Harvest O&G Selling Out of the Barnett

July 30, 2019

Harvest Oil & Gas Corp. is selling practically all its interests in the Barnett Shale.

In it’s Tuesday announcement, the Houston company didn’t disclose the buyer in the $72 million deal, which is expected to close in the third quarter.

On closing, the arrangement would be retroactively effective as of April 1, 2019.

Harvest’s Barnett production for the first three months of 2019 averaged 55.6 MMcfe per day, the company said.

The estimated proved reserves as of December 31, 2018 for the interests being divested, using SEC prices, were 276.6 Bcfe (62% natural gas, 37% natural gas liquids and 1% crude oil).

UBS Investment Bank is acting as financial advisor and Kirkland & Ellis LLP is acting as legal advisor to Harvest on this transaction.