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Harvest Oil & Gas Announces Second Quarter 2019 Results

HOUSTON, Aug 14, 2019 (GLOBE NEWSWIRE via COMTEX) --

Harvest Oil & Gas Corp. (OTCQX: HRST) ("Harvest" or the "Company") today announced results for the second quarter of 2019 and the filing of its Form 10-Q with the Securities and Exchange Commission ("SEC") on August 14, 2019. Harvest is the successor reporting company to EV Energy Partners, L.P.

Key Highlights

-- Average daily production was 112.3 MMcfe for the second quarter of 2019

-- In July, announced a definitive agreement to sell oil and gas properties in the Barnett Shale for $72 million, subject to purchase price adjustments, which is expected to close in the third quarter of 2019

-- In July, entered into a definitive agreement to sell certain oil and gas properties in the Mid-Continent area for $6.5 million, subject to purchase price adjustments, which is expected to close in the third quarter of 2019

-- Paid down remaining $55 million of debt under credit facility during second quarter resulting in $0 debt outstanding under the credit facility as of June 30, 2019

Second Quarter 2019 Financial Results

                                                  Second Quarter                 First Quarter
$ in millions unless noted otherwise              2019                           2019
Average daily production (MMcfe/d)                              112.3                          137.2
Total revenues                                    $             30.6             $             43.8
Total assets                                                    317.9                          442.3
Net loss                                                        (60.9         )                (35.8         )
Adjusted EBITDAX (a non-GAAP  financial measure)                6.9                            12.4
Total debt                                                      -                              55.0
Net cash provided by operating activities                       9.7                            19.4
Additions to oil and natural gas properties                     1.4                            0.4
_____________________
(1)  Adjusted EBITDAX is a Non-GAAP financial measure and is described in the attached table under "Non-GAAP Measures"
(2)  Represents cash payments during the period

For the second quarter of 2019, Harvest reported a net loss of $60.9 million, or $(6.05) per basic and diluted weighted average share outstanding compared to a net loss of $35.8 million, or $(3.56) per basic and diluted weighted average share outstanding, for the first quarter of 2019. For the second quarter of 2018, a net loss of $595.6 million was reported, which reflects the combined results of two months ended May 31, 2018 (Predecessor) and one month ended June 30, 2018 (Successor). Included in the 2019 second quarter net loss were the following items:

-- $73.2 million of impairment of oil and natural gas properties primarily related to the Barnett Shale, which was held for sale as of June 30, 2019,

-- $13.6 million of non-cash gains on commodity derivatives,

-- $0.5 million of divestiture related expense contained in general and administrative expenses,

-- $0.7 million of litigation settlement expenses contained in general and administrative expenses, and

-- $0.7 million of stock-based compensation costs contained in general and administrative expenses.

Production for the second quarter of 2019 was 7.1 Bcf of natural gas, 146 MBbls of oil and 369 MBbls of natural gas liquids (NGLs), or 112.3 million cubic feet equivalent per day (MMcfe/d). This represents an 18 percent decrease from the first quarter of 2019 production of 137.2 MMcfe/d and a 38 percent decrease from the second quarter of 2018 production of 181.8 MMcfe/d. The decrease in production from the first quarter of 2019 was primarily due to the divestiture of oil and gas properties in the San Juan Basin that closed in April 2019, as well as a divestiture in the Mid-Continent area that closed in January 2019 and natural production declines. The decrease in production from the second quarter of 2018 was primarily due to the divestiture of the Central Texas and Karnes County, Texas properties that closed in August 2018, the Central Texas area divestiture that closed in December 2018, the Mid-Continent area divestitures that closed in December 2018, January 2019, and April 2019, the San Juan Basin divestiture that closed in April 2019 and natural production declines.

Adjusted EBITDAX for the second quarter of 2019 was $6.9 million, a 45 percent decrease from the first quarter of 2019 and a 76 percent decrease from the second quarter of 2018. The decrease in Adjusted EBITDAX from the first quarter of 2019 was primarily due to the San Juan divestiture that closed in April 2019, the Mid-Continent area divestiture that closed in April 2019, and a decrease in realized natural gas and natural gas liquids prices, partially offset by an increase in realized hedge gains compared to the previous period, an increase in other income, and an increase in realized oil prices. The decrease in Adjusted EBITDAX from the second quarter of 2018 was primarily due to the divestitures that closed in 2018, January 2019 and April 2019, and a decrease in realized oil and natural gas liquids prices, partially offset by an increase in realized commodity hedge gains, an increase in other income, and an increase in realized natural gas prices. Adjusted EBITDAX is a Non-GAAP financial measures and is described in the attached table under "Non-GAAP Measures."

