Harvest Oil & Gas Corp. said Dec. 5 that its board of directors has approved a share repurchase program under which Harvest is authorized to repurchase up to $5 million of its outstanding common stock.
Share repurchases may be made from time to time, at the company’s discretion, through open market repurchases or negotiated transactions, which may be effected through Rule 10b5-1 trading plans. The company intends to fund repurchases from cash on hand. This program is intended to continue the company’s commitment to shareholder returns and the efficient management of the company’s assets, including cash on hand.
Repurchases by the company will be subject to general market and economic conditions, alternate uses for the capital and other factors, and the share repurchase program may be suspended, modified or discontinued by the company’s board of directors at any time. The company has no obligation to repurchase any amount of its common stock under the program.
US has threatened sanctions on companies involved in the project.
Critics have said scrapping the regulators would be a major step backward for agencies meant to ensure a level playing field among state-run companies and private ones.
State Department report is expected to be issued later this week.