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Harvest Approved to Trade on OTCQX, Completes Divestitures of Central Texas and Karnes County Assets and Provides Second Half 2018 Guidance
Harvest Approved to Trade on OTCQX, Completes Divestitures of Central Texas and Karnes County Assets and Provides Second Half 2018 Guidance.
About this update from Harvest Oil & Gas Corporation
[{"type":"text","content":"\nHOUSTON, Sept. 19, 2018 (GLOBE NEWSWIRE) -- Harvest Oil & Gas Corp. (“Harvest” or “Company”) (OTCQX: HRST) today announced its common stock and warrants have been approved for and will begin trading on the OTCQX® Best Market on September 20, 2018. Harvest’s common stock and warrants will trade under the tickers HRST and HRSTW, respectively. Investors may find current financial disclosures and Real-Time level 2 quotes for Harvest on www.otcmarkets.com.\n As detailed in a Form 8-K filed with the Securities and Exchange Commission on September 7, 2018, Harvest completed the previously announced sale of certain interests in its Central Texas and Karnes County, Texas properties to Magnolia Oil & Gas Corporation (“Magnolia”) on August 31, 2018. Total consideration at closing consisted of $133.3 million in cash (net of preliminary purchase price adjustments) and 4.2 million shares of Magnolia stock. Based on the closing price on August 31, 2018 of $13.86, total consideration, net of preliminary purchase price adjustments, was $191.5 million. In addition, on August 31, 2018, Harvest completed the previously announced sale of certain Eagle Ford formation rights and existing production in Lee County, Texas to a third party for $3.5 million of cash consideration (net of preliminary purchase price adjustments). Harvest used the net cash proceeds received from these divestitures as well as cash on hand to repay $139.0 million of the borrowings outstanding under its reserve-based revolving credit facility. As a result of the divestitures, the borrowing base under Harvest’s credit facility was reduced by $60.3 million to $264.7 million. Harvest had $139.0 million drawn on its credit facility as of September 19, 2018. In light of its recent divestitures in Central Texas and Karnes County, the Company is providing guidance for the second half of 2018. ($ in millions)  3Q 2018   4Q 2018 Net Production            Natural Gas (Mmcf)   10,035 - 10,550     8,995 - 9,460  Crude Oil (Mbbls)   315 - 330     200 - 210  Natural Gas Liquids (Mbbls)   575...