Financing & Investing News
Thu, Mar 11, 2010
Closed its previously announced private offering of $250 million of 9.875% senior unsecured notes.
Chairman and CEO Murry Gerber says, “We are extremely confident in our capability to profitably develop our extensive Marcellus and Huron/Berea asset positions...”
S&P oil and gas analyst Tina Vital says that while many peers are slashing capex amid a supply overhang, ExxonMobil will raise its capex to about $28B in 2010.
Wed, Mar 10, 2010
Offering consists of two medium-term note tranches valued at C$300MM and C$400MM.
Plains E&P has $2.6 billion in book debt—about $2.9 billion when including S&P’s analytical adjustments for operating leases and asset retirement obligations.
Tue, Mar 9, 2010
The notes were originally issued by Anadarko and Kerr-McGee.
The forbearance covers existing debt of approximately $5.85 million and the net profits interest currently held by the bank.
Steffen van Keppel and Tod Mitchell have both been named SVP, energy.
China, Russia, and the Middle East will be key energy players going forward.
Mon, Mar 8, 2010
Vice chairman G. Thomas Gamble has been named chairman.
Global upstream M&A transaction value increased 40% in 2009 to just less then $150 billion.
Since November, the company has been unable to pay the interest on its bond loans.
The company recently reported its was seeking strategic alternatives.
Fri, Mar 5, 2010
The Woodrush project currently has six wells in production producing about 630 gross BOE/d.
President and chairman Andrew Taylor-Kimmins says, “While we are excited about the prospects for the business going forward...the effort to maintain compliance with the Nasdaq listing standards would be an unnecessary distraction...”
President and chairman Andrew Taylor-Kimmins says, “The investment led by ICO brings to Glen Rose so much more than just the finance to develop the Wardlaw Field."
Brownstone Ventures will private placement of up to 10 million units at C$0.55 each.
Thu, Mar 4, 2010
The financing is in connection with La Cortez’s acquisition of Avante Colombia from parent Avante Petroleum.
The proceeds will fund working capital and the commercialization of the PetroSonic process.
Plans to privately place 5MM flow-through units at C$0.105 each.
Wed, Mar 3, 2010
President and CEO Frank C. Ingriselli says, “We are very pleased to announce the entry into agreements...which will provide our company with sufficient cash to finalize the pending acquisition of rights in the Oyo Oilfield..."
The financing will help fund the commercialization and development of its Insight Earth seismic visualization and interpretation products.
Tue, Mar 2, 2010
Entered C$1 million in financing through two credit facilities, consisting of a 3.5% revolving demand loan and a 3% non-revolving acquisition/development demand loan.
WCSB Oil & Gas Royalty Income is led by Bill Bonner and Peter Bolton, who have a combined 30 years experience in oil and natural gas investments.
Anadarko Petroleum will spend approximately $560MM in the Marcellus, Haynesville, Eagle Ford and Pearsall shale plays.
Fri, Feb 26, 2010
Ivanhoe has sold an additional C$25MM in special warrants as overallotment, bringing the total to C$150MM.
Thu, Feb 25, 2010
CEO Randy Griffin says, “Securing this funding enables the company to initiate its exploration program in the Marcellus shale."
One well in Desoto Parish IPs at 21.3 MMcf/d, the second IPs at 12 MMcf/d.
Equity investment to fund Blackhawk's expansion through organic growth and acquisitions.
Wed, Feb 24, 2010
Reed Petroleum has won a judgment in Texas against Lavon Evans and his companies, who must pay more than $3 million to Reed Petroleum.
GulfMark Offshore has completed its reorganization with its former parent, GulfMark Offshore, and has authorized an increase in stock to 60 million shares outstanding.
Petroflow Energy has entered into a forbearance agreement with its banking syndicate in connection with certain events of defaults under its amended and restated credit agreement.
Range 2010 capital budget will include $700MM for drilling of 464 gross wells and 38 gross recompletions.
Tue, Feb 23, 2010
Pioneer will use the funds to pay portion of the amount outstanding under its senior secured revolving credit facility.
S&P finds Petrohawk's valuation compelling due to plans to develop its Haynesville, Eagle Ford and Fayetteville assets in 2010.
S&P oil and gas analyst Michael Kay says production was 2% above the firm’s view, but offset by lower realized prices.
Thu, Feb 18, 2010
S&P oil and gas analyst Michael Kay says the firm believes Noble Energy will focus on developing acreage in the U.S., Israel and Equatorial Guinea and should benefit from exploration.
Fri, Feb 12, 2010
EV Energy Partners has raised $96.9 million in a public offering to fund part of its portion of oil and gas properties in the Ohio Appalachian Basin from Range Resources.
Spry Energy has privately placed 1.67 million shares are C$6 each toto JOG Limited Partnership No. IV.
Ivanhoe has raised C$125 million in a private placement of special warrants to fund its operations in Canada and Ecuador and for general corporate purposes.
Commercial bankers at Winter NAPE say they are ready to fund the deals—a sign of economic recovery for the energy industry.
Thu, Feb 11, 2010
Harvest Natural has priced its 8.25% senior convertible notes due 2013 offering and plans to raise of up to $32 million to fund capex, working capital and general corporate purposes.
