30 Apr 2014agm notice● Neutral
BPZ RESOURCES, INC. shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
18 Apr 2014debt financing● NeutralMajor
BPZ agreed privately to retire $26.0 million of its 6.50% notes due March 2015 in exchange for $25.0 million of new 8.50% notes due October 2017. After this, $59.9 million of the 2015 notes remain and $168.7 million of the 2017 notes are outstanding. This continues the September 2013 refinancing, moving more debt to 2017 at a higher interest rate on the same conversion terms (about $4.01 per share), so more potential share dilution.
8 Apr 2014director interest notice● Neutral
BPZ RESOURCES, INC. CFO Menniti Richard Saverio sold 17,890 shares.
4 Apr 2014director interest notice● Neutral
BPZ RESOURCES, INC. President & CEO Zuniga Pflucker Manuel Pablo sold 41,627 shares at $3.00.
2 Apr 2014director interest notice● Neutral
BPZ RESOURCES, INC. Chief Legal Officer Ledgard Joseph Durkin sold 19,250 shares at $3.13.
2 Apr 2014director interest notice● Neutral
BPZ RESOURCES, INC. President & CEO Zuniga Pflucker Manuel Pablo sold 32,000 shares at $3.13.
3 Mar 2014director interest notice● Neutral
BPZ RESOURCES, INC. director Brand Stephen R received 46,296 shares as part of the equity award.
3 Mar 2014director interest notice● Neutral
BPZ RESOURCES, INC. CFO Menniti Richard Saverio received 121,528 shares and a 121,528-share option grant as part of the equity award.
3 Mar 2014director interest notice● Neutral
BPZ RESOURCES, INC. director Spies Richard James received 46,296 shares as part of the equity award.
3 Mar 2014director interest notice● Neutral
BPZ RESOURCES, INC. director Strauch Dennis G received 46,296 shares as part of the equity award.
3 Mar 2014director interest notice● Neutral
BPZ RESOURCES, INC. director Stephen C Beasley received 46,296 shares as part of the equity award.
3 Mar 2014director interest notice● Neutral
BPZ RESOURCES, INC. director Lendrum John J III received 46,296 shares as part of the equity award.
3 Mar 2014director interest notice● Neutral
BPZ RESOURCES, INC. Chief Legal Officer Ledgard Joseph Durkin received 121,528 shares and a 121,528-share option grant as part of the equity award.
3 Mar 2014director interest notice● Neutral
BPZ RESOURCES, INC. director James B Taylor received 69,444 shares as part of the equity award.
3 Mar 2014director interest notice● Neutral
BPZ RESOURCES, INC. director Eagan Jerelyn received 46,296 shares as part of the equity award.
3 Mar 2014director interest notice● Neutral
BPZ RESOURCES, INC. President & CEO Zuniga Pflucker Manuel Pablo received 208,333 shares and a 208,333-share option grant as part of the equity award.
14 Feb 2014substantial holder notice● Neutral
Wellington Management Company, LLP reported a BPZ RESOURCES, INC. shareholding of 8,862,319 shares (7.54% of votes) in a periodic institutional filing.
13 Feb 2014substantial holder notice● Neutral
Capital Research Global Investors ** reported no remaining BPZ RESOURCES, INC. shareholding in its periodic institutional filing.
12 Feb 2014production update▲ GoodMajor
The second Corvina CX-15 well (CX15-2D), completed at the end of January 2014 after the earlier stuck-pipe sidetrack, averaged about 775 gross (395 net) barrels of oil a day over seven days. Block Z-1 now produces about 5,425 gross (2,765 net) bopd. BPZ budgets $71 million for its 51% share of 2014 Z-1 spending, which it expects Pacific Rubiales' remaining $81 million carry (as of Dec 31, 2013) to cover fully, plus about $15 million onshore. The Caracol 1X well reached 3,450 feet and is being prepared for testing, and permits are in hand for the Delfin, Piedra Redonda and Raya offshore prospects.
11 Feb 2014substantial holder notice● Neutral
The Vanguard Group reported a BPZ RESOURCES, INC. shareholding of 4,804,620 shares (4.08% of votes) in a periodic institutional filing.
28 Jan 2014substantial holder notice● Neutral
BlackRock, Inc reported a BPZ RESOURCES, INC. shareholding of 8,040,172 shares (6.80% of votes) in a periodic institutional filing.
8 Jan 2014production update▲ GoodMajor
On Jan 8, 2014 BPZ reported the Albacora A-18D well, completed Dec 23, 2013, producing about 2,100 gross bopd (1,071 net) and lifting Block Z-1 gross output above 4,900 bopd. Full-year 2013 Z-1 production averaged 2,760 gross (1,408 net) bopd, versus 3,310 gross (1,688 net) in 2012. The CX15-2D well got stuck and is being sidetracked, with completion expected late January 2014; A-19D was spud Jan 1 and the Caracol 1X onshore exploration well was spud Jan 5, 2014.
19 Dec 2013securities registration● Neutral
BPZ RESOURCES, INC. registered a securities offering with the SEC using its shelf eligibility.
19 Dec 2013production update● Neutral
In a Dec 18, 2013 update, the first CX-15 well (CX15-1D) was averaging 430 gross bopd over 45 days from its third interval (535 bopd over the last 24 hours), with two intervals still untested. The CX15-2D well is expected to complete in early 2014, and Albacora 18D reached 12,600 feet. Block XXIII onshore drilling (Caracol 1X) is expected to start by end of December 2013 or early 2014. The CX-15 results were expected before end of October per the earlier update, so this is later than that.
4 Nov 2013director interest notice● Neutral
BPZ RESOURCES, INC. director Spies Richard James disposed of 599,428 shares via option/appreciation-right settlement.
1 Oct 2013debt financing▲ GoodMajor
On Sept 26, 2013 BPZ repaid the remaining $36 million of its $40 million Credit Suisse loan, plus a prepayment premium and remaining interest totalling $2.6 million, and the credit agreement was terminated. The underwriter also exercised in full its option to buy the extra $18.8 million of 2017 notes (net about $16.3 million), and the Albacora A-18D well was spudded, a 12-week drilling and completion, as the Albacora restart set for early August (a delay of about two months). The CEO said the first CX-15 well results were expected before the end of October. This closes the Credit Suisse secured bank debt.
25 Sept 2013debt financing● NeutralMajor
BPZ sold $125 million of 8.50% Convertible Senior Notes due October 1, 2017 (net about $107.8 million), convertible at about $4.01 per share, and used the proceeds to buy back and retire about $85.0 million of the $170.9 million 6.50% notes due 2015. The remaining proceeds are for general corporate purposes; the underwriter had a 30-day option on $18.8 million more, and IFC may also participate. This pushes out part of the 2015 maturity but at a higher interest rate, and the new notes could convert into shares (dilution possible).
20 Sept 2013securities registration● Neutral
BPZ RESOURCES, INC. filed a prospectus supplement for an offering off its existing shelf.
19 Sept 2013debt financing● NeutralMajor
On Sept 16, 2013 Credit Suisse gave a waiver under the $40 million loan (amended May 9, 2013) so BPZ can refinance part of its 6.50% Convertible Notes due 2015, including buying back some in negotiated deals. BPZ also announced an underwritten offering of about $110 million of Convertible Senior Notes due 2017 to fund this, and filed updated risk factors; this starts the refinancing of the 2015 notes flagged as an open thread.
19 Sept 2013securities registration● Neutral
BPZ RESOURCES, INC. filed a free-writing prospectus - marketing material for an offering in progress.