion intervals which are open at the time of the estimate but which have not yet started producing;

(2) wells which were shut-in for market conditions or pipeline connections; or

(3) wells not capable of production for mechanical reasons.

Behind-Pipe

Behind-pipe Reserves are expected to be recovered from zones in existing wells which will require additional completion work or future re-completion prior to start of production.

In all cases, production can be initiated or restored with relatively low expenditure compared to the cost of drilling a new well.

UNDEVELOPED RESERVES (SEC DEFINITIONS)

Securities and Exchange Commission Regulation S-X §229.4-10(a) (31) defines undeveloped oil and gas reserves as follows:

Undeveloped oil and gas reserves are reserves of any category that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required for recompletion.

(i) Reserves on undrilled acreage shall be limited to those directly offsetting development spacing areas that are reasonably certain of production when drilled, unless evidence using reliable technology exists that establishes reasonable certainty of economic producibility at greater distances.

(ii) Undrilled locations can be classified as having undeveloped reserves only if a development plan has been adopted indicating that they are scheduled to be drilled within five years, unless the specific circumstances, justify a longer time.

(iii) Under no circumstances shall estimates for undeveloped reserves be attributable to any acreage for which an application of fluid injection or other improved recovery technique is contemplated, unless such techniques have been proved effective by actual projects in the same reservoir or an analogous reservoir, as defined in paragraph (a)(2) of this section, or by other evidence using reliable technology establishing reasonable certainty.


		HNR FINANCE BV ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN INTERESTS OF PETRODELTA, S.A. AS OF SEPTEMBER 30, 2010		TABLE 1


FIELD SUMMARY EL SALTO				TOTAL PROVED ALL CATEGORIES


		REVENUE INTEREST			PRODUCT PRICES			DISCOUNTED
	Expense	Oil/	Plant		Oil/Cond	Plt. Prod.	Gas	FUTURE NET INCOME — $M
	Interest	Condensate	Products	Gas	($/bbl)	($/gal)	($/Mcf)	COMPOUNDED ANNUALLY
INITIAL									5.00	%	954,635
FINAL									8.00	%	796,016
REMARKS									10.00	%	709,940
									12.00	%	636,258
									15.00	%	544,317


			ESTIMATED 8/8THS PRODUCTION						COMPANY NET PRODUCTION						AVERAGE PRICES
	Number		Oil/Cond.		Plant Products		Gas		Oil/Cond.		Plant Products		Sales Gas		Oil/Cond.		Plt Prod.		Gas
Year	of Wells		(Barrels)		(Mgal)		(MMcf)		(Barrels)		(Mgal)		(MMcf)		($/bbl)		($/gal)		($/Mcf)
2010		7		180,875		0		45		48,236		0		12		69.12		0.00		1.54
2011		12		1,138,340		0		262		303,572		0		70		69.12		0.00		1.54
2012		37		5,716,780		0		1,415		1,524,551		0		377		69.12		0.00		1.54
2013		76		9,803,837		0		2,442		2,614,487		0		651		69.12		0.00		1.54
2014		114		13,209,219		0		3,295		3,522,634		0		879		69.12		0.00		1.54
2015		151		16,235,991		0		4,054		4,329,814		0		1,081		69.12		0.00		1.54
2016		151		13,648,054		0		3,408		3,639,663		0		909		69.12		0.00		1.54
2017		150		10,381,468		0		2,592		2,768,530		0		691		69.12		0.00		1.54
2018		150		8,128,574		0		2,029		2,167,728		0		541		69.12		0.00		1.54
2019		150		6,468,955		0		1,615		1,725,141		0		431		69.12		0.00		1.54
2020		150		5,219,160		0		1,303		1,391,846		0		347		69.12		0.00		1.54
2021		150		4,220,561		0		1,054		1,125,539		0		281		69.12		0.00		1.54
2022		149		3,435,096		0		857		916,071		0		229		69.12		0.00		1.54
2023		146		2,807,006		0		701		748,572		0		187		69.12		0.00		1.54
2024		146		2,305,715		0		575		614,888		0		153		69.12		0.00		1.54

Sub-Total				102,899,630		0		25,648		27,441,273		0		6,840		69.12		0.00		1.54
Remainder				4,468,001		0		1,115		1,191,526		0		297		69.12		0.00		1.54
Total Future				107,367,631		0		26,763		28,632,800		0		7,137		69.12		0.00		1.54

Cumulative				903,077		0		39
Ultimate				108,270,708		0		26,803


	COMPANY FUTURE GROSS REVENUE (FGR) — $M										PRODUCTION TAXES — $M						FGR AFTER
	From		From		From						Oil/		Plant Prod./				PRODUCTION
Year	Oil/Condensate		Plant Products		Gas		Other		Total		Condensate		Other		Gas		TAXES — $M
2010		3,334		0		19		0		3,353		0		0		0		3,353
2011		20,983		0		108		0		21,091		0		0		0		21,091
2012		105,377		0		581		0		105,958		0		0		0		105,958
2013		180,713		0		1,003		0		181,716		0		0		0		181,716
2014		243,484		0		1,353		0		244,838		0		0		0		244,838
2015		299,277		0		1,665		0		300,942		0		0		0		300,942
2016		251,574		0		1,400		0		252,973		0		0		0		252,973
2017		191,361		0		1,065		0		192,425		0		0		0		192,425
2018		149,833		0		833		0		150,667		0		0		0		150,667
2019		119,242		0		663		0		119,905		0		0		0		119,905
2020		96,204		0		535		0		96,739		0		0		0		96,739
2021		77,797		0		433		0		78,230		0		0		0		78,230
2022		63,319		0		352		0		63,671		0		0		0		63,671
2023		51,741		0		288		0		52,029		0		0		0		52,029
2024		42,501		0		236		0		42,737		0		0		0		42,737

Sub-Total		1,896,741		0		10,533		0		1,907,274		0		0		0		1,907,274
Remainder		82,358		0		458		0		82,816		0		0		0		82,816
Total Future		1,979,099		0		10,991		0		1,990,090		0		0		0		1,990,090


