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Harvest Oil & Gas Corp. Announces Fourth Quarter and Full Year 2018 Results, Year-end Proved Reserves and 2019 Guidance
Harvest Oil & Gas Corp. Announces Fourth Quarter and Full Year 2018 Results, Year-end Proved Reserves and 2019 Guidance.
About this update from Harvest Oil & Gas Corporation
[{"type":"text","content":"\nHOUSTON, March 29, 2019 (GLOBE NEWSWIRE) -- Harvest Oil & Gas Corp. (OTCQX: HRST) (“Harvest” or the “Company”) today announced results for the fourth quarter and full year of 2018 and the filing of its Form 10-K with the Securities and Exchange Commission (“SEC”). In addition, Harvest announced its 2018 year-end proved reserves and provided guidance for 2019.\n Key Highlights Average daily production was 144.9 MMcfe for the fourth quarter of 2018, which was in line with guidance of 143 to 150 MMcfeSold all of Harvest’s 4.2 million shares of Magnolia Oil & Gas Corporation (NYSE: MGY) stock for net proceeds of $51.7 million in January 2019Sold oil and gas properties in Central Texas for total consideration of $2.6 million in December 2018Sold oil and gas properties in the Mid-Continent area for total consideration of $2.7 million in December 2018 and January 2019In February 2019, entered into definitive agreements to sell oil and gas properties in the San Juan Basin in New Mexico and Colorado for $42.8 million in cash and in the Mid-Continent area for $2.5 million in cash, each subject to purchase price adjustmentsReduced outstanding borrowings under the credit facility to $55 million, as of March 28, 2019 Fourth Quarter 2018 Results         Fourth Quarter Third Quarter $ in millions unless noted otherwise 2018 2018Average daily production (MMcfe/d)  144.9   175.5 Total revenues (1)  47.9   69.0 Total assets (2)  534.5   545.5 Net income (loss) (1)(3)  34.3   (9.8)Adjusted EBITDAX (a non-GAAP      financial measure) (1)(4)  9.0   28.9 Total debt (2)  115.0   133.0 Net cash provided by operating activities  19.6   17.4 Additions to oil and natural gas properties (5)  5.1   15.1  Includes royalty adjustment of $5.0 million in the fourth quarter. See Note 13 of the Notes to Consolidated Financial Statements included under “Item 8. Financial Statements and Supplementary Data” contained in the Form 10-K filed March 29, 2019. Excluding this royalty adjustment,...