Exhibit 99.1

HARVET NATURAL RESOURCES, INC. AND SUBSIDIARIES
Unaudited Pro Form Consolidated Financial Statements

The following unaudited pro forma consolidated statements of operations for the three months ended March 31, 2011 and for the years ended December 31, 2010, 2009 and 2008, have been derived from the historical financial statements of Harvest Natural Resources, Inc. (“HNR”, “Company”, “we”, “us” or “our”) as if the disposal of all oil and gas assets in Utah’s Uinta Basin (“Utah Operations”) via the sale to Newfield Production Company (“Newfield”) occurred as of January 1, 2008. Additionally, the proceeds from the sale of the Utah Properties are considered an “Extraordinary Receipt” as defined in the Company’s Credit Agreement, dated as of October 28, 2010 (the “Credit Agreement”), between the Company and MSD Energy Investments Private II, LLC. Pursuant to the terms of the Credit Agreement, on May 17, 2011 the Company paid amounts outstanding under the Credit Agreement. The unaudited pro forma consolidated statement of operations for the three months ended March 31, 2011 and for the year ended December 31, 2010, have reflected the payment under the Credit Agreement as if the payment occurred as of January 1, 2010. The unaudited pro forma statement of operations for the three months ended March 31, 2010 has not been included as the Utah Operations were reported in discontinued operations in the Company’s Quarterly Report on Form 10-Q for the three months ended March 31, 2011, filed on May 10, 2011 and there would be no impact to interest expense as the Credit Agreement originated as of October 28, 2010. The unaudited pro forma consolidated balance sheet as of March 31, 2011 has been prepared as if the sale of the Utah Operations occurred as of March 31, 2011.

The preparation of the unaudited pro forma consolidated financial information is based on financial statements prepared in accordance with accounting principles generally accepted in the United States of America. The pro forma adjustments reflected in the accompanying unaudited pro forma consolidated financial statements reflect estimates and assumptions that the Company’s management believes to be reasonable. Actual results may differ from those estimates.

The unaudited pro forma consolidated financial information is provided for illustrative purposes only and does not purport to represent what the actual results of operations would have been had the transactions occurred on the respective date assumed, nor is it necessarily indicative of the Company’s future operating results. These unaudited pro forma condensed consolidated financial statements and the accompanying unaudited notes should be read in conjunction with HNR’s consolidated financial statements and notes thereto contained in HNR’s 2010 Annual Report on Form 10-K filed on March 16, 2011, and HNR’s Quarterly Report on Form 10-Q for the three months ended March 31, 2011, filed on May 10, 2011.

HARVEST NATURAL RESOURCES, INC.
PRO FORMA CONSOLIDATED BALANCE SHEET
(In thousands)
(Unaudited)

		HNR Historical				Utah Operations				Credit Agreement				Pro Forma HNR
		March 31, 2011				Disposition(1)				Repayment(2)				March 31, 2011
ASSETS
CURRENT ASSETS:
Cash and cash equivalents		$	24,664			$	217,833				(62,144	)		$	180,353
Restricted cash			4,490												4,490
Accounts and notes receivable, net
Oil and gas revenue receivable			3,724				(3,724	)			—				—
Dividend Receivable — Equity Affiliate			12,200				—				—				12,200
Joint interest and other			4,369				—				—				4,369
Notes receivable			3,255				—				—				3,255
Advances to equity affiliate			1,852				—				—				1,852
Assets held for sale			102,544				(102,544	)			—				—
Prepaid expenses and other			2,193				(856	)			—				1,337
TOTAL CURRENT ASSETS			159,291				110,709				(62,144	)			207,856
OTHER ASSETS			2,293				—				(353	)			1,940
INVESTMENT IN EQUITY AFFILIATE			292,564				—				—				292,564
PROPERTY AND EQUIPMENT:
Oil and gas properties			46,589				—				—				46,589
Other administrative property			3,250				—				—				3,250
			49,839				—				—				49,839
Accumulated depletion, impairment and depreciation			(1,805	)			—				—				(1,805	)
Net property and equipment			48,034				—				—				48,034
		$	502,182			$	110,709			$	(62,497	)		$	550,394
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Joint interest and royalty payable		$	1,771			$	(1,771	)			—			$	—
Accounts payable-trade			3,553				15,362				—				18,915
Accounts payable-carry obligation			4,910				—				—				4,910
Accrued expense			24,284				(9,140	)			—				15,144
Liabilities held for sale			599				(599	)			—				—
Accrued interest payable			237				—				(17	)			220
Income taxes payable			283				6,000				—				6,283
TOTAL CURRENT LIABILITIES			35,637				9,852				(17	)			45,472
OTHER LIABILITIES			2,268				—				—				2,268
LONG-TERM DEBT			81,775				—				(49,775	)			32,000
COMMITMENTS AND CONTINGENCIES			—				—				—				—
EQUITY
STOCKHOLDERS’ EQUITY
Common stock			401				—				—				401
Additional paid-in capital			231,890				—				(2,730	)			229,160
Retained earnings			142,354				100,857				(9,975	)			233,236
Treasury stock			(65,543	)			—				—				(65,543	)
TOTAL HARVEST STOCKHOLDERS’ EQUITY			309,102				100,857				(12,705	)			397,254
NONCONTROLLING INTEREST			73,400				—				—				73,400
TOTAL EQUITY			382,502				100,857				(12,705	)			470,654
TOTAL LIABILITIES AND EQUITY		$	502,182			$	110,709			$	(62,497	)		$	550,394

