29 July 2010listing compliance notice▼ BadMajor
ARENA RESOURCES INC deregistered its securities, ending its obligation to file reports with the SEC.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
19 July 2010listing compliance notice● NeutralMajor
ARENA RESOURCES INC's exchange filed to remove a class of its securities from listing.
16 July 2010business combination▲ GoodMajor
SandRidge completed its acquisition of Arena on 16 July 2010 after Arena shareholders approved the merger. Each Arena share became 4.7771 SandRidge shares plus $4.50 cash, about 191 million shares and $178 million in total, and NYSE trading was suspended from 19 July.
1 July 2010business combination● NeutralMajor
The 30-day search for a better offer ended with two preliminary approaches, neither judged capable of beating SandRidge. Chairman and co-founder Tim Rochford said the board was satisfied it had tested the market properly; the shareholder vote was set for 16 July.
2 June 2010material agreement▲ GoodMajor
SandRidge and Arena signed Amendment No. 2, raising the cash portion from $2.50 to $4.50 a share on top of 4.7771 SandRidge shares. Shareholder meetings moved from June 8 to July 16, Arena got a go-shop period to July 1, and the termination fee fell from $50 million to $39 million.
28 May 2010material agreement▼ BadMajor
Arena and SandRidge agreed in principle to settle nine shareholder class actions over the merger and signed Amendment No. 1. It lets either side pay a termination fee in shares instead of cash, loosens the takeover-proposal rules and adds disclosures.
7 May 2010business combination● NeutralMajor
Arena sent shareholders the definitive merger proxy for the SandRidge deal announced on 4 April 2010. Each Arena share would convert into 4.7771 SandRidge shares plus $2.50 in cash, and the board unanimously recommended approval, which needs a majority of outstanding Arena shares at the 8 June 2010 meeting in Tulsa.
5 Apr 2010business combination▲ GoodMajor
Agreed to be bought by SandRidge Energy: each Arena share to become 4.7771 SandRidge shares plus $2.50 in cash, subject to both companies' shareholders approving. After a decade of buying Permian Basin properties on borrowed money, Arena is now the property being bought.
29 July 2009material agreement● Neutral
Amends the report of the July 2, 2009 Second Amended and Restated Credit Agreement with MidFirst Bank, Compass Bank and Capital One. The facility is extended to June 30, 2012 with a maximum commitment of $150 million, and the agreement is attached as an exhibit. It repeats the credit amendment already reported in the 8-K filed July 15, 2009.
15 July 2009material agreement● Neutral
Filed a second 8-K on the same 30 April 2009 credit amendment already reported in May, with the wording changed so the $75 million commitment is simply "established" rather than reduced at Arena's election. Same event, no new facts - a disclosure correction rather than a fresh development.
7 May 2009material agreement● NeutralMajor
Halved its own borrowing capacity: the credit agreement was extended only to mid-July 2009 and, at Arena's election, the maximum revolving commitment cut from $150 million to $75 million. After the oil-price crash the company chose to shrink an unused line rather than keep paying to hold it open.
11 July 2008material agreement▲ Good
Lenders raised the amount actually drawable from $100 million to $150 million, so the ceiling agreed in 2006 is now fully available. Credit was still expanding two months before the financial crisis broke.
2 June 2008material agreement▲ GoodMajor
Agreed to sell up to 2.5 million shares through Dahlman Rose, Tudor Pickering Holt and Capital One Southcoast off a shelf registration that became effective the same day - an underwritten offering into the mid-2008 oil price spike, rather than the private placements used in 2005 and 2006.
4 Feb 2008asset acquisition disposition● NeutralMajor
Adds financial statements to the December 2007 purchase from Phoenix PetroCorp in Andrews County, Texas: 100% working interests in the South Fuhrman-Mascho Unit and University Consolidated IX Unit and about 5,040 undeveloped acres, for $49,000,000 in cash from the credit facility. The company says about 120 more drilling locations exist. Pro forma figures show $49 million of new borrowing. It also paid a 5,000-share finders fee valued at $204,750.
13 Dec 2007asset acquisition disposition▲ GoodMajor
Paid $49 million cash to Phoenix PetroCorp for the South Fuhrman-Mascho and University Consolidated IX units, immediately alongside its core Andrews County property, for the production plus an estimated 120 further drilling locations. Its largest purchase yet - five times the 2004 deals - and again funded entirely on the bank line.
