13 Oct 2016director interest notice● Neutral
BAYTEX ENERGY USA, INC. SVP and CFO Steven A. Hartman received 63,762 shares as part of the equity award.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
11 Oct 2016substantial holder notice● Neutral
EIG Management Company, LLC, Raptor Energy GP, LLC, EIG Asset Management, LLC, EIG Global Energy Partners, LLC, The R. Blair Thomas, R. Blair Thomas, The Randall Wade, The Kristina Wade, Randall S. Wade disclosed a new substantial BAYTEX ENERGY USA, INC. shareholding (10.58% of votes).
11 Oct 2016substantial holder notice● Neutral
ANCHORAGE CAPITAL GROUP, L.L.C, ANCHORAGE ADVISORS MANAGEMENT, L.L.C, KEVIN M. ULRICH disclosed a new substantial BAYTEX ENERGY USA, INC. shareholding (10.58% of votes).
30 Sept 2016substantial holder notice● Neutral
Debello Investors LLC, Wexford Catalyst Investors LLC, Wexford Spectrum Investors LLC, Wexford Capital LP, Wexford GP LLC, Charles E. Davidson, Joseph M. Jacobs disclosed a new substantial BAYTEX ENERGY USA, INC. shareholding (6.12% of votes).
21 Sept 2016director interest notice● Neutral
Harry Quarls became a BAYTEX ENERGY USA, INC. director and company insider (initial ownership filing).
21 Sept 2016director interest notice● Neutral
Strategic Value Partners, LLC became a BAYTEX ENERGY USA, INC. 10%+ owner and company insider (initial ownership filing).
21 Sept 2016director interest notice● Neutral
Darin G Holderness became a BAYTEX ENERGY USA, INC. director and company insider (initial ownership filing).
19 Sept 2016director interest notice● Neutral
Marc T Mccarthy became a BAYTEX ENERGY USA, INC. director and company insider (initial ownership filing).
15 Sept 2016auditor change● Neutral
On September 13, 2016 the company replaced KPMG with Grant Thornton as its auditor for fiscal 2016, approved by the audit committee. KPMG's 2015 report included a going-concern warning, and the filing reports no disagreements or reportable events with KPMG.
15 Sept 2016director interest notice● Neutral
BAYTEX ENERGY USA, INC. EVP, CAO & General Counsel Nancy M Snyder disposed of 540,181 shares via option/appreciation-right settlement.
14 Sept 2016director interest notice● Neutral
BAYTEX ENERGY USA, INC. Sr. VP and CFO Steven A. Hartman disposed of 433,760 shares via option/appreciation-right settlement.
14 Sept 2016director interest notice● Neutral
BAYTEX ENERGY USA, INC. EVP & COO John A Brooks disposed of 566,281 shares via option/appreciation-right settlement.
17 Aug 2016bankruptcy or receivership▼ BadMajor
The bankruptcy court confirmed the company's reorganization plan on August 11, 2016. Noteholders and certain other unsecured creditors get 100% of the new common stock (subject to dilution from the rights offering, a 6.0% commitment premium and a management plan of up to 5%), the DIP and revolver claims are paid in full, and current preferred and common stock will be canceled. Emergence awaits remaining conditions, with a new four-year exit revolver of up to $200M (initial borrowing base expected $128M) and a $50M rights offering backstopped by noteholders.
10 Aug 2016material agreement● NeutralMajor
During bankruptcy, the company's Eagle Ford oil subsidiary and Republic Midstream signed a revised gathering agreement effective August 1, 2016, replacing the September 2015 agreement. The minimum volume commitment falls from 15,000 to 8,000 barrels of oil per day, but its term is extended from 10 to 15 years, with a revised fee structure that is reduced for the first three years and then rises. This changes the Republic midstream arrangement described earlier.
29 July 2016quarterly activities report● Neutral
BAYTEX ENERGY USA, INC. reported quarterly revenue of $37.2 million for the period ended 2016-06-30.
19 May 2016director interest notice● Neutral
BAYTEX ENERGY USA, INC. EVP & COO John A Brooks sold 44,925 shares at $0.02.
