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Harvest Natural Resources, Inc.

Howard Weil 37th Annual Energy Conference

March 26, 2009

Tested. Proven. Moving Forward

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

Cautionary note to investors: The United States Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. From time to time, Harvest may use certain terms such as resource base, prospective resources, probable reserves, possible reserves, non-proved reserves or other descriptions of volumes of reserves that SEC guidelines may prohibit Harvest from including in filings with the SEC. These estimates are by their nature more speculative than estimates of proved reserves and accordingly, are subject to substantially greater risk of being actually realized by the Company. Investors are urged to consider closely the disclosure in our 2007 Annual Report on Form 10-K and other public filings available from Harvest at 1177 Enclave Parkway, Houston, Texas, 77077 or from the SEC’s website at www.sec.gov .

Forward-Looking Statements

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About Harvest

Market Data• Exchange/Ticker NYSE: HNR• Market Capitalization* $ 112 MM• Enterprise Value $ 19 MM• Cash (12/31/08) $ 97 MM• Debt (12/31/08) $ 0 MM• Shares Outstanding 33 million • Institutional Ownership 71%

* As of March 20, 2009

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Location of Assets

VENEZUELAPetrodelta (40%)

Onshore OilExploration, Production &

Development

USAAntelope (50%)Oil and Gas Exploration

GABONDussafu (66.667%)

Offshore Oil Exploration

INDONESIABudong-Budong (47%)Onshore Oil Exploration

CHINAWAB-21 (100%)Offshore Oil Exploration

Offices

London Technical/ BD Office

Singapore Eastern

Operations Office

Houston Headquarters

Venezuela Office

West Bay (50%)Gas Exploration

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Harvest Natural Resources, Inc.

International Portfolio

Tested. Proven. Moving Forward

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Venezuela - Petrodelta

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Petrodelta Resource Base

Six fields with 5.9 billion barrels OOIP32% owned by HNR

Net Resource Base* Proved Probable PossibleOil, MMBO 34.2 23.3 58.2Gas, BCF 54.2 20.9 25.1Total, MMBOE 43.3 26.8 62.4

Proved 2P 3PReserves (MMBoe) 43.3 70.1 132.4

After – Tax PV10 ($MM) $111 $139 $290

Per Boe $2.56 $1.98 $2.19

Enterprise Value/boe $0.43 $0.27 $0.14

*Ryder Scott reserve report as of December 31, 2008, WTI = $40.62, Venezuela oil price = $34.38

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0

5

10

15

20

25

30

35

Jan-04 Jul-04 Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09

Bar

rels

of O

il Pe

r Day

(000

's)

0

1

2

3

4

5

6

# of

Rig

s

Petrodelta Oil Production

Conversion Process (Now Complete)

March 2009

22,000 bpd

# of rigs New FieldsSMU

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Petrodelta Margins

Assumes 50% Income Tax Rate: no tax shields

Petrodelta Cash Margin Example ($/bbl)

$10.7

16.7 13.9

6.9

7.2 7.2

7.2

28.7

20.2

12.9

10.6

15.4

10.8

6.8

$17.7$20.5

1.62.3

1.0

1.4

1.4

1.4

$0.0

$20.0

$40.0

$60.0

$80.0

$100.0

$120.0

$/bb

l

Gas Revenues

Quality Adj.

WindFall PT

Royalties

Cash Costs

Other Taxes

Income Tax

Cash Margin

WTI = $100

WTI = 70

Cash MarginCash Margin

WTI = $44

Cash Margin

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Indonesia Budong-Budong

1.4 MM acre PSC, Onshore West Sulawesi, Indonesia

47% interestProven hydrocarbon systemSeveral oil and gas seeps presentLeads in the Karama and Lariang basins

50 – 100 MMBO each

Status & Exploration Work Program

650 Km of 2D seismicCompleted in 2008 Interpretation Ongoing

Drill 2 exploration wells2nd half of 2009

Projected HNR costs - $20 MM

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Gabon – Dussafu

680,000 acre PSC, Offshore Gabon66.667% operated interestProven hydrocarbon systemGamba Oil DiscoveriesSyn – Rift leads

Status & 2009 Work Program650 Km of 2-D seismic

Completed in 2008Reprocessing 1000 km2 3-D and Technical studies

1st half 2009Projected 2009 HNR cost of $2 MM

Potential Drilling in 2010

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China – WAB - 216.2 million acre, Offshore South China Sea

Proven hydrocarbons being developed and produced in nearby basinsAll the elements of the proven petroleum system to the West are present in WAB-21Proven play types of nearby discoveries are present in WAB-21Partner is CNOOC

Subject to territorial dispute between China and Vietnam

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Harvest Natural Resources, Inc.