Divestitures

Barnett Shale

As previously announced in July 2019, Harvest has entered into a definitive agreement to sell substantially all of its interests in the Barnett Shale for $72 million (subject to purchase price adjustments). The transaction is expected to close in the third quarter of 2019 and has an effective date of April 1, 2019.

Harvest's Barnett Shale production for the first six months of 2019 averaged 54.5 MMcfe per day. 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).

Mid-Continent Area

In July 2019, Harvest entered into a definitive agreement to sell certain oil and gas properties in the Mid-Continent area located in the Anadarko Basin and Scoop-Stack for $6.5 million (subject to purchase price adjustments). The transaction is expected to close in the third quarter of 2019 and has an effective date of January 1, 2019.

Harvest's Mid-Continent production for the first six months of 2019 for the interests being divested averaged 7.8 MMcfe per day. The estimated proved reserves as of December 31, 2018 for the interests being divested, using SEC prices, were 18.5 Bcfe (61% natural gas, 19% natural gas liquids and 20% crude oil).

Harvest is currently considering ways to return net proceeds from its asset sales to shareholders.

Updated 2019 Guidance

Subsequent to the announcement of the Barnett Shale and Mid-Continent area divestitures, Harvest has updated guidance for the third and fourth quarters of 2019 in the following table.

($ in millions)                            3Q 2019                              4Q 2019
Net Production
Natural Gas (Mmcf)                         5,515            - 6,096             3,218            - 3,557
Crude Oil (Mbbls)                          130              - 144               108              - 119
Natural Gas Liquids (Mbbls)                239              - 265               45               - 49
Total Mmcfe                                7,732            - 8,546             4,134            - 4,569
Average Daily Production (Mmcfe/d)         84               - 93                45               - 50
Net Transportation Margin / Other Income   $0.3             - $0.5              $0.3             - $0.5
Average Price Differential vs NYMEX
Natural Gas ($/Mcf)                        ($0.55         ) - ($0.25         )  ($0.55         ) - ($0.25         )
Crude Oil ($/Bbl)                          ($3.50         ) - ($1.50         )  ($4.00         ) - ($2.00         )
NGL (% of NYMEX Crude Oil)                 22%              - 26%               26%              - 30%
Expenses
Operating Expenses:
LOE and other                              $16.9            - $18.7             $10.4            - $11.4
Production Taxes (as % of revenue)         3.2%             - 3.8%              1.7%             - 2.3%
                                                            -                                    -
General and administrative expense         $4.3             - $5.3              $4.0             - $5.0
Capital Expenditures                       $0.8             - $1.5              -                - $0.5
____________________
(1) Assumes Barnett Shale and Mid-Continent area divestitures close at the end of August 2019.
(2) Represents estimated transportation and marketing-related revenues less cost of purchased natural gas plus other income/(expense), net.
(3) Excludes non-cash general and administrative expense, of which non-cash share-based compensation is a part. Also excludes any amounts for divestiture or acquisition related due diligence and transaction costs.
(4) Represents estimates for drilling, capital workover and related capital expenditures.

Quarterly Report on Form 10-Q

Harvest's financial statements and related footnotes are available in its Quarterly Report on Form 10-Q, which was filed on August 14, 2019, and is available through the Investor Relations/SEC Filings section of the Harvest website at http://www.hvstog.com.

About Harvest Oil & Gas Corp.

Harvest is an independent oil and gas company engaged in the efficient operation and development of onshore oil and gas properties in the continental United States. The Company's assets consist primarily of producing and non-producing properties in the Barnett Shale, the Appalachian Basin (which includes the Utica Shale), Michigan, the Mid-Continent areas in Oklahoma, Texas, Kansas, and Louisiana, the Permian Basin, and the Monroe Field in Northern Louisiana. More information about Harvest is available on the internet at https://www.hvstog.com.

