Each one in plain English, with the numbers worked through for a shareholder.
22 July 2022securities registration● Neutral
BIG SKY INDUSTRIAL INC. filed a prospectus supplement updating the selling shareholders for the 19,905,736 resale shares. It reflected July 2022 transfers by Synergy Offshore and Lubbock Energy Partners of about 13.1 million shares to new holders, who replaced them as sellers.
USE agreed to buy about 16,600 net acres of operated producing properties (plus two pipeline gathering systems) in Henderson and Anderson Counties, Texas from ETX Energy for an $11.8 million cash base price, adjacent to acreage USE already held there.
BIG SKY INDUSTRIAL INC. filed a prospectus covering the resale of 19,905,736 shares of common stock by selling shareholders, who received the shares under the January 2022 acquisition agreements. The company will not receive any proceeds from the sales.
BIG SKY INDUSTRIAL INC. filed definitive additional proxy materials (Schedule 14A) with the SEC. The filing contained only the cover page and no fee was required.
Joshua L. Batchelor, Benjamin A. Stamets, Sage Road Capital, LLC, Banner Oil & Gas, LLC, Woodford Petroleum, LLC, Llano Energy LLC disclosed a new substantial BIG SKY INDUSTRIAL INC. shareholding (27.60% of votes).
Empery Asset Management, LP, Ryan M. Lane, Martin D. Hoe reported no remaining BIG SKY INDUSTRIAL INC. shareholding in its periodic institutional filing.
USE transformed itself overnight, closing all three previously announced acquisitions from Lubbock Energy Partners, the Banner/Woodford/Llano group and Synergy Offshore: a diversified, operated, oil-weighted portfolio spanning the Rockies, West Texas, Eagle Ford and Mid-Continent, paid for with $1.25 million cash, repayment of $3.5 million in seller debt, and 19.9 million new USE shares - a huge share issuance relative to USE's prior size that gives each seller group the right to name one or two board directors depending on their resulting ownership stake. The deal was financed through a new credit facility with FirstBank Southwest (replacing prior lender APEG) and a hedging arrangement with NextEra Energy Marketing.