Harvest Oil & Gas Corp.

14 Dec 2011capital raising announcement● NeutralMajor

The general partner, which holds the incentive distribution rights, elected to reset them effective December 12, 2011, and was issued 3,873,357 Class B units. The minimum quarterly distribution rose from $0.40 to $0.7615 and the levels at which the incentive rights participate were reset higher. Class B units get the same distributions and votes as common units and become convertible into common units after one year, so this adds units that share in distributions; the general partner's 2% interest is unchanged and it makes no extra capital contribution.

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4 June 2007capital raising announcement● NeutralMajor

On June 1, 2007 the partnership privately sold 3,408,696 common units at $34.50 each for $117.6 million net, led by Zimmer Lucas Partners, and its general partner added $2.4 million to keep its 2% interest. Proceeds are to repay all revolver borrowings from the Monroe purchase and fund about $25 million of the $100 million Central/East Texas deal. This is the second equity raise of the year (the February sale was at $24.90), and the new units dilute existing holders (inference); the partnership also agreed to register the units for resale.

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28 Feb 2007capital raising announcement● NeutralMajor

On February 27, 2007 the partnership privately sold 3,935,743 common units at $24.90 each to institutional investors for about $98 million net, and its general partner added $2.0 million to keep its 2% interest. The press release says substantially all proceeds will repay the $99.5 million credit-facility borrowings used for the December 2006 and January 2007 acquisitions. This is the equity refinancing the January release anticipated. It adds new units, so existing unitholders' share of the partnership is diluted (inference from the new units being issued), and the partnership agreed to register the units for resale.

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