Forward Looking Statements

This press release contains certain statements that are, or may be deemed to be, "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. The Company has based these forward-looking statements largely on its current expectations and projections about future events and financial trends affecting the financial condition of its business. These forward-looking statements are subject to a number of risks and uncertainties, most of which are difficult to predict and many of which are beyond its control. Please read the Company's filings with the Securities and Exchange Commission, including "Risk Factors" in its Annual Report on Form 10-K for the year ended December 31, 2018 and other public filings and press releases for a discussion of risks and uncertainties that could cause actual results to differ from those in such forward-looking statements. These risks include, but are not limited to, risks relating to pending asset sales, including risks relating to the consummation of such sales in accordance with their terms or at all, our inability to control our contract operator, EnerVest Operating, L.L.C., outside of the parameters of the Services Agreement, our ability to obtain needed capital or financing on satisfactory terms, fluctuations in prices of oil, natural gas and natural gas liquids and the length of time commodity prices remain depressed, our ability to maintain production levels through development drilling, risks associated with drilling and operating wells, the availability of drilling and production equipment, changes in applicable laws and regulations that adversely affect our operations and general economic conditions. The words "believe," "may," "estimate," "continue," "anticipate," "intend," "plan," "expect," "indicate" and similar expressions are intended to identify forward-looking statements. All statements other than statements of current or historical fact contained in this press release are forward-looking statements. Although the Company believes that the forward-looking statements contained in this press release are based upon reasonable assumptions, the forward-looking events and circumstances discussed in this press release may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements.

You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.

Operating Statistics
                                          Successor                      Predecessor
                                                                                        Combined
                                          Three Months   One Month       Two Months     Three Months
                                          Ended          Ended           Ended          Ended
                                          June 30, 2019  June 30, 2018   May 31, 2018   Jun 30, 2018
Production data:
Oil (MBbls)                                      146            107             261            368
Natural gas liquids (MBbls)                      369            215             405            620
Natural gas (MMcf)                               7,131          3,612           7,001          10,613
Net production (MMcfe)                           10,222         5,548           10,994         16,542
Average sales price per unit:
Oil (Bbl)                                 $      55.13   $      66.53    $      67.31   $      67.08
Natural gas liquids (Bbl)                        14.95          26.55           26.27          26.37
Natural gas (Mcf)                                2.32           2.40            2.08           2.19
Mcfe                                             2.95           3.88            3.89           3.89
Average unit cost per Mcfe:
Production costs:
Lease operating expenses                  $      2.13    $      1.69     $      1.62    $      1.64
Production taxes                                 0.14           0.17            0.17           0.17
Total                                            2.27           1.86            1.79           1.81
Depreciation, depletion and amortization         0.43           0.49            1.75           1.33
General and administrative expenses              0.65           0.37            0.72           0.60

________________________

(1) Prior to realized $2.8 million net hedge gains on settlements of commodity derivatives for the three months ended June 30, 2019.

                                          Successor                      Predecessor
                                                                                        Combined
                                          Six Months     One Month       Five Months    Six Months
                                          Ended          Ended           Ended          Ended
                                          June 30, 2019  June 30, 2018   May 31, 2018   Jun 30, 2018
Production data:
Oil (MBbls)                                      324            107             662            769
Natural gas liquids (MBbls)                      853            215             1,040          1,255
Natural gas (MMcf)                               15,506         3,612           16,982         20,594
Net production (MMcfe)                           22,571         5,548           27,193         32,741
Average sales price per unit:
Oil (Bbl)                                 $      53.96   $      66.53    $      64.14   $      64.47
Natural gas liquids (Bbl)                        18.25          26.55           25.86          25.98
Natural gas (Mcf)                                2.60           2.40            2.41           2.41
Mcfe                                             3.25           3.88            4.06           4.03
Average unit cost per Mcfe:
Production costs:
Lease operating expenses                  $      1.99    $      1.69     $      1.67    $      1.67
Production taxes                                 0.16           0.17            0.20           0.19
Total                                            2.15           1.86            1.87           1.86
Depreciation, depletion and amortization         0.41           0.49            1.70           1.49
General and administrative expenses              0.58           0.37            0.58           0.54

________________________

(1) Prior to realized $3.5 million and $1.6 million of net hedge gains on settlements of commodity derivatives for the six months ended June 30, 2019 and 2018, respectively.