	DEDUCTIONS — $M										FUTURE NET INCOME BEFORE TAXES — $M
	Operating		Ad Valorem		Development						Undiscounted				Discounted
Year	Costs		Taxes		Costs		Other		Total		Annual		Cumulative		@10.00%
2010		745		52		1,520		0		2,317		1,036		1,036		1,007
2011		4,696		328		19,680		0		24,704		-3,613		-2,577		-3,598
2012		23,587		1,647		47,960		0		73,194		32,764		30,187		26,923
2013		40,450		2,825		45,380		0		88,655		93,061		123,247		71,199
2014		54,501		3,807		38,520		0		96,828		148,010		271,258		102,948
2015		66,989		4,679		30,120		0		101,789		199,153		470,411		126,578
2016		56,312		3,933		0		0		60,245		192,728		663,139		111,646
2017		42,834		2,992		0		0		45,826		146,600		809,739		77,179
2018		33,538		2,343		0		0		35,881		114,786		924,524		54,932
2019		26,691		1,864		0		0		28,555		91,350		1,015,874		39,740
2020		21,534		1,504		0		0		23,038		73,701		1,089,575		29,144
2021		17,414		1,216		0		0		18,630		59,600		1,149,175		21,423
2022		14,173		990		0		0		15,163		48,508		1,197,683		15,852
2023		11,582		809		0		0		12,391		39,638		1,237,321		11,776
2024		9,513		664		0		0		10,178		32,560		1,269,881		8,793

Sub-Total		424,559		29,654		183,180		0		637,393		1,269,881				695,542
Remainder		18,435		1,288		0		0		19,723		63,094		1,332,975		14,399
Total Future		442,994		30,942		183,180		0		657,116		1,332,975				709,940

Life of summary is: 17.07 years.

These data are part of a Ryder Scott report and are subject to the conditions in the text of the report.


		HNR FINANCE BV ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN INTERESTS OF PETRODELTA, S.A. AS OF SEPTEMBER 30, 2010		TABLE 2


FIELD SUMMARY EL SALTO				PROVED PRODUCING


		REVENUE INTEREST			PRODUCT PRICES			DISCOUNTED
	Expense	Oil/	Plant		Oil/Cond	Plt. Prod.	Gas	FUTURE NET INCOME — $M
	Interest	Condensate	Products	Gas	($/bbl)	($/gal)	($/Mcf)	COMPOUNDED ANNUALLY
INITIAL									5.00	%	10,906
FINAL									8.00	%	10,516
REMARKS									10.00	%	10,281
									12.00	%	10,064
									15.00	%	9,767


			ESTIMATED 8/8THS PRODUCTION						COMPANY NET PRODUCTION						AVERAGE PRICES
	Number		Oil/Cond.		Plant Products		Gas		Oil/Cond.		Plant Products		Sales Gas		Oil/Cond .		Plt Prod.		Gas
Year	of Wells		(Barrels)		(Mgal)		(MMcf)		(Barrels)		(Mgal)		(MMcf)		($/bbl)		($/gal)		($/Mcf)
2010		2		180,523		0		45		48,142		0		12		69.12		0.00		1.54
2011		2		352,790		0		88		94,082		0		24		69.12		0.00		1.54
2012		2		132,320		0		33		35,287		0		9		69.12		0.00		1.54
2013		2		60,328		0		15		16,088		0		4		69.12		0.00		1.54
2014		1		32,332		0		8		8,622		0		2		69.12		0.00		1.54
2015		1		18,394		0		5		4,905		0		1		69.12		0.00		1.54
2016		1		13,457		0		3		3,589		0		1		69.12		0.00		1.54
2017		1		10,224		0		3		2,726		0		1		69.12		0.00		1.54
2018		1		8,050		0		2		2,147		0		1		69.12		0.00		1.54
2019		1		6,503		0		2		1,734		0		0		69.12		0.00		1.54
2020		1		5,376		0		1		1,434		0		0		69.12		0.00		1.54
2021		1		4,488		0		1		1,197		0		0		69.12		0.00		1.54
2022		0		2,933		0		1		782		0		0		69.12		0.00		1.54

Sub-Total				827,717		0		207		220,736		0		55		69.12		0.00		1.54
Remainder				0		0		0		0		0		0		0.00		0.00		0.00
Total Future				827,717		0		207		220,736		0		55		69.12		0.00		1.54

Cumulative				892,857		0		39
Ultimate				1,720,574		0		246


	COMPANY FUTURE GROSS REVENUE (FGR) — $M										PRODUCTION TAXES — $M						FGR AFTER
	From		From		From						Oil/		Plant Prod./				PRODUCTION
Year	Oil/Condensate		Plant Products		Gas		Other		Total		Condensate		Other		Gas		TAXES — $M
2010		3,328		0		19		0		3,346		0		0		0		3,346
2011		6,503		0		36		0		6,539		0		0		0		6,539
2012		2,439		0		14		0		2,453		0		0		0		2,453
2013		1,112		0		6		0		1,118		0		0		0		1,118
2014		596		0		3		0		599		0		0		0		599
2015		339		0		2		0		341		0		0		0		341
2016		248		0		1		0		249		0		0		0		249
2017		188		0		1		0		189		0		0		0		189
2018		148		0		1		0		149		0		0		0		149
2019		120		0		1		0		121		0		0		0		121
2020		99		0		1		0		100		0		0		0		100
2021		83		0		0		0		83		0		0		0		83
2022		54		0		0		0		54		0		0		0		54

Sub-Total		15,257		0		85		0		15,342		0		0		0		15,342
Remainder		0		0		0		0		0		0		0		0		0
Total Future		15,257		0		85		0		15,342		0		0		0		15,342


	DEDUCTIONS — $M										FUTURE NET INCOME BEFORE TAXES — $M
	Operating		Ad Valorem		Development						Undiscounted				Discounted
Year	Costs		Taxes		Costs		Other		Total		Annual		Cumulative		@10.00%
2010		745		52		0		0		797		2,549		2,549		2,520
2011		1,456		102		0		0		1,557		4,982		7,531		4,677
2012		546		38		0		0		584		1,869		9,400		1,592
2013		249		17		0		0		266		852		10,252		659
2014		133		9		0		0		143		457		10,708		321
2015		76		5		0		0		81		260		10,968		166
2016		56		4		0		0		59		190		11,158		110
2017		42		3		0		0		45		144		11,302		76
2018		33		2		0		0		36		114		11,416		54
2019		27		2		0		0		29		92		11,508		40
2020		22		2		0		0		24		76		11,584		30
2021		19		1		0		0		20		63		11,647		23
2022		12		1		0		0		13		41		11,689		14

Sub-Total		3,415		239		0		0		3,654		11,689				10,281
Remainder		0		0		0		0		0		0		11,689		0
Total Future		3,415		239		0		0		3,654		11,689				10,281

Life of summary is: 12.02 years.