US Portfolio

Tested. Proven. Moving Forward

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Brazoria & Galveston Counties, TXApprox.1,000 a2cres under leaseHarvest: 50% WI / 37% NRI

13 Identified LeadsUndrilled Salt FeatureStacked Miocene, Frio, VicksburgWell Cost: Approx $15 MMOffshore exploratory wells: 2

Status & 2009 Work ProgramEngineering and PermittingRe-processing 3-DFirst test well late 2009 or 2010 2009 HNR Cost: $0.5 MM

Bay Exploration Project

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Central Area of the Uinta Basin, UtahHarvest: Operator 50% WI / 39% NRICurrent Fee and Allottee Lease Position ~ 52,000 acres; 26,000 net

Status & 2009 Work Program:Mesaverde well scheduled 2Q 09Permitting 8 Green River oil locationsConsidering Wasatch testProjected 2009 HNR cost: $18.3 MM

USA-Antelope

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Two Prospective TargetsTertiary Green River & Wasatch Formations - Oil & Gas play

Cretaceous Mesaverde Formation –Gas play

Overpressured, massive, low permeability sandstone Reserve potential multi TCF

USA-Antelope

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Schedule

Q2Q1

Rig 2

Rig 1

Budong

El Salto/Isleno

New fields

Dussafu

Development Drilling

Seismic acquisition, processing and interpretation

E & A Drilling

Petrodelta

Indonesia

Gabon

USA

Venezuela

USA

USA

Indonesia

Gabon

Petrodelta

Q4Q3 Q2Q1 Q4Q3

Antelope

West Bay

Budong (2)

Dussafu

West Bay

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Share Price Relative to Value

$2.94 $2.94 $2.94 $2.94$3.36 $5.53 $7.67 $9.81$0.85

$1.84$2.89

$3.95$6.82

$9.26

$11.70

$3.40

$4.58

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

Share Price (03/20/09) NAV Per-Share* @$40.62/bbl WTI

NAV Per-Share* @$50/bbl WTI

NAV Per-Share* @$60/bbl WTI

NAV Per-Share* @$70/bbl WTI

Venezuela• What’s the right

Venezuela risk coefficient?

• $75 MM cash dividend and dividend advances paid from Petrodelta in 2008

• Petrodelta running rigs, growing production and reserves, reducing costs

$97 MM cash on-handHigh-impact exploration prospects in prolific areas worldwideGrowing U.S. portfolio

ExplorationUpside

Value Considerations

Petrodelta 3P

Cash

Petrodelta 1P

Petrodelta 2P

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Capital Structure Aligned with Strategy

12/31/2008 12/31/2007

ASSETS:

Cash $97.2 $120.8

Restricted cash 0.0 6.8Other current assets 22.6 31.1Investment in equity affiliate 218.9 254.8

PPE, net 23.6 3.6Total assets 362.3 417.1

LIABILITIES & S/H EQUITY:

Current liabilities 39.5 33.7

Short-term debt 0.0 9.3

Long-term debt 0.0 0.0

Minority interest 49.6 57.5

Stockholders’ equity 273.2 316.6

Total liabilities & S/H equity $362.3 $417.1

Zero debt, low financial risk

Balance Sheet cash and cash dividends from expanding Petrodelta operations reinvested in high-impact exploration projects in U.S. and Worldwide

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Why Invest In Harvest?

Significant Valuation Gap Current EV equates to 10% of PV10 for 1P only at $50 WTIPetrodelta CFO funding strong growth in productionNew fields potential being demonstrated

Near and medium-term exposure to high-potential exploration prospects worldwide

Strong Balance Sheet and OrganizationHNR is exceptionally well positioned in the current environment to capture further opportunities

Board and Management Commitment to Shareholder Value