12 May 2016bankruptcy or receivership▼ BadMajor
Penn Virginia and certain subsidiaries filed for Chapter 11 bankruptcy on May 12, 2016 in the Eastern District of Virginia, with a restructuring support agreement backed by holders of 87% ($1.03 billion) of about $1.20 billion in funded debt. The filing triggered default on the $300M 7.25% 2019 notes, the $775M 8.500% 2020 notes and about $112.6M under the credit agreement, though enforcement is stayed. The company says the plan would reduce long-term debt by over $1 billion, with $25M of DIP financing, up to $128M of exit financing and a $50M backstopped rights offering committed. It also warns that existing common stock will likely be extinguished with no consideration to equity holders if a plan is approved.
29 Apr 2016quarterly activities report● Neutral
BAYTEX ENERGY USA, INC. reported quarterly revenue of $30.5 million for the period ended 2016-03-31.
16 Feb 2016substantial holder notice● Neutral
LionEye Capital Management LLC, Stephen Raneri, Arthur Rosen reported no remaining BAYTEX ENERGY USA, INC. shareholding in its periodic institutional filing.
11 Feb 2016substantial holder notice● Neutral
The Vanguard Group reported a BAYTEX ENERGY USA, INC. shareholding of 2,204,826 shares (3.00% of votes) in a periodic institutional filing.
11 Feb 2016substantial holder notice● Neutral
Nokomis Capital, L.L.C, Brett Hendrickson reported a BAYTEX ENERGY USA, INC. shareholding of 899,530 shares (1.20% of votes) in a periodic institutional filing.
9 Feb 2016substantial holder notice● Neutral
Franklin Resources, Inc, Charles B. Johnson, Rupert H. Johnson, Jr reported no remaining BAYTEX ENERGY USA, INC. shareholding in its periodic institutional filing.
27 Jan 2016substantial holder notice● Neutral
BlackRock, Inc reported a BAYTEX ENERGY USA, INC. shareholding of 4,136,364 shares (5.60% of votes) in a periodic institutional filing.
27 Jan 2016listing compliance notice● NeutralMajor
BAYTEX ENERGY USA, INC.'s exchange filed to remove a class of its securities from listing.
21 Jan 2016substantial holder notice● Neutral
ICS Opportunities, Ltd, Integrated Assets, Ltd, Millennium International Management LP, Millennium International Management GP LLC, Millennium Management LLC, Israel A. Englander reported a BAYTEX ENERGY USA, INC. shareholding of 1,123,828 shares (1.50% of votes) in a periodic institutional filing.
14 Jan 2016listing compliance notice▼ BadMajor
On January 12, 2016 the NYSE began proceedings to delist the company's stock because of abnormally low trading price levels, and suspended trading that day, escalating the September 2015 sub-$1.00 price notice. The company will not appeal, so delisting is expected. The stock started trading January 13 on the OTC Pink market under PVAH, with no assurance of continued quotes or adequate volume, and the company remains subject to SEC reporting.
11 Jan 2016debt financing▼ BadMajor
On January 8, 2016 the company and its lenders signed a tenth amendment to the credit agreement. It lets the company convert or continue LIBOR loans without making a solvency representation, and raises the mortgage requirement from 80% to 100% (subject to exceptions) of its proved reserves. The higher mortgage requirement gives lenders security over more of the reserves, and that is a tightening of lender protection.
8 Jan 2016substantial holder notice● Neutral
Soros Fund Management LLC, George Soros, Robert Soros disclosed a new substantial BAYTEX ENERGY USA, INC. shareholding (8.18% of votes).
17 Dec 2015material agreement● Neutral
On December 15, 2015 the board decided that non-employee directors will receive their $120,000 annual equity retainer in cash rather than equity until the board decides otherwise. Other terms of the director pay policy are unchanged. No new share issuance results from this.
10 Nov 2015quarterly activities report● Neutral
BAYTEX ENERGY USA, INC. reported quarterly revenue of $112.0 million for the period ended 2015-09-30.