These data are part of a Ryder Scott report and are subject to the conditions in the text of the report.



		HNR FINANCE BV ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN INTERESTS OF PETRODELTA, S.A. AS OF SEPTEMBER 30, 2010		TABLE 3



FIELD SUMMARY				PROVED
EL SALTO				SHUT-IN


		REVENUE INTEREST			PRODUCT PRICES			DISCOUNTED
	Expense	Oil/	Plant		Oil/Cond	Plt. Prod.	Gas	FUTURE NET INCOME — $M
	Interest	Condensate	Products	Gas	($/bbl)	($/gal)	($/Mcf)	COMPOUNDED ANNUALLY
INITIAL									5.00	%	10,871
FINAL									8.00	%	9,809
REMARKS									10.00	%	9,212
									12.00	%	8,684
									15.00	%	7,999


			ESTIMATED 8/8 THS PRODUCTION						COMPANY NET PRODUCTION						AVERAGE PRICES
	Number		Oil/Cond.		Plant Products		Gas		Oil/Cond.		Plant Products		Sales Gas		Oil/Cond.		Plt Prod.		Gas
Year	of Wells		(Barrels)		(Mgal)		(MMcf)		(Barrels)		(Mgal)		(MMcf)		($/bbl)		($/gal)		($/Mcf)
2010		2		352		0		0		94		0		0		69.12		0.00		0.00
2011		2		299,780		0		75		79,945		0		20		69.12		0.00		1.54
2012		2		186,598		0		47		49,762		0		12		69.12		0.00		1.54
2013		2		126,753		0		32		33,802		0		8		69.12		0.00		1.54
2014		2		91,936		0		23		24,517		0		6		69.12		0.00		1.54
2015		2		69,732		0		17		18,596		0		5		69.12		0.00		1.54
2016		2		54,839		0		14		14,625		0		4		69.12		0.00		1.54
2017		2		44,039		0		11		11,744		0		3		69.12		0.00		1.54
2018		2		36,234		0		9		9,663		0		2		69.12		0.00		1.54
2019		2		30,297		0		8		8,080		0		2		69.12		0.00		1.54
2020		2		25,516		0		6		6,805		0		2		69.12		0.00		1.54
2021		2		21,372		0		5		5,700		0		1		69.12		0.00		1.54
2022		2		17,955		0		4		4,788		0		1		69.12		0.00		1.54
2023		2		15,084		0		4		4,023		0		1		69.12		0.00		1.54
2024		2		12,704		0		3		3,388		0		1		69.12		0.00		1.54

Sub-Total				1,033,191		0		258		275,531		0		69		69.12		0.00		1.54
Remainder				24,845		0		6		6,626		0		2		69.12		0.00		1.54
Total Future				1,058,035		0		264		282,157		0		71		69.12		0.00		1.54

Cumulative				10,220		0		0
Ultimate				1,068,255		0		264


	COMPANY FUTURE GROSS REVENUE (FGR) — $M										PRODUCTION TAXES — $M						FGR AFTER
	From		From		From						Oil/		Plant Prod./				PRODUCTION
Year	Oil/Condensate		Plant Products		Gas		Other		Total		Condensate		Other		Gas		TAXES -
2010		6		0		0		0		6		0		0		0		6
2011		5,526		0		31		0		5,557		0		0		0		5,557
2012		3,440		0		19		0		3,459		0		0		0		3,459
2013		2,336		0		13		0		2,349		0		0		0		2,349
2014		1,695		0		9		0		1,704		0		0		0		1,704
2015		1,285		0		7		0		1,293		0		0		0		1,293
2016		1,011		0		6		0		1,016		0		0		0		1,016
2017		812		0		5		0		816		0		0		0		816
2018		668		0		4		0		672		0		0		0		672
2019		558		0		3		0		562		0		0		0		562
2020		470		0		3		0		473		0		0		0		473
2021		394		0		2		0		396		0		0		0		396
2022		331		0		2		0		333		0		0		0		333
2023		278		0		2		0		280		0		0		0		280
2024		234		0		1		0		235		0		0		0		235

Sub-Total		19,045		0		106		0		19,151		0		0		0		19,151
Remainder		458		0		3		0		461		0		0		0		461
Total Future		19,503		0		109		0		19,611		0		0		0		19,611


	DEDUCTIONS — $M										FUTURE NET INCOME BEFORE TAXES — $M
	Operating		Ad Valorem		Development						Undiscounted				Discounted
Year	Costs		Taxes		Costs		Other		Total		Annual		Cumulative		@10.00%
2010		0		0		0		0		0		6		6		6
2011		1,237		86		1,680		0		3,003		2,553		2,560		2,318
2012		770		54		0		0		824		2,635		5,195		2,237
2013		523		37		0		0		560		1,790		6,985		1,381
2014		379		26		0		0		406		1,298		8,283		910
2015		288		20		0		0		308		985		9,268		627
2016		226		16		0		0		242		774		10,042		448
2017		182		13		0		0		194		622		10,664		327
2018		149		10		0		0		160		512		11,176		245
2019		125		9		0		0		134		428		11,604		186
2020		105		7		0		0		113		360		11,964		142
2021		88		6		0		0		94		302		12,266		108
2022		74		5		0		0		79		254		12,519		83
2023		62		4		0		0		67		213		12,732		63
2024		52		4		0		0		56		179		12,912		48

Sub-Total		4,261		298		1,680		0		6,239		12,912				9,131
Remainder		103		7		0		0		110		351		13,262		80
Total Future		4,364		305		1,680		0		6,349		13,262				9,212

Life of summary is: 17.07 years.

These data are part of a Ryder Scott report and are subject to the conditions in the text of the report.



