4 Sept 2019director officer appointment● Neutral
A new omnibus bonus plan replaced the annual ones, paying cash against quarterly or annual targets, with the three executives eligible for up to 65% of salary.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
15 Aug 2019debt default or forbearance▼ BadMajor
Eight months after taking on the Old Ironsides debt, Carbon had to be forgiven for breaching its loan terms: the lenders granted limited waivers and imposed new ones - keep $3 million of liquidity, stop letting bills run past 90 days, and sell non-core assets and hand over the proceeds. This is the point at which the balance sheet started running the company rather than the other way round.
14 Aug 2019quarterly activities report● Neutral
Carbon Energy Corp reported quarterly revenue of $36.8 million and net income of $6.2 million for the period ended 2019-06-30.
14 May 2019quarterly activities report▼ Bad
Carbon Energy Corp reported quarterly revenue of $24.9 million and a net loss of $4.1 million for the period ended 2019-03-31.
6 Mar 2019director officer appointment● Neutral
The employment contracts of McDonald, Pierce and Struzeski were amended to escrow any severance on an involuntary exit and to tighten the definition of a change of control - housekeeping, but the kind that gets done when a sale becomes conceivable.
13 Feb 2019substantial holder notice● Neutral
AWM Investment Company, Inc reported a Carbon Energy Corp shareholding of 706,549 shares (9.20% of votes) in a periodic institutional filing.
7 Jan 2019asset acquisition disposition● NeutralMajor
Carbon closed the Appalachian buyout on the final day of 2018, paying Old Ironsides $33 million in cash plus about $25 million of its own 10% five-year notes, and took full ownership of the venture and its pipeline and mining subsidiaries. The credit facility was rewritten with LegacyTexas into a $500 million-limit borrowing-base revolver plus a $15 million term loan - a company that had been asset-light and partner-funded was now carrying the debt itself.
11 Dec 2018material agreement● Neutral
A third extension pushed the Old Ironsides walk-away date to 31 December, leaving Carbon to close by the last day of the year or lose the deal.
13 Nov 2018material agreement● Neutral
The Old Ironsides buyout walk-away date was extended again, to 30 November.
13 Nov 2018quarterly activities report▼ Bad
Carbon Energy Corp reported quarterly revenue of $12.7 million and a net loss of $725 thousand for the period ended 2018-09-30.
19 Oct 2018material agreement● Neutral
The deadline after which either side could walk away from the Old Ironsides buyout was pushed back, the first of three such extensions - the financing was taking longer than planned.
4 Oct 2018auditor change● Neutral
Auditor EKS&H merged into Plante Moran, so it resigned and the audit committee appointed the combining firm - a change of letterhead rather than of auditor. The company was by now filing as Carbon Energy Corporation.
6 Sept 2018securities registration● Neutral
Carbon Energy Corp amended a filing by which it registered a securities offering with the SEC.
14 Aug 2018quarterly activities report▼ Bad
Carbon Energy Corp reported quarterly revenue of $6.1 million and a net loss of $579 thousand for the period ended 2018-06-30.
25 July 2018securities registration● Neutral
Carbon Energy Corp amended a filing by which it registered a securities offering with the SEC.
2 July 2018securities registration● Neutral
Carbon Energy Corp amended a filing by which it registered a securities offering with the SEC.
25 May 2018securities registration● Neutral
Carbon Energy Corp registered a securities offering with the SEC.
15 May 2018quarterly activities report● Neutral
Carbon Energy Corp reported quarterly revenue of $6.5 million and net income of $3.6 million for the period ended 2018-03-31.
4 May 2018material agreement● NeutralMajor
Carbon agreed to buy out Old Ironsides Energy's 73.5% of the Appalachian venture for about $57 million in cash, which would take the venture from a shared vehicle to a wholly owned subsidiary. It was a large cheque for a company of Carbon's size and would have to be financed.
2 May 2018asset acquisition disposition▲ GoodMajor
The California venture completed a $43 million purchase of Ventura Basin production from Seneca Resources, agreed six months earlier. Because the warrant exercise had lifted Carbon's stake to 54%, a deal signed when Carbon was a minority investor now consolidated onto its own balance sheet, funded by enlarging the venture's secured note facility.
18 Apr 2018securities registration● Neutral
Carbon Energy Corp filed notice of an exempt private placement.
9 Apr 2018capital raising announcement● NeutralMajor
Yorktown Energy Partners XI, an existing stockholder, bought 50,000 shares of a newly created Series B Convertible Preferred Stock at $100 each, raising $5 million. Carbon planned to use it for its share of a capital contribution to Carbon California for a Ventura County acquisition expected to close in May 2018.
13 Feb 2018substantial holder notice● Neutral
AWM Investment Company, Inc reported a Carbon Energy Corp shareholding of 706,549 shares (11.70% of votes) in a periodic institutional filing.
7 Feb 2018capital raising announcement● Neutral
The matching California warrant was exercised the same way, for 1,527,778 shares. Its exercise price had been restated from $0.36 to $7.20 by the one-for-twenty share consolidation Carbon carried out in March 2017.
14 Nov 2017quarterly activities report▼ Bad
Carbon Energy Corp reported quarterly revenue of $4.2 million and a net loss of $462 thousand for the period ended 2017-09-30.
7 Nov 2017capital raising announcement● Neutral
The warrant issued to Yorktown's affiliate when the Appalachian venture was formed was exercised in full, paid for in venture units rather than cash, and Carbon issued 432,051 shares.
16 Aug 2017material agreement▲ GoodMajor
The Appalachian venture made its first purchase, $21.5 million of West Virginia gas properties, and Carbon raised its own commitment more than tenfold - from $2 million to $23.6 million, and from 2% to 26.5% of every future capital call. Having proved the structure, Carbon was now putting real money behind it.
14 Aug 2017quarterly activities report● Neutral
Carbon Energy Corp reported quarterly revenue of $6.2 million and net income of $2.0 million for the period ended 2017-06-30.
19 May 2017quarterly activities report● Neutral
Carbon Energy Corp reported a quarterly net income of $3.3 million for the period ended 2017-03-31.
17 May 2017director officer appointment● Neutral
Bonus targets for 2017 shifted back towards growth, adding a production measure alongside the debt ratio and the two cost measures.