Unaudited Condensed Consolidated Balance Sheets
($ in thousands, except number of shares)
                                                                            June 30, 2019       December 31, 2018
ASSETS
Current assets:
Cash and cash equivalents                                                   $    13,650         $     6,313
Equity securities                                                                --                   47,082
Accounts receivable:
Oil, natural gas and natural gas liquids revenues                                29,252               40,176
Other                                                                            1,355                4,496
Derivative asset                                                                 14,137               15,452
Other current assets                                                             944                  2,314
Total current assets                                                             59,338               115,833
Oil and natural gas properties, net of accumulated depreciation, depletion
and amortization; June 30, 2019, $7,175; December 31, 2018, $12,950              159,388              405,688
Assets held for sale                                                             87,260               --
Long-term derivative asset                                                       4,781                8,499
Other assets                                                                     7,112                4,474
Total assets                                                                $    317,879        $     534,494
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued liabilities                                    $    25,095         $     26,146
Derivative liability                                                             --                   1,165
Other current liabilities                                                        731                  --
Total current liabilities                                                        25,826               27,311
Asset retirement obligations                                                     102,108              117,529
Long-term debt, net                                                              --                   115,000
Liabilities held for sale                                                        10,618               --
Other long-term liabilities                                                      1,804                1,036
Commitments and contingencies
Mezzanine equity                                                                 135                  79
Stockholders' equity:
Common stock - $0.01 par value; 65,000,000 shares authorized;
10,141,512 shares issued and 10,117,472 shares outstanding as of
June 30, 2019; 10,054,816 shares issued and 10,042,468 shares
outstanding as of December 31, 2018                                              101                  100
Additional paid-in capital                                                       250,414              249,717
Treasury stock at cost - 24,040 shares at June 30, 2019; 12,348
shares at December 31, 2018                                                      (414    )            (247    )
Retained earnings (accumulated deficit)                                          (72,713 )            23,969
Total stockholders' equity                                                       177,388              273,539
Total liabilities and equity                                                $    317,879        $     534,494
Unaudited Condensed Consolidated Statements of Operations
($ in thousands, except per share/unit data)
                                                        Successor                             Predecessor
                                                                                                                  Combined
                                                        Three Months       One Month          Two Months          Three Months
                                                        Ended              Ended              Ended               Ended
                                                        June 30, 2019      June 30, 2018      May 31, 2018        Jun 30, 2018
Revenues:
Oil, natural gas and natural gas liquids revenues       $    30,129        $    21,535        $    42,749         $    64,284
Transportation and marketing-related revenues                458                185                340                 525
Total revenues                                               30,587             21,720             43,089              64,809
Operating costs and expenses:
Lease operating expenses                                     21,754             9,375              17,828              27,203
Cost of purchased natural gas                                315                129                242                 371
Dry hole and exploration costs                               --                 43                 40                  83
Production taxes                                             1,450              970                1,818               2,788
Accretion expense on obligations                             2,168              789                1,279               2,068
Depreciation, depletion and amortization                     4,373              2,730              19,194              21,924
General and administrative expenses                          6,653              2,029              7,923               9,952
Impairment of oil and natural gas properties                 73,151             --                 --                  --
(Gain) loss on sales of oil and natural gas properties       (5      )          (19    )           7                   (12      )
Total operating costs and expenses                           109,859            16,046             48,331              64,377
Operating income (loss)                                      (79,272 )          5,674              (5,242   )          432
Other income (expense), net:
Gain (loss) on derivatives, net                              16,430             (4,232 )           45                  (4,187   )
Interest expense                                             (1,315  )          (1,199 )           (3,176   )          (4,375   )
Other income, net                                            2,965              27                 474                 501
Total other income (expense), net                            18,080             (5,404 )           (2,657   )          (8,061   )
Reorganization items, net                                    --                 (808   )           (587,325 )          (588,133 )
Loss before income taxes                                     (61,192 )          (538   )           (595,224 )          (595,762 )
Income tax benefit                                           285                --                 148                 148
Net loss                                                $    (60,907 )     $    (538   )      $    (595,076 )     $    (595,614 )
Basic and diluted earnings per share / unit:
Net loss                                                $    (6.05   )     $    (0.05  )      $    (11.81   )
Weighted average common shares / units outstanding:
Basic                                                        10,064             10,000             49,369
Diluted                                                      10,064             10,000             49,369
                                                        Successor                              Predecessor
                                                                                                                   Combined
                                                        Six Months          One Month          Five Months         Six Months
                                                        Ended               Ended              Ended               Ended
                                                        June 30, 2019       June 30, 2018      May 31, 2018        Jun 30, 2018
