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Harvest Oil & Gas Corp. Announces Fourth Quarter and Full Year 2019 Results, Year-end Proved Reserves and 2020 Guidance
Harvest Oil & Gas Corp. Announces Fourth Quarter and Full Year 2019 Results, Year-end Proved Reserves and 2020 Guidance.
About this update from Harvest Oil & Gas Corporation
[{"type":"text","content":"\n HOUSTON, April 14, 2020 (GLOBE NEWSWIRE) -- Harvest Oil & Gas Corp. (OTCQX: HRST) (“Harvest” or the “Company”) today announced results for the fourth quarter and full year of 2019 and the filing of its Form 10-K with the Securities and Exchange Commission (“SEC”). In addition, Harvest announced its 2019 year-end proved reserves and provided guidance for 2020. Key Highlights Average daily production was 53.1 MMcfe for the fourth quarter of 2019Made a cash distribution of $7.00 per share in October 2019Entered into a new $10 million credit facility in October 2019In December 2019, closed on the sale of substantially all of Harvest’s remaining oil and natural gas properties in the Barnett Shale for $6.2 million, net of preliminary purchase price adjustmentsIn December 2019, closed on the sale of substantially all of Harvest’s oil and natural gas properties in the Permian Basin for total consideration of $2.9 million, net of purchase price adjustments, and expect a subsequent closing for total consideration of $0.1 million in the second quarter of 2020, subject to customary purchase price adjustmentsIn March 2020, signed a purchase and sale agreement to sell all of Harvest’s oil and natural gas properties in Michigan for a purchase price of $4.8 million, subject to an adjustment based on the value of certain derivative contracts and other customary purchase price adjustments, with an expected closing during the second quarter of 2020In conjunction with divestitures during the fourth quarter, unwound certain commodity derivative contracts in January 2020 for cash settlements received of $1.1 millionAs of March 31, 2020, Harvest had repurchased 12,139 shares of its outstanding common stock under the previously announced share repurchase program The Company continues to review strategic alternatives following the divestiture of significant assets during 2019. The Company is actively considering the potential divestiture of all of its remaining assets as well as a potential sale or merger of the Company. In addition, Harvest is pursuing options to reduce its overall cost structure to more closely align with its asset base. Fourth Quarter 2019 Results        Fourth Quarter Third Quarter $ in millions unless noted otherwise 2019 ...