8 June 2007material agreement● Neutral
Amended the syndicated credit agreement, with SunTrust and Capital One joining MidFirst, Compass and Bank of Scotland as lenders. Routine upkeep of the borrowing line that funds the acquisitions.
29 Aug 2006listing compliance notice▼ BadMajor
ARENA RESOURCES INC's securities were notified for removal from listing and registration on its exchange.
25 Aug 2006listing compliance notice▲ GoodMajor
the New York Stock Exchange certified ARENA RESOURCES INC's securities for listing, clearing them to begin trading.
30 May 2006capital raising announcement▲ GoodMajor
Raised $32.2 million placing 1.15 million shares at $28.04 with thirty accredited investors, a 5% discount to the market price. The shares have almost tripled since the $10.30 placement eleven months earlier.
What it means for a shareholder
1.1m new shares at $28.04 to raise about $32.2m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
5 May 2006material agreement▲ GoodMajor
Files the signed credit agreement (dated May 3, 2006) for the MidFirst Bank facility, now with Compass Bank and Bank of Scotland as lenders. It completes the March 31, 2006 commitment letter: the facility rises from $50 million (with a $35 million borrowing base) to a maximum of $150 million with an initial $65 million borrowing base. This adds the borrowing room used for later purchases.
5 Apr 2006material agreement▲ GoodMajor
Tripled the bank line: MidFirst brought in Compass Bank and Bank of Scotland to lift the facility ceiling from $50 million to $150 million and the amount actually drawable from $35 million to $65 million, for three years. The lending group is growing in step with the asset base.
12 Oct 2005listing compliance notice▼ BadMajor
ARENA RESOURCES INC's securities were notified for removal from listing and registration on its exchange.
14 July 2005capital raising announcement▲ GoodMajor
Raised $10 million selling 970,874 new shares at $10.30 to a group of investors, who also took over the company's call-option rights on 149,658 existing shares. First equity money to sit alongside the bank debt that had paid for both Permian purchases.
7 Mar 2005asset acquisition disposition● Neutral
Supplied the audited accounts and pro-forma figures the December Fuhrman-Mascho purchase required, and disclosed for the first time that 30,000 shares had gone to Redemption Marketing, a company owned by Bill Parsons, as a consulting and finder's fee on the deal.
4 Jan 2005asset acquisition disposition▲ GoodMajor
Bought the Fuhrman-Mascho leases in Andrews County, Texas - 84 leases and 172 producing wells - for $10.55 million, $9.5 million of it cash borrowed from MidFirst again plus 150,013 shares at $7.00. Bought as much for the drilling locations on it as the existing production; Fuhrman-Mascho becomes the company's core asset.
3 Dec 2004listing compliance notice▼ BadMajor
ARENA RESOURCES INC's securities were notified for removal from listing and registration on its exchange.
10 Aug 2004listing compliance notice▲ GoodMajor
the American Stock Exchange certified ARENA RESOURCES INC's securities for listing, clearing them to begin trading.
26 July 2004asset acquisition disposition▼ BadMajor
A second amendment to the East Hobbs purchase report. It states the company has removed about 3.4 million barrels of oil equivalent from its original internal estimate of proven reserves for East Hobbs, a downward revision to the property bought in May 2004. The bridge loan's due date in the notes moves from June 30 to July 31, 2004; the purchase price and financing are otherwise unchanged.
27 May 2004asset acquisition disposition● Neutral
An amendment to the report of the May 2004 East Hobbs purchase (82.24% working interest, Lea County, New Mexico, bought mainly from EnerQuest for $10,036,440), adding pro forma financials. It shows the deal was funded by $8,008,440 from a new MidFirst Bank revolving credit facility (up to $15 million, $8.5 million initial borrowing base, due April 2007) plus a $2,000,000 bridge loan guaranteed by two officers and due June 30, 2004. The earlier 8-K had the results counted from the March 1 effective date; this treats May 7 as the accounting date.
18 May 2004asset acquisition disposition▲ GoodMajor
Paid just over $10 million for an 82% working interest in the East Hobbs San Andres lease in Lea County, New Mexico - 20 producing wells bought from Enerquest - funded entirely on a credit facility and bridge loan from MidFirst Bank. The first of the debt-funded Permian Basin purchases the company is built on.