Harvest Oil & Gas Announces Liquidating Distribution of $3.00 Per Share

Rhea-AI Summary

Harvest Oil & Gas Corp. (OTC PINK: HRST) has announced a liquidating distribution of $3.00 per share, totaling $3,079,623.00, to be paid on June 1, 2021. Stockholders of record as of May 24, 2021 will receive this payment. This distribution follows the Board's decision on May 13, 2021, as part of the company's liquidation process after filing a certificate of dissolution in Delaware. Shareholders are advised to consult their tax advisors regarding the tax implications of this cash distribution.

Positive

• Approval of a liquidating distribution indicates a return of capital to shareholders.
• Distribution amount of $3.00 per share is a substantial payout to stockholders.

Negative

• The company has filed for dissolution, indicating it will cease operations.
• Liquidation suggests the company may be in financial distress.

HOUSTON, May 13, 2021 (GLOBE NEWSWIRE) -- Harvest Oil & Gas Corp. (OTC PINK: HRST) (“Harvest” or the “Company”) today announced that on May 13, 2021 the Board of Directors (the “Board”) of the Company approved a liquidating distribution of $3.00 per share of the Company’s common stock, par value $0.01 per share, or $3,079,623.00 in the aggregate (the “Liquidating Distribution”), which will be paid on June 1, 2021 to stockholders of record as of May 24, 2021.

The distribution is intended to be treated as a taxable liquidating distribution pursuant to the plan of distribution adopted on April 9, 2021 by the Board in accordance with Section 281(b) of the General Corporation Law of the State of Delaware (the “DGCL”). Information regarding tax matters in this press release is for general information purposes only and does not constitute tax advice. Stockholders should consult with their tax advisors as to the specific U.S. federal, state, local, and non-U.S. tax consequences to such stockholder related to the cash distribution.

2020 Annual Report

Harvest’s financial statements and related footnotes are available in its Annual Report, which can be found at www.otcmarkets.com under the stock symbol HRST, Disclosures or through the Investor Relations section of the Harvest website at http://www.hvstog.com.

About Harvest Oil & Gas Corp.

Harvest has been an independent oil and gas company; the Company recently filed a certificate of dissolution in the State of Delaware and intends to undertake the process of winding-up and returning capital to its shareholders. More information about Harvest is available on the internet at https://www.hvstog.com.

Contact Information:
Harvest Oil & Gas Corp.
Houston, TX 77002
Lance Sepulvado
713-651-1144
hvstog.com

FAQ

What is the liquidating distribution amount announced by Harvest Oil & Gas Corp.?

Harvest Oil & Gas Corp. announced a liquidating distribution of $3.00 per share.

When will the liquidating distribution be paid to shareholders?

The distribution will be paid on June 1, 2021.

What is the total amount of the liquidating distribution?

The total amount of the liquidating distribution is $3,079,623.00.

Who is eligible to receive the liquidating distribution from Harvest Oil & Gas Corp.?

Stockholders of record as of May 24, 2021, are eligible to receive the distribution.

What should shareholders know about the tax implications of the distribution?

Shareholders should consult their tax advisors for specific U.S. federal, state, local, and non-U.S. tax consequences.

What is the stock symbol for Harvest Oil & Gas Corp.?

The stock symbol for Harvest Oil & Gas Corp. is HRST.