HOUSTON, May 08, 2020 (GLOBE NEWSWIRE) -- Harvest Oil & Gas Corp. (OTCQX: HRST) announced today a 10-for-1 reverse stock split of the Company’s shares of common stock, par value $0.01 per share. The 10-for-1 reverse stock split will be effective as of 5:00 p.m. Eastern Time on May 8, 2020 and the Company’s Common Stock will begin trading on an as-adjusted basis at the market opening on May 11, 2020. Harvest’s Common Stock will continue to trade on OTCQX under the trading symbol “HRST.”

When the reverse stock split becomes effective, each ten shares of Common Stock issued and outstanding will be converted into one share of Common Stock (the “Reverse Stock Split”), which also will have the effect of reducing the total number of outstanding shares of Common Stock from 10,173,707 to 1,017,253. In connection with the Reverse Stock Split, the Company also amended its certificate of incorporation to reduce the total number of authorized shares of capital stock of the Company from 75,000,000 to 12,000,000 and to reduce the total number of authorized shares of Common Stock from 65,000,000 to 2,000,000.

Harvest will not issue any fractional shares in connection with the Reverse Stock Split. Stockholders who would otherwise hold a fractional share of the Common Stock will receive a cash payment in lieu of such fractional share.

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 Appalachian Basin (which includes the Utica Shale) and Michigan. More information about Harvest is available on the internet at https://www.hvstog.com.