		HNR FINANCE BV ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN INTERESTS OF PETRODELTA, S.A. AS OF SEPTEMBER 30, 2010		TABLE 4



FIELD SUMMARY				PROVED
EL SALTO				UNDEVELOPED


		REVENUE INTEREST			PRODUCT PRICES			DISCOUNTED
	Expense	Oil/	Plant		Oil/Cond	Plt. Prod.	Gas	FUTURE NET INCOME — $M
	Interest	Condensate	Products	Gas	($/bbl)	($/gal)	($/Mcf)	COMPOUNDED ANNUALLY
INITIAL									5.00	%	932,858
FINAL									8.00	%	775,691
REMARKS									10.00	%	690,448
									12.00	%	617,510
									15.00	%	526,551


			ESTIMATED 8/8THS PRODUCTION						COMPANY NET PRODUCTION						AVERAGE PRICES
	Number		Oil/Cond.		Plant Products		Gas		Oil/Cond.		Plant Products		Sales Gas		Oil/Cond.		Plt Prod.		Gas
Year	of Wells		(Barrels)		(Mgal)		(MMcf)		(Barrels)		(Mgal)		(MMcf)		($/bbl)		($/gal)		($/Mcf)
2010		3		0		0		0		0		0		0		0.00		0.00		0.00
2011		8		485,770		0		99		129,545		0		26		69.12		0.00		1.54
2012		33		5,397,862		0		1,336		1,439,502		0		356		69.12		0.00		1.54
2013		72		9,616,756		0		2,395		2,564,597		0		639		69.12		0.00		1.54
2014		111		13,084,951		0		3,264		3,489,495		0		871		69.12		0.00		1.54
2015		148		16,147,865		0		4,032		4,306,313		0		1,075		69.12		0.00		1.54
2016		148		13,579,757		0		3,391		3,621,450		0		904		69.12		0.00		1.54
2017		147		10,327,206		0		2,579		2,754,059		0		688		69.12		0.00		1.54
2018		147		8,084,291		0		2,018		2,155,919		0		538		69.12		0.00		1.54
2019		147		6,432,154		0		1,606		1,715,327		0		428		69.12		0.00		1.54
2020		147		5,188,268		0		1,295		1,383,607		0		345		69.12		0.00		1.54
2021		147		4,194,700		0		1,047		1,118,643		0		279		69.12		0.00		1.54
2022		147		3,414,208		0		852		910,501		0		227		69.12		0.00		1.54
2023		144		2,791,922		0		697		744,550		0		.186		69.12		0.00		1.54
2024		144		2,293,011		0		572		611,500		0		153		69.12		0.00		1.54

Sub-Total				101,038,723		0		25,183		26,945,007		0		6,716		69.12		0.00		1.54
Remainder				4,443,156		0		1,109		1,184,901		0		296		69.12		0.00		1.54
Total Future				105,481,879		0		26,292		28,129,907		0		7,012		69.12		0.00		1.54

Cumulative				0		0		0
Ultimate				105,481,879		0		26,292


COMPANY FUTURE GROSS REVENUE (FGR) — $M											PRODUCTION TAXES — $M						FGR AFTER
	From		From		From						Oil/		Plant Prod./				PRODUCTION
Year	Oil/Condensate		Plant Products		Gas		Other		Total		Condensate		Other		Gas		TAXES — $M
2010		0		0		0		0		0		0		0		0		0
2011		8,954		0		41		0		8,995		0		0		0		8,995
2012		99,498		0		549		0		100,047		0		0		0		100,047
2013		177,265		0		984		0		178,248		0		0		0		178,248
2014		241,194		0		1,341		0		242,535		0		0		0		242,535
2015		297,652		0		1,656		0		299,308		0		0		0		299,308
2016		250,315		0		1,393		0		251,707		0		0		0		251,707
2017		190,361		0		1,059		0		191,420		0		0		0		191,420
2018		149,017		0		829		0		149,846		0		0		0		149,846
2019		118,563		0		659		0		119,223		0		0		0		119,223
2020		95,635		0		532		0		96,167		0		0		0		96,167
2021		77,321		0		430		0		77,751		0		0		0		77,751
2022		62,934		0		350		0		63,284		0		0		0		63,284
2023		51,463		0		286		0		51,749		0		0		0		51,749
2024		42,267		0		235		0		42,502		0		0		0		42,502

Sub-Total		1,862,439		0		10,342		0		1,872,781		0		0		0		1,872,781
Remainder		81,900		0		455		0		82,356		0		0		0		82,356
Total Future		1,944,339		0		10,798		0		1,955,137		0		0		0		1,955,137


	DEDUCTIONS — $M										FUTURE NET INCOME BEFORE TAXES — $M
	Operating		Ad Valorem		Development						Undiscounted				Discounted
Year	Costs		Taxes		Costs		Other		Total		Annual		Cumulative		@10.00%
2010		0		0		1,520		0		1,520		-1,520		-1,520		-1,520
2011		2,003		140		18,000		0		20,143		-11,148		-12,668		-10,593
2012		22,271		1,556		47,960		0		71,787		28,260		15,592		23,094
2013		39,678		2,771		45,380		0		87,829		90,419		106,011		69,160
2014		53,988		3,771		38,520		0		96,279		146,255		252,266		101,717
2015		66,626		4,654		30,120		0		101,400		197,909		450,175		125,785
2016		56,030		3,914		0		0		59,943		191,764		641,939		111,088
2017		42,610		2,976		0		0		45,586		145,833		787,772		76,776
2018		33,356		2,330		0		0		35,685		114,161		901,933		54,632
2019		26,539		1,854		0		0		28,393		90,830		992,763		39,514
2020		21,407		1,495		0		0		22,902		73,265		1,066,028		28,971
2021		17,307		1,209		0		0		18,516		59,234		1,125,262		21,291
2022		14,087		984		0		0		15,071		48,213		1,173,475		15,755
2023		11,519		805		0		0		12,324		39,425		1,212,901		11,713
2024		9,461		661		0		0		10,122		32,380		1,245,281		8,745

Sub-Total		416,883		29,118		181,500		0		627,500		1,245,281				676,129
Remainder		18,332		1,280		0		0		19,613		62,743		1,308,024		14,318
Total Future		435,215		30,398		181,500		0		647,113		1,308,024				690,448

Life of summary is: 17.07 years.

These data are part of a Ryder Scott report and are subject to the conditions in the text of the report.


