6 May 2013substantial holder notice● Neutral
Magnum Hunter Resources Corporation disclosed a new substantial BAYTEX ENERGY USA, INC. shareholding (15.30% of votes).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
3 May 2013director interest notice● Neutral
BAYTEX ENERGY USA, INC. President and CEO H Baird Whitehead received a stock option grant for 532,257 shares.
3 May 2013director interest notice● Neutral
BAYTEX ENERGY USA, INC. Sr. VP and CFO Steven A. Hartman received a stock option grant for 243,950 shares.
3 May 2013director interest notice● Neutral
BAYTEX ENERGY USA, INC. EVP, CAO, General Counsel Nancy M Snyder received a stock option grant for 221,773 shares.
3 May 2013director interest notice● Neutral
BAYTEX ENERGY USA, INC. EVP, Operations John A Brooks received a stock option grant for 310,483 shares.
29 Apr 2013asset acquisition disposition● NeutralMajor
On April 24, 2013 the company issued the $775 million 8.500% senior notes due May 1, 2020, unsecured and guaranteed by subsidiaries, with interest from Nov 1, 2013. It also issued 10,000,000 common shares to Magnum Hunter in connection with the Eagle Ford Hunter acquisition closing, and agreed to register them for resale. Magnum Hunter can require the company to use part of the proceeds of future stock offerings to buy back some of those shares (up to 50% before and 25% after the registration statement is effective). A fifth supplemental indenture for the 2016 notes was signed in connection with the tender offer. The text provided is truncated, so the full closing terms and tender results are not shown.
11 Apr 2013material agreement● NeutralMajor
On April 10, 2013 the company signed the purchase agreement with RBC Capital Markets, as representative of the initial purchasers, to sell $775 million of 8.500% senior notes due 2020, expected to close April 24, 2013. It also signed a Second Amendment to its credit agreement allowing hedging on the assets to be acquired and waiving, from the acquisition closing, the automatic borrowing base reduction for up to $350 million of the notes. This continues the financing of the Eagle Ford Hunter purchase.
11 Apr 2013material agreement● NeutralMajor
This filing attaches the Eagle Ford Hunter purchase agreement and its April 8, 2013 amendment, which adds a form of standstill agreement. It also attaches the parent guarantee and a press release saying the company priced an upsized $775 million of 8.50% senior notes due 2020, up from $400 million. About $400 million of the proceeds plus $40 million of equity go to the acquisition, about $330 million to a planned tender offer for the 10.375% notes due 2016, and the rest to repay revolver borrowings. The notes are redeemed at par if the acquisition does not close by June 30, 2013. The revolver borrowing base is stated to drop from $300 million to $188.8 million until closing, then be $276.3 million.
3 Apr 2013capital raising announcement▲ GoodMajor
Penn Virginia agreed on April 2, 2013 to buy Eagle Ford Hunter, Inc. from Magnum Hunter Resources for about $400 million, with up to $40 million payable in Penn Virginia shares and the rest in cash. A $10 million deposit is paid, closing is scheduled for May 2, 2013, and a $25 million termination fee applies in certain circumstances. The company plans to fund it with debt, equity and cash, and has a bridge commitment of up to $250 million from Royal Bank of Canada and WF Investment Holdings. Lenders under the Sept 2012 credit agreement amended it to permit the deal. The press release says the deal adds about 19,000 net Eagle Ford acres (about 54,000 net in total) and about 12.0 million barrels of oil equivalent of proved reserves. This continues the Eagle Ford focus, and the company also said it will keep its Lavaca County interests it had been considering selling.
1 Apr 2013director interest notice● Neutral
BAYTEX ENERGY USA, INC. director Edward B Cloues II received 3,403 shares and a 3,403-share option grant as part of the equity award.
1 Apr 2013director interest notice● Neutral
BAYTEX ENERGY USA, INC. director Marcke De Lummen Philippe Van received 6,806 shares as part of the equity award.
1 Apr 2013director interest notice● Neutral
BAYTEX ENERGY USA, INC. director Steven W Krablin received 6,806 shares as part of the equity award.
