15 May 2020listing compliance notice▼ BadMajor
Harvest Oil & Gas Corp. terminated the registration of a class of securities, ending its reporting obligation for them.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
29 Apr 2020agm notice● Neutral
Harvest Oil & Gas Corp. shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
14 Apr 2020securities registration● Neutral
Harvest Oil & Gas Corp. amended an already-effective registration statement.
30 Mar 2020late filing notice▼ Bad
Harvest Oil & Gas Corp. notified the SEC that its annual report would be filed late.
18 Nov 2019quarterly activities report▼ Bad
Harvest Oil & Gas Corp. reported quarterly revenue of $16.1 million and a net loss of $22.1 million for the period ended 2019-12-31.
14 Nov 2019quarterly activities report▼ Bad
Harvest Oil & Gas Corp. reported quarterly revenue of $16.1 million and a net loss of $22.1 million for the period ended 2019-12-31.
8 Oct 2019debt financing▲ GoodMajor
On Oct 4, 2019 Harvest replaced its $1.0 billion JPMorgan revolver, which was due to mature Feb 2021, with a much smaller $10.0 million revolver from Regions Bank at LIBOR plus 1.00%, maturing Oct 4, 2020. The board also declared a one-time $7.00 per share cash distribution, payable Oct 28, 2019 to holders of record on Oct 18, which the company expects to be a non-taxable return of capital. This delivers on the earlier plan to return Barnett proceeds to shareholders. The warrant exercise price falls from $37.48 to $30.48 as a result.
16 Sept 2019asset acquisition disposition● NeutralMajor
Harvest closed the Barnett Shale sale to Bedrock Production, LLC on Sept 10, 2019 for $63.5 million cash, below the $72.0 million headline price. The filing says this is net of preliminary adjustments, including a $6.4 million reduction for interests expected to transfer in a later closing in 2019. It also sold certain Mid-Continent properties to BCE-Mach II LLC on Sept 13 for $5.4 million, unwound hedges for $7.9 million, and saw its old credit facility's borrowing base cut to $50.0 million. The company is weighing dividends, distributions or buybacks of the proceeds, has a commitment letter with Regions Bank for a new revolver, and has started a strategic review (with Intrepid Partners) that could include selling the remaining assets or the whole company. This resolves the Barnett sale thread and confirms the earlier plan to return capital, though no outcome of the review is stated.
14 Aug 2019quarterly activities report▼ Bad
Harvest Oil & Gas Corp. reported quarterly revenue of $23.2 million and a net loss of $19.5 million for the period ended 2019-09-30.
14 Aug 2019quarterly activities report▼ Bad
Harvest Oil & Gas Corp. reported quarterly revenue of $23.2 million and a net loss of $19.5 million for the period ended 2019-09-30.
30 July 2019material agreement▲ GoodMajor
On July 29, 2019 Harvest agreed to sell substantially all its Barnett Shale interests to an unrelated buyer for $72.0 million (subject to adjustments), with closing expected in Q3 2019 and either side able to terminate if it has not closed by Sept 12, 2019. Subject to board approval, it plans to use the net proceeds to return capital to shareholders, a shift from the earlier sales whose proceeds went to repay the revolver. The buyer put $7.2 million in escrow. This continues the asset-sale programme.
3 June 2019agm notice● Neutral
Harvest Oil & Gas Corp. shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
15 May 2019quarterly activities report▼ Bad
Harvest Oil & Gas Corp. reported quarterly revenue of $30.6 million and a net loss of $60.9 million for the period ended 2019-06-30.
15 May 2019quarterly activities report▼ Bad
Harvest Oil & Gas Corp. reported quarterly revenue of $30.6 million and a net loss of $60.9 million for the period ended 2019-06-30.
18 Apr 2019agm notice● Neutral
Harvest Oil & Gas Corp. announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
8 Apr 2019asset acquisition disposition▲ GoodMajor
On April 2, 2019 Harvest completed the San Juan Basin sale to High River Resources, LLC for $37.2 million cash after adjustments, lower than the $42.8 million headline price in the February agreement. It used the proceeds plus cash on hand to repay $47.0 million of its revolver on April 3, leaving $8.0 million drawn as of April 8, 2019. The company expects the April 2019 borrowing base redetermination to cut the base, but expects it to remain above the amount drawn. This resolves the San Juan sale thread.