		HNR FINANCE BV ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN INTERESTS OF PETRODELTA, S.A. AS OF SEPTEMBER 30, 2010		TABLE 5


FIELD SUMMARY EL SALTO				TOTAL PROBABLE ALL CATEGORIES


		REVENUE INTEREST			PRODUCT PRICES			DISCOUNTED
	Expense	Oil/	Plant		Oil/Cond	Plt. Prod.	Gas	FUTURE NET INCOME — $M
	Interest	Condensate	Products	Gas	($/bbl)	($/gal)	($/Mcf)	COMPOUNDED ANNUALLY
INITIAL									5.00	%	1,661,811
FINAL									8.00	%	1,298,070
REMARKS									10.00	%	1,109,751
									12.00	%	954,379
									15.00	%	769,038


			ESTIMATED 8/8THS PRODUCTION						COMPANY NET PRODUCTION						AVERAGE PRICES
	Number		Oil/Cond.		Plant Products		Gas		Oil/Cond.		Plant Products		Sales Gas		Oil/Cond.		Plt Prod.		Gas
Year	of Wells		(Barrels)		(Mgal)		(MMcf)		(Barrels)		(Mgal)		(MMcf)		($/bbl)		($/gal)		($/Mcf)
2010		4		0		0		0		0		0		0		0.00		0.00		0.00
2011		4		228,468		0		48		60,928		0		13		69.12		0.00		1.54
2012		4		963,653		0		235		256,987		0		63		69.12		0.00		1.54
2013		4		1,599,503		0		396		426,555		0		106		69.12		0.00		1.54
2014		16		7,034,419		0		1,756		1,875,939		0		468		69.12		0.00		1.54
2015		52		14,325,298		0		3,579		3,820,270		0		955		69.12		0.00		1.54
2016		95		19,586,236		0		4,895		5,223,257		0		1,305		69.12		0.00		1.54
2017		136		22,821,839		0		5,704		6,086,128		0		1,521		69.12		0.00		1.54
2018		175		23,614,920		0		5,903		6,297,627		0		1,574		69.12		0.00		1.54
2019		214		22,661,244		0		5,664		6,043,300		0		1,511		69.12		0.00		1.54
2020		247		20,217,431		0		5,054		5,391,585		0		1,348		69.12		0.00		1.54
2021		277		17,281,966		0		4,320		4,608,755		0		1,152		69.12		0.00		1.54
2022		277		14,329,664		0		3,582		3,821,435		0		955		69.12		0.00		1.54
2023		280		11,541,954		0		2,885		3,078,008		0		769		69.12		0.00		1.54
2024		280		9,369,839		0		2,342		2,498,749		0		625		69.12		0.00		1.54

Sub-Total				185,576,433		0		46,364		49,489,523		0		12,364		69.12		0.00		1.54
Remainder				17,987,856		0		4,496		4,797,001		0		1,199		69.12		0.00		1.54
Total Future				203,564,289		0		50,860		54,286,524		0		13,563		69.12		0.00		1.54

Cumulative				0		0		0
Ultimate				203,564,289		0		50,860


	COMPANY FUTURE GROSS REVENUE (FGR) — $M										PRODUCTION TAXES — $M						FGR AFTER
	From		From		From						Oil/		Plant Prod./				PRODUCTION
Year	Oil/Condensate		Plant Products		Gas		Other		Total		Condensate		Other		Gas		TAXES — $M
2010		0		0		0		0		0		0		0		0		0
2011		4,211		0		20		0		4,231		0		0		0		4,231
2012		17,763		0		97		0		17,860		0		0		0		17,860
2013		29,484		0		163		0		29,646		0		0		0		29,646
2014		129,665		0		721		0		130,386		0		0		0		130,386
2015		264,057		0		1,470		0		265,527		0		0		0		265,527
2016		361,032		0		2,010		0		363,042		0		0		0		363,042
2017		420,673		0		2,343		0		423,016		0		0		0		423,016
2018		435,292		0		2,424		0		437,716		0		0		0		437,716
2019		417,713		0		2,326		0		420,039		0		0		0		420,039
2020		372,666		0		2,075		0		374,742		0		0		0		374,742
2021		318,557		0		1,774		0		320,331		0		0		0		320,331
2022		264,138		0		1,471		0		265,609		0		0		0		265,609
2023		212,752		0		1,185		0		213,937		0		0		0		213,937
2024		172,714		0		962		0		173,675		0		0		0		173,675

Sub-Total		3,420,716		0		19,041		0		3,439,757		0		0		0		3,439,757
Remainder		331,569		0		1,847		0		333,415		0		0		0		333,415
Total Future		3,752,285		0		20,888		0		3,773,172		0		0		0		3,773,172


	DEDUCTIONS — $M										FUTURE NET INCOME BEFORE TAXES — $M
	Operating		Ad Valorem		Development						Undiscounted				Discounted
Year	Costs		Taxes		Costs		Other		Total		Annual		Cumulative		@10.00%
2010		0		0		0		0		0		0		0		0
2011		942		66		0		0		1,008		3,223		3,223		2,981
2012		3,976		278		0		0		4,253		13,606		16,829		11,444
2013		6,599		461		24,000		0		31,060		-1,414		15,415		-1,256
2014		29,024		2,027		36,000		0		67,051		63,335		78,750		43,549
2015		59,106		4,128		53,540		0		116,775		148,753		227,503		93,876
2016		80,813		5,645		28,480		0		114,937		248,105		475,607		143,108
2017		94,163		6,577		32,720		0		133,460		289,556		765,163		152,003
2018		97,435		6,806		30,160		0		134,401		303,315		1,068,478		144,861
2019		93,500		6,531		29,480		0		129,511		290,528		1,359,007		126,238
2020		83,417		5,826		22,240		0		111,484		263,258		1,622,265		104,034
2021		71,305		4,981		19,600		0		95,886		224,445		1,846,710		80,636
2022		59,124		4,130		0		0		63,254		202,355		2,049,065		66,134
2023		47,622		3,326		0		0		50,948		162,988		2,212,053		48,426
2024		38,660		2,700		0		0		41,360		132,315		2,344,368		35,735

Sub-Total		765,687		53,481		276,220		0		1,095,389		2,344,368				1,051,770
Remainder		74,218		5,184		0		0		79,402		254,013		2,598,382		57,981
Total Future		839,905		58,665		276,220		0		1,174,790		2,598,382				1,109,751

Life of summary is: 17.07 years.

