24 Nov 2008director interest notice● Neutral
BPZ RESOURCES, INC. director E Barger III Miller sold 23,500 shares.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
21 Nov 2008director interest notice● Neutral
BPZ RESOURCES, INC. director E Barger III Miller sold 31,250 shares at $4.00.
18 Nov 2008director interest notice● Neutral
BPZ RESOURCES, INC. director E Barger III Miller sold 23,500 shares.
24 Oct 2008director interest notice● Neutral
BPZ RESOURCES, INC. director E Barger III Miller sold 12,750 shares at $8.38.
22 Oct 2008director interest notice● Neutral
BPZ RESOURCES, INC. director E Barger III Miller sold 20,500 shares.
21 Oct 2008debt financing▲ Good
On October 17, 2008 BPZ drew the full $15.0 million of the IFC senior revolving loan signed in August, completing the funding step that was pending. The second part, $200 million, is still being negotiated with Natixis, a French bank, with closing expected in Q4 2008 and no binding commitment shown in the filing. The press release says Natixis has credit committee approval to lead it, and the CEO says 2009 drilling will be paid from operating cash flow.
16 Oct 2008securities registration● Neutral
BPZ RESOURCES, INC. filed the final prospectus for a registered offering.
3 Oct 2008securities registration● Neutral
BPZ RESOURCES, INC. amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
2 Oct 2008debt financing● NeutralMajor
On September 26, 2008 a BPZ subsidiary signed a $51.5 million contract with GE units to buy three 45 MW LM6000 gas turbines (option for a fourth for $18.2 million), with a $5.1 million down payment and delivery scheduled for Q4 2009. This follows the August IFC loan, whose proceeds were earmarked for the first turbine payment. Funding is expected ultimately from the ~$120 million IFC project financing (expected to close early 2009), with interim funding possibly from the $215 million senior debt, whose $200 million part is now named as a Natixis Bank facility expected in Q4 2008 and not yet closed. If the subsidiary misses payments or a comfort letter by December 15, 2008, the company must guarantee remaining payments, subject to an earnings test; otherwise a standby letter of credit is needed.
29 Sept 2008director interest notice● Neutral
BPZ RESOURCES, INC. Chief Operating Officer Briens Frederic sold 2,000 shares at $18.00.
25 Sept 2008director interest notice● Neutral
BPZ RESOURCES, INC. Chief Operating Officer Briens Frederic sold 2,000 shares at $18.02.
23 Sept 2008director interest notice● Neutral
BPZ RESOURCES, INC. President & CEO Zuniga Pflucker Manuel Pablo sold 10,000 shares.
11 Sept 2008securities registration● Neutral
BPZ RESOURCES, INC. registered a securities offering with the SEC using its shelf eligibility.
2 Sept 2008director interest notice● Neutral
BPZ RESOURCES, INC. President & CEO Zuniga Pflucker Manuel Pablo sold 13,800 shares.
27 Aug 2008director interest notice● Neutral
BPZ RESOURCES, INC. Chief Operating Officer Briens Frederic sold 5,000 shares.
20 Aug 2008director interest notice● Neutral
BPZ RESOURCES, INC. Chairman Zuniga-rivero Fernando J sold 10,000 shares at $20.36.
20 Aug 2008debt financing▲ GoodMajor
BPZ signed a $15.0 million senior revolving loan with IFC (already about 10% owner) on August 18, 2008, running to December 2012 at about LIBOR plus 2.75% (5.85% at the time). It is the first part of a planned $215 million package, with a $200 million second part still being negotiated with a large international bank (expected Q4 2008). Funding is subject to conditions and is expected within 30 days. The money is meant for drilling in northwest Peru and the first payment to General Electric for three LM6000 turbines for the gas-to-power plant. This moves the earlier IFC credit-facility talks (previously ~$200M) from term sheet to a signed first piece; the $120 million gas-to-power facility is still being negotiated.
20 Aug 2008director interest notice● Neutral
BPZ RESOURCES, INC. CFO Caminos Edward G sold 7,500 shares at $20.36.
4 Aug 2008director interest notice● Neutral
BPZ RESOURCES, INC. Chief Operating Officer Briens Frederic sold 2,000 shares at $18.03.
31 July 2008director interest notice● Neutral
BPZ RESOURCES, INC. director E Barger III Miller exercised stock options for 200,000 shares.
29 July 2008director interest notice● Neutral
BPZ RESOURCES, INC. President & CEO Zuniga Pflucker Manuel Pablo sold 15,000 shares.
29 July 2008director interest notice● Neutral
BPZ RESOURCES, INC. Chief Operating Officer Briens Frederic sold 2,500 shares.
21 July 2008director interest notice● Neutral
BPZ RESOURCES, INC. Chief Operating Officer Briens Frederic sold 2,500 shares.
18 July 2008director interest notice● Neutral
BPZ RESOURCES, INC. President & CEO Zuniga Pflucker Manuel Pablo sold 17,500 shares.
18 July 2008director interest notice● Neutral
BPZ RESOURCES, INC. Chief Operating Officer Briens Frederic sold 2,500 shares.
18 July 2008director interest notice● Neutral
BPZ RESOURCES, INC. Chairman Zuniga-rivero Fernando J sold 30,000 shares at $25.01.
18 July 2008director interest notice● Neutral
BPZ RESOURCES, INC. CFO Caminos Edward G sold 7,500 shares at $23.97.
16 June 2008director interest notice● Neutral
BPZ RESOURCES, INC. Chief Operating Officer Briens Frederic sold 75,000 shares.
20 May 2008material agreement termination▲ GoodMajor
On May 15, 2008 the company exercised its right to convert the whole $15.5 million IFC loan into 1,491,819 shares at $10.39, with no early-termination penalties. This ends the first tranche (November 2007) as debt, lifts IFC's stake from about 8.2% to about 10%, and leaves 78,130,290 shares outstanding with fully diluted count unchanged at 82,085,738. The company says it is negotiating a term sheet with IFC for a credit facility of up to $200 million (subject to a borrowing base) and a further $120 million facility for gas-to-power.
1 Apr 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.