18 Sept 2013securities registration● Neutral
BPZ RESOURCES, INC. filed the final prospectus for a registered offering.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
28 Aug 2013director interest notice● Neutral
BPZ RESOURCES, INC. CFO Menniti Richard Saverio sold 7,000 shares at $2.37.
10 June 2013agm 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).
10 May 2013debt financing● NeutralMajor
On May 9, 2013 BPZ repaid the remaining $30.5 million of the original $75 million Credit Suisse loan, with a prepayment fee of about $2.4 million. It also amended and restated the $40 million loan, increasing its size and borrowing an additional $14.5 million, with revised covenants and repayments, maturity January 2015 and fees of about $1.8 million. An operational update says CX-15 drilling is now expected in early July 2013 and Albacora drilling is restarting with the first well expected by early August 2013; Pacific Rubiales became technical operations manager April 1, 2013.
11 Apr 2013agm 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).
15 Mar 2013director interest notice● Neutral
BPZ RESOURCES, INC. Chief Legal Officer Ledgard Joseph Durkin sold 22,500 shares at $2.64.
13 Mar 2013director interest notice● Neutral
BPZ RESOURCES, INC. director Strauch Dennis G received 36,765 shares as part of the equity award.
13 Mar 2013director interest notice● Neutral
BPZ RESOURCES, INC. President & CEO Zuniga Pflucker Manuel Pablo received 163,235 shares and a 272,912-share option grant as part of the equity award.
13 Mar 2013director interest notice● Neutral
BPZ RESOURCES, INC. director Brand Stephen R received 36,765 shares as part of the equity award.
13 Mar 2013director interest notice● Neutral
BPZ RESOURCES, INC. director Stephen C Beasley received 36,765 shares as part of the equity award.
13 Mar 2013director interest notice● Neutral
BPZ RESOURCES, INC. Chief Legal Officer Ledgard Joseph Durkin received 96,507 shares and a 161,350-share option grant as part of the equity award.
13 Mar 2013director interest notice● Neutral
BPZ RESOURCES, INC. director James B Taylor received 55,148 shares as part of the equity award.
13 Mar 2013director interest notice● Neutral
BPZ RESOURCES, INC. director Lendrum John J III received 36,765 shares as part of the equity award.
13 Mar 2013director interest notice● Neutral
BPZ RESOURCES, INC. CFO Menniti Richard Saverio received 96,507 shares and a 161,350-share option grant as part of the equity award.
13 Mar 2013director interest notice● Neutral
BPZ RESOURCES, INC. Chief Operating Officer Spies Richard James received 123,851 shares and a 207,066-share option grant as part of the equity award.
13 Mar 2013director interest notice● Neutral
BPZ RESOURCES, INC. director Eagan Jerelyn received 36,765 shares as part of the equity award.
12 Mar 2013debt financing▼ Bad
Credit Suisse waived the minimum-production requirement for the quarter ending March 31, 2013 under both loans, and for the $75 million loan also waived a provision relating to first production from the CX-15 platform. This is the third quarter in a row waivers were needed. The filing gives no production figures.
5 Mar 2013director interest notice● Neutral
BPZ RESOURCES, INC. President & CEO Zuniga Pflucker Manuel Pablo sold 7,850 shares at $2.46.
5 Mar 2013director interest notice● Neutral
BPZ RESOURCES, INC. CFO Menniti Richard Saverio sold 375 shares at $2.44.
5 Mar 2013director interest notice● Neutral
BPZ RESOURCES, INC. Chief Legal Officer Ledgard Joseph Durkin sold 4,000 shares at $2.45.
14 Feb 2013substantial holder notice● Neutral
Wellington Management Company, LLP disclosed a new substantial BPZ RESOURCES, INC. shareholding (5.23% of votes).
13 Feb 2013substantial holder notice● Neutral
The Vanguard Group disclosed a new substantial BPZ RESOURCES, INC. shareholding (5.02% of votes).
12 Feb 2013substantial holder notice● Neutral
Capital Research Global Investors ** reported a BPZ RESOURCES, INC. shareholding of 7,900,353 shares (6.80% of votes) in a periodic institutional filing.
6 Feb 2013substantial holder notice● Neutral
BlackRock, Inc reported a BPZ RESOURCES, INC. shareholding of 7,137,991 shares (6.10% of votes) in a periodic institutional filing.
22 Jan 2013production update● NeutralMajor
BPZ announced a 2013 plan of about $27 million net spending on its three onshore blocks, with Block Z-1 spending fully carried by Pacific Rubiales (BPZ's 51% share budgeted at $76 million, $149 million gross). Fourth-quarter 2012 Z-1 production was 1,517 bopd net (2,973 gross), reflecting the 51% share after closing. CX-15 first well is now expected in early February 2013 (earlier plan was October 2012 drilling) with first oil in Q2 2013; the 3D seismic cost estimate rose to about $52 million gross from $42 million and CX-15 to about $83 million gross from $77 million.
17 Jan 2013debt financing▼ Bad
Credit Suisse again waived the minimum-production requirement, this time for the quarter ended December 31, 2012, under both the $75 million and $40 million loans. The requirement was 140,000 barrels; BPZ's estimated 51% share was 139,500 barrels (273,500 gross), just under the minimum. This repeats the waiver from the prior quarter.
2 Jan 2013asset acquisition disposition▲ GoodMajor
On December 26, 2012 BPZ closed the sale of a 49% interest in Block Z-1 to Pacific Rubiales and received the remaining $85 million of the $150 million price. This resolves the April 2012 deal, closed early after the parties waived the condition requiring Peruvian government approval; the Supreme Decree authorizing the license amendment was signed December 29, 2012, and the July 31, 2013 outside date was removed. Pacific Rubiales also funds $185 million of BPZ's share of spending, some carry loans were extinguished, and BPZ must repay Pacific Rubiales' investment if the Peruvian government does not recognize the license benefits within a year (other than for fault). Credit Suisse loan agreements were amended and BPZ had to fund debt service reserve accounts in the amount of outstanding principal.
16 Oct 2012director interest notice● Neutral
BPZ RESOURCES, INC. Chief Legal Officer Ledgard Joseph Durkin received 100,000 shares as part of the equity award.
16 Oct 2012director interest notice● Neutral
BPZ RESOURCES, INC. CFO Menniti Richard Saverio received 100,000 shares as part of the equity award.
16 Oct 2012director interest notice● Neutral
BPZ RESOURCES, INC. Chief Operating Officer Spies Richard James received 100,000 shares as part of the equity award.