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Harvest Oil & Gas Announces Third Quarter 2020 Results
Harvest Oil & Gas Announces Third Quarter 2020 Results.
About this update from Harvest Oil & Gas Corporation
[{"type":"text","content":"\n HOUSTON, Nov. 17, 2020 (GLOBE NEWSWIRE) -- Harvest Oil & Gas Corp. (OTCQX: HRST) (“Harvest” or the “Company”) today announced results for the third quarter of 2020. Key Highlights Average daily production was 31.8 MMcfe for the third quarter of 2020On July 7, 2020, the Company entered into a definitive agreement to sell its Appalachian Basin assetsOn August 4, 2020, the Company closed on its previously announced sale of its Michigan propertiesOn August 7, 2020, the Company announced a one-time cash distribution of $10.00 per share payable on August 24, 2020 to shareholders of record as of August 17, 2020On October 23, 2020, the Company closed on its previously announced sale of its Appalachia properties for $21.9 million, subject to customary purchase price adjustments; the transaction was funded with a $21.9 million senior secured seller noteIn October 2020, the Company unwound all of its remaining commodity derivative contracts for cash settlements received of $1.5 millionOn November 13, 2020, the Company announced a one-time cash distribution of $10.00 per share payable on November 30, 2020 to shareholders of record as of November 23, 2020          Third Quarter 2020 Financial Results          Third Quarter Second Quarter$ in millions unless noted otherwise 2020 2020Average daily production (MMcfe/d)  31.8    36.8  Total revenues $7.5   $7.4  Total assets (1)  145.1    175.0  Net income (loss)  (6.2)   (7.1) Adjusted EBITDAX (2)  0.9    2.3  Total debt (1)  —    —  Net cash provided by (used in) operating activities  (2.2)   2.2  Additions to oil and natural gas properties (3)  1.0    0.2   (1) As of September 30, 2020 and June 30, 2020.(2)Adjusted EBITDAX is a Non-GAAP financial measure and is defined and reconciled under “Non-GAAP Measures” below.(3)Represents cash payments during the period.   For the third quarter of 2020, Harvest reported a net loss of $6...