Standard & Poor's Ratings Services believes the worst of the energy industry downturn is over, and the firm does not expect gas prices to reach the lows of 2009.
Wed, Feb 10, 2010
S&P today lowered its corporate credit rating on Forbes Energy Services from CCC+ to CCC. The outlook is negative.
Blue Dot Services has completed an undisclosed growth-equity capital raise with LongueVue Capital.
Madison Williams has named Michael Gantcher, former head of institutional equity sales at Oppenheimer, to head of equity and trading.
Tue, Feb 9, 2010
Toreador Resources has priced its public offering of 3 million shares at US$8.50 each.
BPZ Resources has closed it offering of $140 million principal amount of convertible senior notes due 2015.
Double Eagle has entered an amended credit agreement with its lenders to extend the maturity date on its credit facility from July 31 to Jan. 31, 2013.
Prospect Capital has made a third and final unsolicited offer to acquire Allied Capital for $858.8 million and rejects Allied's arguments against the merger.
Mon, Feb 8, 2010
BreitBurn has settled all litigation with Quicksilver.
Fri, Feb 5, 2010
Richards Oil & Gas interim CEO Lonn Bate has resigned and the company is in default following a missed interest payment.
Endeavour has raised $20.5 million in a private placement of 23.5 million shares at $0.90 each to fund its 2010 capital budget.
East Cameron Partners is often presented as a case study model for E&P Islamic finance in action.
President Obama’s proposed changes to several energy tax provisions could entail $50B in costs for Texas during the next 10 years, according to the Texas Alliance of Energy Producers.
Thu, Feb 4, 2010
Viper Resources has received a $5-million equity line with Dutchess Opportunity Fund to fund operations in Utah and acquisitions in Montana.
Magnum Hunter will spend 28% of its 2010 budget on Eagle Ford operations.
Wed, Feb 3, 2010
Forest Gate plans to raise C$500,000 to fund its operations in Utah and for working capital purposes.
Stallion Oilfield Services has officially emerged from Chapter 11 protection.
Tue, Feb 2, 2010
Cross Canyon reports several factors, most notably recession, prevented it from making a required interest payment of $446,361 and now has current liabilities of approximately $34.5 million.
Grant Thornton has interviewed more than 100 energy executives as to their thoughts on the economy, employment and the near-term goals for energy producers in 2010.
Can Obama’s administration rein in reckless banking practices without wrecking the fledgling economic recovery?
Hedging an acquisition guarantees returns, but skittish counterparties may strip away upside opportunity.
Fri, Jan 29, 2010
PanTerra will raise C$4 million in units and shares to fund Alberta assets at Carrot Creek, Tomahawk and Gadsby.
Thu, Jan 28, 2010
Energy XXI reports a one-for-five reverse stock split.
Wedge Energy has raised C$770,000 in a private placement of senior notes.
Magnum Hunter reports the U.S. Bankruptcy Court for the southern district of Ohio has confirmed Triad Energy's plan of reorganization.
Tortoise Capital Advisors LLC has launched the Tortoise MLP Index, a float-adjusted, capitalization weighted index of energy MLPs.
Wed, Jan 27, 2010
Callon has received $44.7 million from the U.S. Department of the Interior’s Minerals Management Service to reimburse the company for the overpayment of royalties at its Medusa Field in the deepwater Gulf of Mexico.
The latest Texas Petro Index reports the contraction in the Texas energy economy has finally began to loosen its grip largely due to a rally of oil prices.
Tue, Jan 26, 2010
Concho Resources plans to raise US$198.8 million in an offering of 4.65 million shares at US$42.75 each.
Stone has received tender offer for more than 96.6% of the $200 million in aggregate principal amount of its outstanding 8.25% senior subordinated notes due 2011.
The current recession’s effect on commodity prices could influence production costs to be lower during a five-year period, suggest Deutsche Bank analysts Michael Lewis and Adam Sieminski.
Oil demand recovery will make headlines in 2010 and 2011, says Deutsche Bank senior analyst Adam Sieminski.
Triple J Oilfield Services has filed Chapter 11 protection in Corpus Christi on Jan. 25.
Mon, Jan 25, 2010
Kinetix has raised C$1.3 million in a non-brokered private placement of 8.5 million units at C$0.15 each to fund general working capital.
Fri, Jan 22, 2010
Pioneer Natural will redeem for cash all of its outstanding 5.875% senior notes due 2012.
Vantage Drilling to raise US$44.7 million in a public offering of 30 million shares at US$1.49 each to fund working capital.
Thu, Jan 21, 2010
Coastal Caribbean entered funding agreement with board member Robert J. Angerer Sr. to fund immediate cash needs.
Newfield Exploration plans to raise $700 million in an offering 6.875% senior subordinated notes due 2020 to fund its pending tender offer and its acquisition of certain TXCO Resources assets in the Maverick Basin in Texas.
Wed, Jan 20, 2010
Canadian Superior raises C$59.5 million in a private placement.
Tudor Pickering has named former Deutsche Bank equity capital markets group member John G. Kennedy III managing director and head of capital markets.
Jefferies has launched an exchange-traded fund that seeks investment results of globally traded equities of companies engaged in the production and distribution of commodities the energy and other sectors.
Global economic growth has turned positive by remains slow and fragile, and more companies are making strategic acquisitions in North American unconventional gas plays.
