A reversible HVAC heating/cooling refrigerant system includes a novel valve system that allows an outdoor heat exchanger to function as a subcooler during a cooling or defrost mode and function as a receiver tank for storing excess liquid refrigerant during a heating mode. In the heating mode, a cooling expansion valve is kept slightly open to flood the subcooler with liquid refrigerant while a heating expansion valve is regulated to maintain a desired level of superheat at the suction side of the refrigerant system's compressor. The novel valve system also serves as a pressure relief valve to protect the subcooler from excess pressure caused by thermal expansion of liquid refrigerant trapped within the subcooler.