These data are part of a Ryder Scott report and are subject to the conditions in the text of the report.


		HNR FINANCE BV ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN INTERESTS OF PETRODELTA, S.A. AS OF SEPTEMBER 30, 2010		TABLE 6


FIELD SUMMARY EL SALTO				PROBABLE SHUT-IN


		REVENUE INTEREST			PRODUCT PRICES			DISCOUNTED
	Expense	Oil/	Plant		Oil/Cond	Plt. Prod.	Gas	FUTURE NET INCOME — $M
	Interest	Condensate	Products	Gas	($/bbl)	($/gal)	($/Mcf)	COMPOUNDED ANNUALLY
INITIAL									5.00	%	2,455
FINAL									8.00	%	2,242
REMARKS									10.00	%	2,122
									12.00	%	2,016
									15.00	%	1,879


			ESTIMATED 8/8THS PRODUCTION						COMPANY NET PRODUCTION						AVERAGE PRICES
	Number		Oil/Cond.		Plant Products		Gas		Oil/Cond.		Plant Products		Sales Gas		Oil/Cond.		Plt Prod.		Gas
Year	of Wells		(Barrels)		(Mgal)		(MMcf)		(Barrels)		(Mgal)		(MMcf)		($/bbl)		($/gal)		($/Mcf)
2010		0		0		0		0		0		0		0		0.00		0.00		0.00
2011		0		58,257		0		15		15,536		0		4		69.12		0.00		1.54
2012		0		36,421		0		9		9,713		0		2		69.12		0.00		1.54
2013		0		24,809		0		6		6,616		0		2		69.12		0.00		1.54
2014		0		18,029		0		5		4,808		0		1		69.12		0.00		1.54
2015		0		13,694		0		3		3,652		0		1		69.12		0.00		1.54
2016		0		10,781		0		3		2,875		0		1		69.12		0.00		1.54
2017		0		8,665		0		2		2,311		0		1		69.12		0.00		1.54
2018		0		7,134		0		2		1,902		0		0		69.12		0.00		1.54
2019		0		5,968		0		1		1,591		0		0		69.12		0.00		1.54
2020		0		5,026		0		1		1,340		0		0		69.12		0.00		1.54
2021		0		4,210		0		1		1,123		0		0		69.12		0.00		1.54
2022		0		3,537		0		1		943		0		0		69.12		0.00		1.54
2023		0		2,971		0		1		792		0		0		69.12		0.00		1.54
2024		0		2,502		0		1		667		0		0		69.12		0.00		1.54

Sub-Total				202,002		0		51		53,870		0		13		69.12		0.00		1.54
Remainder				6,046		0		2		1,612		0		0		69.12		0.00		1.54
Total Future				208,048		0		52		55,482		0		14		69.12		0.00		1.54

Cumulative				0		0		0
Ultimate				208,048		0		52


	COMPANY FUTURE GROSS REVENUE (FGR) — $M										PRODUCTION TAXES — $M						FGR AFTER
	From		From		From						Oil/		Plant Prod./				PRODUCTION
Year	Oil/Condensate		Plant Products		Gas		Other		Total		Condensate		Other		Gas		TAXES — $M
2010		0		0		0		0		0		0		0		0		0
2011		1,074		0		6		0		1,080		0		0		0		1,080
2012		671		0		4		0		675		0		0		0		675
2013		457		0		3		0		460		0		0		0		460
2014		332		0		2		0		334		0		0		0		334
2015		252		0		1		0		254		0		0		0		254
2016		199		0		1		0		200		0		0		0		200
2017		160		0		1		0		161		0		0		0		161
2018		132		0		1		0		132		0		0		0		132
2019		110		0		1		0		111		0		0		0		111
2020		93		0		1		0		93		0		0		0		93
2021		78		0		0		0		78		0		0		0		78
2022		65		0		0		0		66		0		0		0		66
2023		55		0		0		0		55		0		0		0		55
2024		46		0		0		0		46		0		0		0		46

Sub-Total		3,723		0		21		0		3,744		0		0		0		3,744
Remainder		111		0		1		0		112		0		0		0		112
Total Future		3,835		0		21		0		3,856		0		0		0		3,856


	DEDUCTIONS — $M										FUTURE NET INCOME BEFORE TAXES — $M
	Operating		Ad Valorem		Development						Undiscounted				Discounted
Year	Costs		Taxes		Costs		Other		Total		Annual		Cumulative		@10.00 %
2010		0		0		0		0		0		0		0		0
2011		240		17		0		0		257		823		823		769
2012		150		10		0		0		161		514		1,337		437
2013		102		7		0		0		110		350		1,687		270
2014		74		5		0		0		80		255		1,942		178
2015		57		4		0		0		60		193		2,135		123
2016		44		3		0		0		48		152		2,288		88
2017		36		2		0		0		38		122		2,410		64
2018		29		2		0		0		31		101		2,511		48
2019		25		2		0		0		26		84		2,595		37
2020		21		1		0		0		22		71		2,666		28
2021		17		1		0		0		19		59		2,725		21
2022		15		1		0		0		16		50		2,775		16
2023		12		1		0		0		13		42		2,817		12
2024		10		1		0		0		11		35		2,853		10

Sub-Total		833		58		0		0		892		2,853				2,103
Remainder		25		2		0		0		27		85		2,938		19
Total Future		858		60		0		0		918		2,938				2,122

Life of summary is: 17.07 years.

These data are Part of a Ryder Scott report and are subiect to the conditions in the text of the recort.