1 Apr 2019quarterly activities report▼ Bad
Harvest Oil & Gas Corp. reported quarterly revenue of $43.8 million and a net loss of $35.8 million for the period ended 2019-03-31.
20 Feb 2019material agreement▲ GoodMajor
On Feb 13, 2019 Harvest agreed to sell all its San Juan Basin properties in New Mexico and Colorado, plus its EnerVest Mesa LLC interests, to an undisclosed buyer for $42.8 million (subject to adjustments), with closing expected in April 2019 and proceeds first going to reduce revolver borrowings. It also said it had sold all 4.2 million Magnolia shares received in the 2018 Central Texas sale for $51.7 million net, used to pay down the revolver, leaving $55 million outstanding as of Feb 14, 2019. This continues the asset-sale programme begun with the Magnolia deal.
14 Nov 2018quarterly activities report● Neutral
Harvest Oil & Gas Corp. reported quarterly revenue of $47.9 million and net income of $34.3 million for the period ended 2018-12-31.
14 Nov 2018quarterly activities report● Neutral
Harvest Oil & Gas Corp. reported quarterly revenue of $47.9 million and net income of $34.3 million for the period ended 2018-12-31.
9 Oct 2018securities registration● Neutral
Harvest Oil & Gas Corp. filed the final prospectus for a registered offering.
25 Sept 2018securities registration● Neutral
Harvest Oil & Gas Corp. registered a securities offering with the SEC.
7 Sept 2018asset acquisition disposition▲ GoodMajor
On Aug 31, 2018 Harvest closed the sale of oil and gas assets in 11 Central Texas counties (including Karnes County, acquired in Jan 2017) to Magnolia Oil & Gas under the Aug 20, 2018 agreement. It received $133.3 million in cash plus 4.2 million Magnolia shares (valued at $191.5 million in total at the Aug 31 closing price), and a separate Eagle Ford rights and Lee County production sale brought $3.5 million. The cash was used to repay $139.0 million of the bank revolver; the borrowing base fell to about $265 million and $139.0 million was drawn as of Sept 6, 2018. The company says it will keep exploring sales of non-core assets, and the proceeds may repay debt or return value to shareholders.
20 Aug 2018quarterly activities report▼ Bad
Harvest Oil & Gas Corp. reported quarterly revenue of $69.0 million and a net loss of $9.8 million for the period ended 2018-09-30.
14 Aug 2018late filing notice▼ Bad
Harvest Oil & Gas Corp. notified the SEC that its quarterly report would be filed late.
6 June 2018listing compliance notice● NeutralMajor
Harvest Oil & Gas Corp.'s exchange filed to remove a class of its securities from listing.
4 June 2018business combination● NeutralMajor
On June 4, 2018 the plan took effect and the company emerged from Chapter 11. EVEP's equity was cancelled, all its assets and operations were transferred to the new Harvest Oil & Gas Corp., and EVEP will be dissolved, with Harvest as successor reporting company. Harvest signed a new $1 billion reserve-based credit facility with JPMorgan as agent: initial borrowing base $325 million, about $297 million drawn at the effective date, maturing Feb 26, 2021. It also signed a registration rights agreement with certain noteholders and adopted a 2018 incentive plan reserving 689,362 shares. This completes the restructuring begun in March 2018.
18 May 2018bankruptcy or receivership▼ BadMajor
On May 17, 2018 the bankruptcy court confirmed the modified pre-packaged plan, with the effective date targeted on or before June 4, 2018. Under it, all outstanding units (49,368,869 as of May 10, 2018) are cancelled. Existing unitholders receive a pro rata share of 5% of the new stock plus five-year warrants for 8% (both subject to dilution by the management incentive plan, and the stock also by the warrants). Noteholders receive 95%, bank lenders get an amended facility, and existing funded debt and equity are extinguished. This resolves the confirmation thread.
14 May 2018quarterly activities report▼ Bad
Harvest Oil & Gas Corp. reported quarterly revenue of $67.9 million and a net loss of $15.4 million for the period ended 2018-03-31.
10 May 2018listing compliance notice▼ BadMajor
The company withdrew its appeal of the NASDAQ delisting decision, citing continued listing requirements and the expected post-bankruptcy board composition. Trading on NASDAQ was to be suspended at the open on May 11, 2018, with units expected to trade on the OTC Pink Market from that day. The filing gives no assurance of OTC quotes or an efficient market. This resolves the delisting thread opened in April.