Harvest’s San Juan Basin production for the first nine months of 2018 averaged 23.7 million ft3 equivalent 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 billion ft3 equivalent (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.
In addition, Harvest has sold all of its 4.2 million shares of Magnolia Oil & Gas Corporation stock for net proceeds of US$51.7 million, which were used to reduce outstanding borrowings under the Company’s revolving credit facility. As of February 14, 2019, the Company had US$55 million outstanding under its revolving credit facility.
Read the article online at: https://www.oilfieldtechnology.com/special-reports/15022019/harvest-oil-gas-announces-divestiture-of-san-juan-basin-assets/