		HNR FINANCE BV ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN INTERESTS OF PETRODELTA, S.A. AS OF SEPTEMBER 30, 2010		TABLE 7


FIELD SUMMARY EL SALTO				PROBABLE UNDEVELOPED


		REVENUE INTEREST			PRODUCT PRICES			DISCOUNTED
	Expense	Oil/	Plant		Oil/Cond	Plt Prod.	Gas	FUTURE NET INCOME — $M
	Interest	Condensale	Products	Gas	($/bbl)	($/gal)	($/Mcf)	COMPOUNDED ANNUALLY
INITIAL									5.00	%	1,659,356
FINAL									8.00	%	1,295,829
REMARKS									10.00	%	1,107,629
									12.00	%	952,363
									15.00	%	767,160


			ESTIMATED 8/8THS PRODUCTION						COMPANY NET PRODUCTION						AVERAGE PRICES
					Plant						Plant
	Number		Oil/Cond.		Products		Gas		Oil/Cond.		Products		Sales Gas		Oil/Cond.		Plt Prod.		Gas
Year	at Wells		(Barrels)		(Mgal)		(MMcf)		(Barrels)		(Mgal)		(MMcf)		($/bbl)		($/gal)		($/Mcf)
2010		4		0		0		0		0		0		0		0.00		0.00		0.00
2011		4		170,211		0		34		45,392		0		9		69.12		0.00		1.54
2012		4		927,232		0		226		247,274		0		60		69.12		0.00		1.54
2013		4		1,574,694		0		390		419,939		0		104		69.12		0.00		1.54
2014		16		7,016,390		0		1,751		1,871,131		0		467		69.12		0.00		1.54
2015		52		14,311,604		0		3,576		3,816,619		0		954		69.12		0.00		1.54
2016		95		19,575,455		0		4,892		5,220,382		0		1,305		69.12		0.00		1.54
2017		136		22,813,174		0		5,702		6,083,817		0		1,521		69.12		0.00		1.54
2018		175		23,607,786		0		5,901		6,295,724		0		1,574		69.12		0.00		1.54
2019		214		22,655,276		0		5,663		6,041,709		0		1,510		69.12		0.00		1.54
2020		247		20,212,405		0		5,052		5,390,244		0		1,347		69.12		0.00		1.54
2021		277		17,277,756		0		4,319		4,607,632		0		1,152		69.12		0.00		1.54
2022		277		14,326,128		0		3,581		3,820,492		0		955		69.12		0.00		1.54
2023		280		11,538,983		0		2,884		3,077,216		0		769		69.12		0.00		1.54
2024		280		9,367,337		0		2,341		2,498,081		0		624		69.12		0.00		1.54

Sub-Total				185,374,431		0		46,313		49,435,653		0		12,351		69.12		0.00		1.54
Remainder				17,981,810		0		4,495		4,795,389		0		1,199		69.12		0.00		1.54
Total Future				203,356,240		0		50,808		54,231,042		0		13,549		69.12		0.00		1.54

Cumulatlve				0		0		0
Ultimate				203,356,240		0		50,808


	COMPANY FUTURE GROSS REVENUE (FGR) — $M										PRODUCTION TAXES — $M
	From		From										Plant				FGR AFTER
	Oil/		Plant		From						Oil/		Prod./				PRODUCTION
Year	Condensate		Products		Gas		Other		Total		Condensate		Other		Gas		TAXES — $M
2010		0		0		0		0		0		0		0		0		0
2011		3,137		0		14		0		3,151		0		0		0		3,151
2012		17,092		0		93		0		17,185		0		0		0		17,185
2013		29,026		0		160		0		29,186		0		0		0		29,186
2014		129,333		0		719		0		130,052		0		0		0		130,052
2015		263,805		0		1,469		0		265,273		0		0		0		265,273
2016		360,833		0		2,009		0		362,842		0		0		0		362,842
2017		420,513		0		2,342		0		422,855		0		0		0		422,855
2018		435,160		0		2,423		0		437,584		0		0		0		437,584
2019		417,603		0		2,326		0		419,929		0		0		0		419,929
2020		372,574		0		2,075		0		374,649		0		0		0		374,649
2021		318,480		0		1,774		0		320,253		0		0		0		320,253
2022		264,072		0		1,471		0		265,543		0		0		0		265,543
2023		212,697		0		1,185		0		213,882		0		0		0		213,882
2024		172,667		0		962		0		173,629		0		0		0		173,629

Sub-Total		3,416,992		0		19,020		0		3,436,013		0		0		0		3,436,013
Remainder		331,457		0		1,846		0		333,303		0		0		0		333,303
Total Future		3,748,450		0		20,866		0		3,769,316		0		0		0		3,769,316


	DEDUCTIONS — $M										FUTURE NET INCOME BEFORE TAXES — $M
	Operating		Ad Valorem		Development						Undiscounted				Discounted
Year	Costs		Taxes		Costs		Other		Total		Annual		Cumulative		@10.00%
2000		0		0		0		0		0		0		0		0
2001		702		49		0		0		751		2,400		2,400		2,212
2002		3,826		267		0		0		4,093		13,092		15,492		11,007
2003		6,497		454		24,000		0		30,951		-1,764		13,728		-1,526
2004		28,950		2,022		36,000		0		66,972		63,080		76,808		43,371
2005		59,050		4,124		53,540		0		116,714		148,559		225,367		93,753
2016		80,768		5,641		28,480		0		114,890		247,952		473,320		143,020
2017		94,127		6,575		32,720		0		133,422		289,434		762,753		151,939
2018		97,406		6,804		30,160		0		134,369		303,215		1,065,968		144,813
2019		93,476		6,529		29,480		0		129,485		290,444		1,356,412		126,201
2020		83,396		5,825		22,240		0		111,461		263,187		1,619,599		104,006
2021		71,288		4,979		19,600		0		95,867		224,386		1,843,985		80,615
2022		59,110		4,129		0		0		63,238		202,305		2,046,290		66,117
2023		47,610		3,325		0		0		50,935		162,946		2,209,236		48,414
2024		38,650		2,700		0		0		41,349		132,280		2,341,516		35,726

Sub-Total		764,854		53,423		276,220		0		1,094,497		2,341,516				1,049,667
Remainder		74,193		5,182		0		0		79,375		253,928		2,595,444		57,962
Total Future		839,047		58,605		276,220		0		1,173,872		2,595,444				1,107,629

Life of summary is: 17.07 years.

These data are part of a Ryder Scott report and are subject to the conditions in the text of the report.


