Harvest Oil & Gas Corp. (OTC Expert Market: HRST) announced a liquidating distribution of $10.00 per share, totaling $10,265,410.00, to shareholders on November 4, 2021. This distribution is based on a Board-approved plan from April 9, 2021 and is expected to be taxed under Delaware law. Additionally, Harvest received full repayment of a $15.6 million seller note from OWS Acquisition Co LLC. A settlement agreement concerning uncollectible accounts receivable with EnerVest Group was executed on October 13, 2021.
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.
Harvest Oil & Gas Corp. (OTC PINK: HRST) announced significant management changes on April 15, 2021. Michael E. Mercer resigned as President, CEO, and Director, citing personal reasons, with no operational disagreements. Tim Caflisch also resigned from the Board. Chang Lee was appointed to the Board and key committees, bringing experience from Finepoint Capital and Fidelity Investments. Steven J. Pully, the current Chairman, takes on the roles of President and CEO, while Lance G. Sepulvado is appointed CFO. Harvest is in the process of winding up and returning capital to shareholders.
Harvest Oil & Gas Corp. (OTC PINK: HRST) has filed a Certificate of Dissolution with the Delaware Secretary of State, approved by its Board and a majority of shareholders on January 26, 2021. The company plans to return capital to shareholders and will provide further information on distribution timing. Additionally, it has appointed Weaver and Tidwell as its new independent auditor for the 2020 financial statements, replacing Deloitte & Touche, which previously had no disagreements regarding its audit practices.