26 June 2009securities registration● Neutral
BPZ RESOURCES, INC. filed a prospectus supplement for an offering off its existing shelf.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
18 May 2009director interest notice● Neutral
E Barger III Miller became a BPZ RESOURCES, INC. director and company insider (initial ownership filing).
18 May 2009director interest notice● Neutral
Edward J Gilliard became a BPZ RESOURCES, INC. company insider (initial ownership filing).
27 Apr 2009securities registration● Neutral
BPZ RESOURCES, INC. filed the final prospectus for a registered offering.
6 Apr 2009director interest notice● Neutral
BPZ RESOURCES, INC. 10%+ owner International Finance Corp bought 1,430,700 shares on the open market at $3.05.
6 Apr 2009substantial holder notice● Neutral
International Finance Corporation disclosed a new substantial BPZ RESOURCES, INC. shareholding (10.18% of votes).
31 Mar 2009securities registration● Neutral
BPZ RESOURCES, INC. registered a securities offering with the SEC using its shelf eligibility.
24 Feb 2009substantial holder notice● Neutral
Centennial Energy Partners, L.P, Centennial Energy Partners, L.L.C, Peter K. Seldin disclosed a new substantial BPZ RESOURCES, INC. shareholding (9.83% of votes).
24 Feb 2009capital raising announcement▼ BadMajor
BPZ closed a private placement on February 23, 2009 of about 14.3 million shares at $3.05, raising about $43.6 million (up to about $48.0 million if IFC takes up its right to buy 1.4 million more shares). Shares outstanding rise to 93,054,150. The press release says proceeds go mainly to oil development in Corvina and Albacora, including payment of accounts payable. This dilutes existing holders, and the price is well below the $20.00 public offering of March 2008. The company also owes registration-rights obligations with potential penalties of up to about $5.7 million.
What it means for a shareholder
14.3m new shares at $3.05 to raise about $43.6m. 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.
17 Feb 2009substantial holder notice● Neutral
Wellington Management Company, LLP reported a BPZ RESOURCES, INC. shareholding of 2,663,492 shares (3.38% of votes) in a periodic institutional filing.
29 Jan 2009material agreement▼ BadMajor
On January 23, 2009 BPZ and GE amended the $51.5 million contract for three gas turbines for the planned Peru gas-to-power plant. Obligations are suspended from December 15, 2008 to November 15, 2009 if BPZ pays $3,431,000 by February 25, 2009, with a further $3,508,143 due by November 16, 2009 or the contract terminates immediately. The press release says the delay lets BPZ put most 2009 capital spending into oil in Block Z-1 and that it will look for an equity partner for the power project. This continues the turbine thread (the December 2008 payment/guaranty deadline) and defers the earlier plan for turbine delivery in Q4 2009.
29 Jan 2009director interest notice● Neutral
BPZ RESOURCES, INC. President & CEO Zuniga Pflucker Manuel Pablo gifted 100,000 shares.
14 Jan 2009material agreement▲ GoodMajor
On January 8, 2009 BPZ signed a roughly seven-year contract to sell all Corvina field oil (Block Z-1) to state-owned PetroPeru, ending when 17 million barrels are delivered, if sooner. Price is a basket of Forties, Oman and Suez crude prices minus $1 per barrel; the press release puts the contract's reference value at about $1.3 billion. Separately, BPZ and Shell Exploration Company (West) B.V. agreed to end talks on the farm-out (partnering) deal under their non-binding MOU, so BPZ keeps 100% of Blocks Z-1, XIX, XXIII and XXII. This resolves the Shell partnering thread and gives Corvina a buyer, which the CEO says supports the pending Natixis financing.
6 Jan 2009director interest notice● Neutral
BPZ RESOURCES, INC. director Strauch Dennis G sold 25,000 shares at $6.56.
18 Dec 2008director interest notice● Neutral
BPZ RESOURCES, INC. Chief Operating Officer Briens Frederic received a stock option grant for 30,000 shares.
18 Dec 2008director interest notice● Neutral
Caminos Edward G became a BPZ RESOURCES, INC. Chief Financial Officer and company insider (initial ownership filing).
18 Dec 2008director interest notice● Neutral
BPZ RESOURCES, INC. CFO Caminos Edward G received 75,000 shares and a 250,000-share option grant as part of the equity award.
18 Dec 2008director interest notice● Neutral
Strauch Dennis G became a BPZ RESOURCES, INC. director and company insider (initial ownership filing).
18 Dec 2008director interest notice● Neutral
BPZ RESOURCES, INC. director Lendrum John J III received a stock option grant for 50,000 shares.
18 Dec 2008director interest notice● Neutral
BPZ RESOURCES, INC. director E Barger III Miller received a stock option grant for 50,000 shares.
18 Dec 2008director interest notice● Neutral
BPZ RESOURCES, INC. President & CEO Zuniga Pflucker Manuel Pablo received a stock option grant for 50,000 shares.
18 Dec 2008director interest notice● Neutral
BPZ RESOURCES, INC. CFO Caminos Edward G received a stock option grant for 25,000 shares.
18 Dec 2008director interest notice● Neutral
BPZ RESOURCES, INC. director Gray Gordon received a stock option grant for 50,000 shares.
18 Dec 2008director interest notice● Neutral
BPZ RESOURCES, INC. director Strauch Dennis G received 75,000 shares as part of the equity award.
18 Dec 2008director interest notice● Neutral
BPZ RESOURCES, INC. director E Barger III Miller sold 31,250 shares at $4.00.
18 Dec 2008director interest notice● Neutral
BPZ RESOURCES, INC. director E Barger III Miller received 75,000 shares as part of the equity award.
18 Dec 2008director interest notice● Neutral
BPZ RESOURCES, INC. director Lendrum John J III received 75,000 shares as part of the equity award.
15 Dec 2008director interest notice● Neutral
BPZ RESOURCES, INC. VP-Chief Accounting Officer Heath Woods Cleaver had 3,482 shares withheld for taxes on vesting stock.
15 Dec 2008director interest notice● Neutral
Heath Woods Cleaver became a BPZ RESOURCES, INC. VP-Chief Accounting Officer and company insider (initial ownership filing).
24 Nov 2008director interest notice● Neutral
BPZ RESOURCES, INC. director E Barger III Miller sold 57,000 shares at $5.01.