Revenues:
Oil, natural gas and natural gas liquids revenues       $    73,415         $    21,535        $    110,307        $    131,842
Transportation and marketing-related revenues                1,018               185                724                 909
Total revenues                                               74,433              21,720             111,031             132,751
Operating costs and expenses:
Lease operating expenses                                     44,954              9,375              45,372              54,747
Cost of purchased natural gas                                714                 129                557                 686
Dry hole and exploration costs                               39                  43                 122                 165
Production taxes                                             3,643               970                5,343               6,313
Accretion expense on obligations                             4,378               789                3,176               3,965
Depreciation, depletion and amortization                     9,345               2,730              46,196              48,926
General and administrative expenses                          13,023              2,029              15,648              17,677
Restructuring costs                                          --                  --                 5,211               5,211
Impairment of oil and natural gas properties                 99,279              --                 3                   3
(Gain) loss on sales of oil and natural gas properties       (18      )          (19    )           5                   (14      )
Total operating costs and expenses                           175,357             16,046             121,633             137,679
Operating income (loss)                                      (100,924 )          5,674              (10,602  )          (4,928   )
Other income (expense), net:
Gain (loss) on derivatives, net                              (344     )          (4,232 )           444                 (3,788   )
Interest expense                                             (2,834   )          (1,199 )           (13,652  )          (14,851  )
Gain on equity securities                                    4,593               --                 --                  --
Other income, net                                            2,827               27                 776                 803
Total other income (expense), net                            4,242               (5,404 )           (12,432  )          (17,836  )
Reorganization items, net                                    --                  (808   )           (587,325 )          (588,133 )
Loss before income taxes                                     (96,682  )          (538   )           (610,359 )          (610,897 )
Income tax expense                                           --                  --                 (166     )          (166     )
Net loss                                                $    (96,682  )     $    (538   )      $    (610,525 )     $    (611,063 )
Basic and diluted earnings per share / unit:
Net loss                                                $    (9.62    )     $    (0.05  )      $    (12.12   )
Weighted average common shares / units outstanding:
Basic                                                        10,053              10,000             49,369
Diluted                                                      10,053              10,000             49,369
Unaudited Condensed Consolidated Statements of Cash Flows
($ in thousands)
                                                                   Successor                               Predecessor
                                                                   Six Months          One Month           Five Months
                                                                   Ended               Ended               Ended
                                                                   June 30, 2019       June 30, 2018       May 31, 2018
Cash flows from operating activities:
Net loss                                                           $    (96,682  )     $    (538    )      $    (610,525 )
Adjustments to reconcile net loss to net cash flows provided by
operating activities:
Accretion expense on obligations                                        4,378               789                 3,176
Depreciation, depletion and amortization                                9,345               2,730               46,196
Equity-based compensation cost                                          763                 --                  3,784
Impairment of oil and natural gas properties                            99,279              --                  3
(Gain) loss on sales of oil and natural gas properties                  (18      )          (19     )           5
Gain on equity securities                                               (4,593   )          --                  --
(Gain) loss on derivatives, net                                         344                 4,232               (444     )
Cash settlements of matured derivative contracts                        3,525               --                  3,099
Reorganization items, net                                               --                  --                  573,304
Other                                                                   1,218               60                  248
Changes in operating assets and liabilities:
Accounts receivable                                                     14,066              876                 (3,518   )
Other current assets                                                    1,369               (354    )           1,853
Accounts payable and accrued liabilities                                (1,532   )          1,490               4,405
Other, net                                                              (2,382   )          (790    )           69
Net cash flows provided by operating activities                         29,080              8,476               21,655
Cash flows from investing activities:
Additions to oil and natural gas properties                             (1,794   )          (7,220  )           (29,727  )
Reimbursements related to oil and natural gas properties                2,069               --                  652
Proceeds from sale of oil and natural gas properties                    41,458              16                  3
Proceeds from sale of equity securities                                 51,675              --                  --
Other                                                                   26                  --                  26
Net cash flows provided by (used in) investing activities               93,434              (7,204  )           (29,046  )
Cash flows from financing activities:
Repayment of long-term debt borrowings                                  (115,000 )          (17,000 )           --
Long-term debt borrowings                                               --                  --                  34,000
Loan costs incurred                                                     --                  --                  (2,813   )
Purchase of treasury stock                                              (167     )          --                  --
Contributions from general partner                                      --                  --                  40
Other                                                                   (10      )          --                  --
Net cash flows provided by (used in) financing activities               (115,177 )          (17,000 )           31,227
Increase (decrease) in cash, cash equivalents and restricted cash       7,337               (15,728 )           23,836
Cash, cash equivalents and restricted cash - beginning of period        6,313               28,732              4,896
Cash, cash equivalents and restricted cash - end of period         $    13,650         $    13,004         $    28,732

