The Board of Directors of Harvest Oil & Gas Corp. has approved a one-time cash distribution of $10.00 per share to common stockholders of record on August 17, 2020 to be paid on August 24, 2020. The Company expects to have no current or accumulated earnings and profits (as determined for U.S. federal income tax purposes) and reasonably estimates that the cash distribution should not constitute a taxable dividend for U.S. federal income tax purposes. Rather, the cash distribution would generally first constitute non-taxable return of capital and a reduction in the adjusted tax basis (but not below zero) of each recipient stockholder's shares of stock in the Company, and thereafter any amount of the cash distribution in excess of such recipient stockholder's adjusted tax basis would be treated as gain from the sale or exchange of such stock.