HOUSTON, March 21, 2022 -- Harvest Oil & Gas Corp. (OTC Expert Market: HRST) (“Harvest” or the “Company”) today announced that on March 18, 2022 the Board of Directors (the “Board”) of the Company approved a liquidating distribution of $5.50 per share of the Company’s common stock, par value $0.01 per share, or $5,645,975.50 in the aggregate (the “Liquidating Distribution”), which will be paid on April 8, 2022 to stockholders of record as of April 1, 2022.
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.
About Harvest Oil & Gas Corp.
Harvest was previously 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.
Harvest Oil & Gas Corp.
Houston, TX 77265
Lance Sepulvado, Chief Financial Officer