Non-GAAP Measures

The Company defines Adjusted EBITDAX as net (loss) income plus income taxes; interest expense, net; depreciation, depletion and amortization; accretion expense on obligations; loss (gain) on derivatives, net; cash settlements of matured commodity derivative contracts; non-cash equity-based compensation; impairment of oil and natural gas properties; non-cash oil inventory adjustment; dry hole and exploration costs; gain on sales of oil and natural gas properties; reorganization items, net; and (gain) loss on equity securities.

Adjusted EBITDAX is used by the Company's management to provide additional information and statistics relative to the performance of the business, including (prior to the creation of any reserves) the cash return on investment. The Company believes this financial measure may indicate to investors whether or not it is generating cash flow at a level that can support or sustain quarterly interest expense and capital expenditures. Adjusted EBITDAX should not be considered as an alternative to net income, operating income, cash flows from operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. Adjusted EBITDAX excludes some, but not all, items that affect net income and operating income and this measure may vary among companies. Therefore, Harvest's Adjusted EBITDAX may not be comparable to similarly titled measures of other companies.

Reconciliation of Net Loss to Adjusted EBITDAX
($ in thousands)
                                                            Three Months Ended                                                                                                   Six Months Ended
                                                            Successor                              Combined                               Successor                              Successor                              Combined
                                                            Jun 30,                                Jun 30,                                Mar 31,                                Jun 30,                                Jun 30,
                                                            2019                                   2018                                   2019                                   2019                                   2018
Net loss                                                    $                 (60,907           )  $                 (595,614          )  $                 (35,775           )  $                 (96,682           )  $                 (611,063          )
Add:
Income taxes                                                                  (285              )                    (148              )                    285                                    --                                     166
Interest expense, net                                                         1,315                                  4,375                                  1,519                                  2,834                                  14,850
Depreciation, depletion and amortization                                      4,373                                  21,924                                 4,972                                  9,345                                  48,926
Accretion expense on obligations                                              2,168                                  2,068                                  2,210                                  4,378                                  3,965
Loss (gain) on derivatives, net                                               (16,430           )                    4,187                                  16,774                                 344                                    3,788
Cash settlements of matured commodity derivative contracts                    2,807                                  --                                     717                                    3,524                                  1,559
Non-cash equity-based compensation                                            664                                    3,197                                  99                                     763                                    3,784
Impairment of oil and natural gas properties                                  73,151                                 --                                     26,128                                 99,279                                 3
Non-cash oil inventory adjustment                                             --                                     (204              )                    --                                     --                                     (204              )
Dry hole and exploration costs                                                --                                     83                                     39                                     39                                     165
Gain on sales of oil and natural gas properties                               (5                )                    (12               )                    (13               )                    (18               )                    (14               )
Reorganization items, net                                                     --                                     588,133                                --                                     --                                     588,133
(Gain) loss on equity securities                                              --                                     --                                     (4,593            )                    (4,593            )                    --
Adjusted EBITDAX                                            $                 6,851                $                 27,989               $                 12,362               $                 19,213               $                 54,058
________________________
(1) Represent costs, gains and losses directly associated with the Company's filing for voluntary reorganization under Chapter 11 of the U.S. Bankruptcy Code since the petition date, and also includes adjustments to reflect the carrying value of certain liabilities subject to compromise at their estimated allowed claim amounts, as such adjustments are determined.
Total Current Hedge Position
Period                        Index       Swap Volume  Swap Price
Natural Gas (MMBtus):
Jul - Dec 2019                NYMEX       12,880,000   $     2.77
Jan - Dec 2020                NYMEX       23,790,000         2.71
Crude (Bbls):
Jul - Dec 2019                WTI         372,600      $     63.37
Jan - Dec 2020                WTI         667,950            60.51
Ethane (Bbls):
Jul - Dec 2019                Mt Belvieu  322,000      $     11.51
Jan - Dec 2020                Mt Belvieu  512,400            11.91
Propane (Bbls):
Jul - Dec 2019                Mt Belvieu  165,600      $     32.76
Jan - Dec 2020                Mt Belvieu  256,200            29.23

Harvest Oil & Gas Corp., Houston, TX

Ryan Stash

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