HARVEST NATURAL RESOURCES, INC.
PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands except share data)
(Unaudited)

		HNR Historical								Pro Forma HNR
		Three Months Ended				Utah Operations				Three Months Ended
		March 31, 2011				Disposition (4)				March 31, 2011
EXPENSES:
Depreciation and amortization		$	124			$	—			$	124
Exploration expense			1,189				—				1,189
General and administrative			6,326				—				6,326
Taxes other than on income			349				—				349
			7,988				—				7,988
INCOME (LOSS) FROM OPERATIONS			(7,988	)			—				(7,988	)
OTHER NON-OPERATING INCOME
Investment earnings and other			145				—				145
Interest expense			(2,212	)			1,065				(1,147	)
Other non-operating expense			(431	)			—				(431	)
Loss on exchange rates			(11	)			—				(11	)
			(2,509	)			1,065				(1,444	)
INCOME (LOSS) FROM CONSOLIDATED COMPANIES CONTINUING OPERATIONS BEFORE INCOME TAXES			(10,497	)			1,065				(9,432	)
INCOME TAX EXPENSE			222				—				222
INCOME (LOSS) FROM CONSOLIDATED COMPANIES CONTINUING OPERATIONS			(10,719	)			1,065				(9,654	)
NET INCOME FROM UNCONSOLIDATED EQUITY AFFILIATE			18,104				—				18,104
NET INCOME FROM CONTINUING OPERATIONS			7,385				1,065				8,450
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST			3,349				—				3,349
NET INCOME FROM CONTINUING OPERATIONS ATTRIBUTABLE TO HARVEST NATURAL RESOURCES, INC.		$	4,036			$	1,065			$	5,101

		As Filed								Pro Forma
		March 31, 2011								March 31, 2011
		Basic				Dilutive				Basic				Dilutive
NET INCOME FROM CONTINUING OPERATIONS ATTRIBUTABLE TO HARVEST PER COMMON SHARE:
Income from continuing operations		$	4,036			$	4,036			$	5,101			$	5,101
Weighted average common shares outstanding			33,945				33,945				33,945				33,945
Effect of dilutive shares			—				4,555				—				4,555
Weighted average common shares including dilutive effect			33,945				38,500				33,945				38,500
Per Share:
Net income from continuing operations attributable to Harvest		$	0.12			$	0.10			$	0.15			$	0.13

HARVEST NATURAL RESOURCES, INC.
PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands except share data)
(Unaudited)

