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Harvest Oil & Gas sells all assets in San Juan Basin

Gasoil News - Published on Mon, 18 Feb 2019

Image Source: Rigzone
Harvest Oil & Gas Corp has entered into a definitive agreement to sell all of its interests in the San Juan Basin in New Mexico and Colorado to an undisclosed buyer for USD 42.8 million (subject to purchase price adjustments). The transaction is expected to close in April 2019 and has an effective date of October 1, 2018. The Company plans initially to use net proceeds to reduce outstanding borrowings under its revolving credit facility.

Harvest’s San Juan Basin production for the first nine months of 2018 averaged 23.7 MMcfe per day. The estimated proved reserves for the interests being divested, using fresh start accounting guidelines and SEC prices as of May 31, 2018 were 163.2 Bcfe (65% natural gas, 30% natural gas liquids and 5% crude oil) as previously detailed in the Company’s August 21, 2018 press release. UBS Investment Bank is acting as financial advisor and Kirkland & Ellis LLP is acting as legal advisor to Harvest on this transaction.

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Posted By : Rabi Wangkhem on Mon, 18 Feb 2019
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