		HNR FINANCE BV ESTIMATED FUTURE RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN INTERESTS OF PETRODELTA, S.A. AS OF SEPTEMBER 30, 2010		TABLE 8


FIELD SUMMARY EL SALTO				POSSIBLE UNDEVELOPED


		REVENUE INTEREST			PRODUCT PRICES					DISCOUNTED
	Expense	Oil/	Plant		Oil/Cond.	Plt. Prod.	Gas			FUTURE NET INCOME — $M
	Interest	Condensate	Products	Gas	($/bbl)	($/gal)	($/Mcf)			COMPOUNDED ANNUALLY
INITIAL								5.00	%		3,145,893
FINAL								8.00	%		2,336,300
REMARKS								10.00	%		1,932,165
								12.00	%		1,608,098
								15.00	%		1,234,715


			ESTIMATED 8/8THS PRODUCTION						COMPANY NET PRODUCTION								AVERAGE PRICES
	Number		Oil/Cond.		Plant Products		Gas		Oil/Cond.		Plant Products		Sales Gas		Oil/Cond.		Plt Prod.		Gas
Year	or Wells		(Barrels)		(Mgal)		(MMcf)		(Barrels)		(Mgal)		(MMcf)		($/bbl)		($/gal)		($/Mcf)
2010		8		0		0		0		0		0		0		0.00		0.00		0.00
2011		8		7,151		0		2		1,907		0		0		69.12		0.00		1.54
2012		8		41,308		0		10		11,016		0		3		69.12		0.00		1.54
2013		8		193,783		0		48		51,678		0		13		69.12		0.00		1.54
2014		8		364,330		0		91		97,160		0		24		69.12		0.00		1.54
2015		35		9,059,498		0		2,265		2,415,987		0		604		69.12		0.00		1.54
2016		90		22,444,982		0		5,611		5,985,628		0		1,496		69.12		0.00		1.54
2017		145		31,257,251		0		7,814		8,335,684		0		2,084		69.12		0.00		1.54
2018		217		37,103,155		0		9,276		9,894,669		0		2,474		69.12		0.00		1.54
2019		335		40,846,988		0		10,212		10,893,075		0		2,723		69.12		0.00		1.54
2020		454		43,292,145		0		10,823		11,545,149		0		2,886		69.12		0.00		1.54
2021		564		43,297,368		0		10,824		11,546,542		0		2,887		69.12		0.00		1.54
2022		582		41,270,003		0		10,318		11,005,884		0		2,751		69.12		0.00		1.54
2023		580		39,106,892		0		9,777		10,429,026		0		2,607		69.12		0.00		1.54
2024		580		35,999,117		0		9,000		9,600,245		0		2,400		69.12		0.00		1.54

Sub-Total				344,283,972		0		86,071		91,813,650		0		22,953		69.12		0.00		1.54
Remainder				71,187,479		0		17,797		18,984,277		0		4,746		69.12		0.00		1.54
Total Future				415,471,451		0		103,868		110,797,926		0		27,699		69.12		0.00		1.54

Cumulative				0		0		0
Ultimate				415,471,451		0		103,868


	COMPANY FUTURE GROSS REVENUE (FGR) — $M										PRODUCTION TAXES — $M						FGR AFTER
	From		From		From						Oil/		Plant Prod./				PRODUCTION
Year	Oil/Condensate		Plant Products		Gas		Other		Total		Condensate		Other		Gas		TAXES — $M
2010		0		0		0		0		0		0		0		0		0
2011		132		0		1		0		133		0		0		0		133
2012		761		0		4		0		766		0		0		0		766
2013		3,572		0		20		0		3,592		0		0		0		3,592
2014		6,716		0		37		0		6,753		0		0		0		6,753
2015		166,993		0		930		0		167,923		0		0		0		167,923
2016		413,727		0		2,304		0		416,031		0		0		0		416,031
2017		576,162		0		3,209		0		579,372		0		0		0		579,372
2018		683,920		0		3,809		0		687,729		0		0		0		687,729
2019		752,929		0		4,194		0		757,123		0		0		0		757,123
2020		798,001		0		4,445		0		802,446		0		0		0		802,446
2021		798,097		0		4,445		0		802,542		0		0		0		802,542
2022		760,727		0		4,237		0		764,964		0		0		0		764,964
2023		720,854		0		4,015		0		724,869		0		0		0		724,869
2024		663,569		0		3,696		0		667,265		0		0		0		667,265

Sub-Total		6,346,159		0		35,348		0		6,381,508		0		0		0		6,381,508
Remainder		1,312,193		0		7,309		0		1,319,502		0		0		0		1,319,502
Total Future		7,658,353		0		42,657		0		7,701,010		0		0		0		7,701,010


	DEDUCTIONS — $M										FUTURE NET INCOME BEFORE TAXES — $M
	Operating		Ad Valorem		Development						Undiscounted				Discounted
Year	Costs		Taxes		Costs		Other		Total		Annual		Cumulative		@10.00%
2010		0		0		0		0		0		0		0		0
2011		30		2		0		0		32		101		101		90
2012		170		12		0		0		182		583		684		487
2013		800		56		0		0		855		2,736		3,421		2,105
2014		1,503		105		16,000		0		17,608		-10,855		-7,434		-7,734
2015		37,379		2,611		110,552		0		150,542		17,381		9,946		9,526
2016		92,608		6,468		39,160		0		138,236		277,795		287,741		159,916
2017		128,967		9,008		49,600		0		187,576		391,796		679,537		205,336
2018		153,088		10,693		54,000		0		217,780		469,949		1,149,486		224,330
2019		168,535		11,772		77,800		0		258,106		499,017		1,648,503		216,326
2020		178,623		12,476		78,240		0		269,340		533,106		2,181,608		210,577
2021		178,645		12,478		70,400		0		261,523		541,020		2,722,628		194,249
2022		170,280		11,894		12,480		0		194,654		570,310		3,292,938		186,297
2023		161,355		11,270		0		0		172,625		552,244		3,845,182		164,013
2024		148,532		10,375		0		0		158,907		508,358		4,353,540		137,219

Sub-Total		1,420,516		99,220		508,232		0		2,027,968		4,353,540				1,702,739
Remainder		293,720		20,516		0		0		314,235		1,005,267		5,358,807		229,426
Total Future		1,714,235		119,735		508,232		0		2,342,203		5,358,807				1,932,165

Life of summary is: 17.07 years.

These data are part of a Ryder Scott report and are subject to the conditions in the text of the report.


Delaware	1-10762	77-0196707

(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)


	Harvest Natural Resources, Inc.
October 22, 2010	By:	Keith L. Head
		Name:	Keith L. Head
		Title:	Vice President, General Counsel