		HNR Historical										Pro Forma HNR
		Twelve Months										Twelve Months
		Ended				Utah Operations						Ended
		December 31, 2010				Disposition				NOTE		December 31, 2010
REVENUES:
Oil sales		$	9,243			$	(9,243	)		(3)		$	—
Gas sales			1,453				(1,453	)		(3)			—
			10,696				(10,696	)					—
EXPENSES:
Lease operating costs and production taxes		$	1,846			$	(1,846	)		(3)		$	—
Depreciation and amortization			3,817				(3,333	)		(3)			484
Exploration expense			8,016				—						8,016
General and administrative			26,660				(1,805	)		(3)			24,855
Taxes other than on income			1,048				—						1,048
			41,387				(6,984	)					34,403
LOSS FROM OPERATIONS			(30,691	)			(3,712	)					(34,403	)
OTHER NON-OPERATING INCOME
Investment earnings and other			557				—						557
Interest expense			(2,689	)			666			(4)			(2,023	)
Other non-operating expense			(3,952	)			—						(3,952	)
Loss on exchange rates			(1,588	)			—						(1,588	)
			(7,672	)			666						(7,006	)
LOSS FROM CONSOLIDATED COMPANIES CONTINUING OPERATIONS BEFORE INCOME TAXES			(38,363	)			(3,046	)					(41,409	)
INCOME TAX BENEFIT			(184	)			—						(184	)
LOSS FROM CONSOLIDATED COMPANIES CONTINUING OPERATIONS			(38,179	)			(3,046	)					(41,225	)
NET INCOME FROM UNCONSOLIDATED EQUITY AFFILIATE			66,164				—						66,164
NET INCOME (LOSS) FROM CONTINUING OPERATIONS			27,985				(3,046	)					24,939
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST			12,645				—						12,645
NET INCOME (LOSS) FROM CONTINUING OPERATIONS ATTRIBUTABLE TO HARVEST NATURAL RESOURCES, INC.		$	15,340			$	(3,046	)				$	12,294

		As Filed								Pro Forma
		December 31, 2010								December 31, 2010
		Basic				Dilutive				Basic				Dilutive
NET INCOME FROM CONTINUING OPERATIONS ATTRIBUTABLE TO HARVEST PER COMMON SHARE:
Income from continuing operations		$	15,340			$	15,340			$	12,294			$	12,294
Weighted average common shares outstanding			33,541				33,541				33,541				33,541
Effect of dilutive shares			—				2,133				—				2,133
Weighted average common shares including dilutive effect			33,541				35,674				33,541				35,674
Per Share:
Net income from continuing operations attributable to Harvest		$	0.46			$	0.43			$	0.37			$	0.34

HARVEST NATURAL RESOURCES, INC.
PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands except share data)
(Unaudited)

		HNR Historical								Pro Forma HNR
		Twelve Months								Twelve Months
		Ended				Utah Operations				Ended
		December 31, 2009				Disposition (3)				December 31, 2009
REVENUES:
Oil sales		$	165			$	(165	)		$	—
Gas sales			16				(16	)			—
			181				(181	)			—
EXPENSES:
Depreciation and amortization		$	436			$	(29	)		$	407
Exploration expense			7,824				—				7,824
General and administrative			21,854				(927	)			20,927
Taxes other than on income			1,026				—				1,026
			31,140				(956	)			30,184
INCOME (LOSS) FROM OPERATIONS			(30,959	)			775				(30,184	)
OTHER NON-OPERATING INCOME
Investment earnings and other			1,168				—				1,168
Interest expense			(5	)			—				(5	)
Loss on exchange rates			(83	)			—				(83	)
			1,080				—				1,080
INCOME (LOSS) FROM CONSOLIDATED COMPANIES CONTINUING OPERATIONS BEFORE INCOME TAXES			(29,879	)			775				(29,104	)
INCOME TAX EXPENSE			1,182				—				1,182
INCOME (LOSS) FROM CONSOLIDATED COMPANIES CONTINUING OPERATIONS			(31,061	)			775				(30,286	)
NET INCOME FROM UNCONSOLIDATED EQUITY AFFILIATE			35,757				—				35,757
NET INCOME FROM CONTINUING OPERATIONS			4,696				775				5,471
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST			7,803				—				7,803
NET INCOME (LOSS) FROM CONTINUING OPERATIONS ATTRIBUTABLE TO HARVEST NATURAL RESOURCES, INC.		$	(3,107	)		$	775			$	(2,332	)

		As Filed								Pro Forma
		December 31, 2009								December 31, 2009
		Basic				Dilutive				Basic				Dilutive
NET LOSS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO HARVEST PER COMMON SHARE:
Loss from continuing operations		$	(3,107	)		$	(3,107	)		$	(2,332	)		$	(2,332	)
Weighted average common shares outstanding			33,084				33,084				33,084				33,084
Effect of dilutive shares			—				—				—				—
Weighted average common shares including dilutive effect			33,084				33,084				33,084				33,084
Per Share:
Net loss from continuing operations attributable to Harvest		$	(0.09	)		$	(0.09	)		$	(0.07	)		$	(0.07	)

HARVEST NATURAL RESOURCES, INC.

PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS

(In thousands except share data)
(Unaudited)

		HNR Historical								Pro Forma HNR
		Twelve Months								Twelve Months
		Ended				Utah Operations				Ended
		December 31, 2008				Disposition (3)				December 31, 2008
EXPENSES:
Depreciation and amortization		$	201			$	—			$	201
Exploration expense			16,402				—				16,402
Dry hole costs			10,828				—				10,828
General and administrative			27,215				(342	)			26,873
Taxes other than on income			(206	)			—				(206	)
			54,440				(342	)			54,098
INCOME (LOSS) FROM OPERATIONS			(54,440	)			342				(54,098	)
OTHER NON-OPERATING INCOME
Gain on financing transactions			3,421				—				3,421
Investment earnings and other			3,849				—				3,849
Interest expense			(1,730	)			—				(1,730	)
Loss on exchange rates			(186	)			—				(186	)
			5,354				—				5,354
INCOME (LOSS) FROM CONSOLIDATED COMPANIES CONTINUING OPERATIONS BEFORE INCOME TAXES			(49,086	)			342				(48,744	)
INCOME TAX EXPENSE (BENEFIT)			25				—				25
INCOME (LOSS) FROM CONSOLIDATED COMPANIES CONTINUING OPERATIONS			(49,111	)			342				(48,769	)
NET INCOME FROM UNCONSOLIDATED EQUITY AFFILIATE			34,576				—				34,576
NET INCOME (LOSS) FROM CONTINUING OPERATIONS			(14,535	)			342				(14,193	)
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST			6,929				—				6,929
NET INCOME (LOSS) FROM CONTINUING OPERATIONS ATTRIBUTABLE TO HARVEST NATURAL RESOURCES, INC.		$	(21,464	)		$	342			$	(21,122	)

		As Filed								Pro Forma
		December 31, 2008								December 31, 2008
		Basic				Dilutive				Basic				Dilutive
NET LOSS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO HARVEST PER COMMON SHARE:
Loss from continuing operations		$	(21,464	)		$	(21,464	)		$	(21,122	)		$	(21,122	)
Weighted average common shares outstanding			34,073				34,073				34,073				34,073
Effect of dilutive shares			—				—				—				—
Weighted average common shares including dilutive effect			34,073				34,073				34,073				34,073
Per Share:
Net loss from continuing operations attributable to Harvest		$	(0.63	)		$	(0.63	)		$	(0.62	)		$	(0.62	)

HARVET NATURAL RESOURCES, INC. AND SUBSIDIARIES
Notes to Unaudited Pro Form Consolidated Financial Statements

Revision — Historical Net income from continuing operations in the consolidated statement of operations for the three months ended March 31, 2011 has been revised. Approximately $381 thousand of the general and administrative expenses related to our Utah Operations were adjusted to be classified as discontinued operations. This reclassification did not impact consolidated net income and management concluded the adjustment was not material to our Quarterly Report on Form 10-Q for the three months ended March 31, 2011, filed on May 10, 2011. This revision will be reflected in our second Quarterly Report on Form 10-Q.

(1) Reflects the pro forma elimination of the assets, liabilities and equity associated with the Utah Operations, which are included in our historical condensed consolidated balance sheet. An estimated gain of $100.9 million, net of tax, has not been included in the consolidated pro forma statement of operations but will be reflected in discontinued operations in the historical statement of operations in our Quarterly Report on Form 10-Q for the three months ended June 30, 2011.

(2) Reflects the pro forma repayment of the Credit Agreement on May 17, 2011 due to the sale of the Utah Operations. An estimated loss of $9.9 million has not been included in the consolidated pro forma statement of operations but will be reflected in continuing operations in the historical statement of operations in our Quarterly Report on Form 10-Q for the three and six months ended June 30, 2011.

(3)		Reflects the pro forma elimination of the operating results associated with the Utah Operations.
(4)		Reflects the pro forma elimination of the interest expense associated with the Credit Agreement.