The chairman of Harvest Oil & Gas Corp., Colby Dunn, resigned from his positions on the Harvest board of directors, the Houston-based independent with oil and gas assets across the U.S. said March 18.

Dunn, who is a member of Boston-based investment firm Finepoint Capital LP, joined the Harvest board of directors after the company’s predecessor, EV Energy Partners LP, emerged from bankruptcy in June 2018. He will be replaced by current board member Steven J. Pully.

“Dunn’s decision to resign is for personal reasons and not the result of a disagreement with the company on any matter relating to the company’s operations, policies or practices,” according to a statement by the Houston-based company on March 18.

Harvest’s new board chairman, Pully, provides consulting and investment banking services for companies and investors focused on the oil and gas sector and has served as a director on Harvest’s board since 2018. He currently serves on the boards of Bellatrix Exploration Ltd., Goodrich Energy Corp. (AMEX: GDP), Titan Energy LLC and VAALCO Energy Inc. (NYSE: EGY), according to Harvest’s website.

Additionally, Tim Caflisch will join the Harvest board and has been appointed to serve as a member of the compensation committee. Similar to Dunn, Caflisch is also a member of the investment team of Finepoint Capital.

Recently, Harvest has targeted paying down its debt through divestitures. In February, the company said it expected to receive combined proceeds of more than $90 million from the sale of its entire San Juan Basin position and all the stock it holds in Magnolia Oil & Gas Corp. (NYSE: MGY).

RELATED: Former EnerVest Affiliate Sells Magnolia Oil & Gas Stake, Exits San Juan Basin

Following its close of its San Juan Basin sale expected in April, Harvest’s assets will consist primarily of producing and non-producing properties in the Barnett Shale, the Appalachian Basin including the Utica Shale, the Permian Basin, Michigan and the Monroe Field in Northern Louisiana as well as other Midcontinent areas in Oklahoma, Texas, Arkansas, Kansas and Louisiana, according to the company’s website.

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