Offshore staff

(US, GoM)- Harvest Oil and Gas LLC has entered into a transaction to buy all of Hess Corporation's oil and gas producing properties in Plaquemines and St. Bernard parishes, Louisiana.

The properties are adjacent to Harvest's Grand Bay field, and include wells and facilities located in 8 fields that currently produce at a combined rate of over 7.5 MMcf/d.

An additional 6 fields that were impacted by Hurricane Katrina are expected to return to production in the 3Q 2006. These fields had pre-storm net production of approximately 8.6 MMcf/d.

The Harvest-Hess transaction is effective as of April 1, 2006, and it is anticipated to close in late August.

07/11/2006