1 Apr 2013agm notice● Neutral
Penn Virginia gave notice of its annual shareholder meeting on May 1, 2013. Shareholders were asked to elect seven directors, approve an amended stock incentive plan, hold an advisory pay vote and ratify KPMG as auditor.
1 Apr 2013director interest notice● Neutral
BAYTEX ENERGY USA, INC. director John U Clarke received 5,724 shares and a 5,724-share option grant as part of the equity award.
1 Apr 2013director interest notice● Neutral
BAYTEX ENERGY USA, INC. director Gary K Wright received a stock option grant for 6,806 shares.
1 Apr 2013director interest notice● Neutral
BAYTEX ENERGY USA, INC. director Marsha Reines Perelman received 6,806 shares as part of the equity award.
25 Feb 2013director interest notice● Neutral
BAYTEX ENERGY USA, INC. President and CEO H Baird Whitehead exercised stock options for 5,810 shares and disposed of 5,810 shares.
25 Feb 2013director interest notice● Neutral
BAYTEX ENERGY USA, INC. EVP, CAO, General Counsel Nancy M Snyder exercised stock options for 3,332 shares and disposed of 3,332 shares.
21 Feb 2013quarterly activities report▼ Bad
Penn Virginia reported fourth-quarter 2012 product revenues of $76.0 million, an operating loss of $81.1 million and a loss attributable to common shareholders of $56.1 million ($1.05 per share). The operating loss was driven mainly by a $74.5 million higher impairment on its Marcellus Shale assets.
19 Feb 2013director interest notice● Neutral
BAYTEX ENERGY USA, INC. EVP, CAO, General Counsel Nancy M Snyder exercised stock options for 16,878 shares and disposed of 16,878 shares.
19 Feb 2013director interest notice● Neutral
BAYTEX ENERGY USA, INC. Sr. VP and CFO Steven A. Hartman exercised stock options for 12,522 shares and disposed of 12,522 shares.
19 Feb 2013director interest notice● Neutral
BAYTEX ENERGY USA, INC. EVP, Operations John A Brooks exercised stock options for 4,292 shares and disposed of 4,292 shares.
19 Feb 2013director interest notice● Neutral
BAYTEX ENERGY USA, INC. President and CEO H Baird Whitehead exercised stock options for 26,015 shares and disposed of 26,015 shares.
15 Feb 2013director interest notice● Neutral
BAYTEX ENERGY USA, INC. VP and Controller Joan C Sonnen received a stock option grant for 31,868 shares.
14 Feb 2013substantial holder notice● Neutral
Wellington Management Company, LLP reported a BAYTEX ENERGY USA, INC. shareholding of 1,336,677 shares (2.43% of votes) in a periodic institutional filing.
11 Feb 2013substantial holder notice● Neutral
The Vanguard Group reported a BAYTEX ENERGY USA, INC. shareholding of 3,194,863 shares (5.79% of votes) in a periodic institutional filing.
8 Feb 2013substantial holder notice● Neutral
Artisan Partners Holdings LP, Artisan Investment Corporation, Artisan Partners Limited Partnership, Artisan Investments GP LLC, ZFIC, Inc., Andrew A. Ziegler, Carlene M. Ziegler reported no remaining BAYTEX ENERGY USA, INC. shareholding in its periodic institutional filing.
7 Feb 2013substantial holder notice● Neutral
Highbridge Capital Management, LLC, Glenn Dubin disclosed a new substantial BAYTEX ENERGY USA, INC. shareholding (8.16% of votes).
29 Jan 2013quarterly activities report▼ Bad
Penn Virginia reported year-end 2012 proved reserves of 113.5 million barrels of oil equivalent, down from 130.3 million pro forma. Eagle Ford reserves rose 161% to 26.1 million, and fourth-quarter production was 15,444 barrels of oil equivalent per day.
11 Jan 2013substantial holder notice● Neutral
BlackRock, Inc reported a BAYTEX ENERGY USA, INC. shareholding of 6,396,259 shares (11.61% of votes) in a periodic institutional filing.