16 May 2013substantial holder notice● Neutral
KENNETH A. HERSH, NATURAL GAS PARTNERS VII, L.P, RESOLUTE HOLDINGS, LLC reported a Cimarex Resolute LLC shareholding of 9,461,857 shares (11.30% of votes) in a periodic institutional filing.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
14 May 2013substantial holder notice● Neutral
SPO Partners II, L.P, SPO Advisory Partners, L.P, San Francisco Partners, L.P, SF Advisory Partners, L.P, SPO Advisory Corp, John H. Scully, Edward H. McDermott, Phoebe Snow Foundation, Inc reported a Cimarex Resolute LLC shareholding of 25,641,201 shares (30.10% of votes) in a periodic institutional filing.
9 May 2013material agreement● NeutralMajor
On May 8, 2013 the company agreed with underwriters to sell 13,250,000 new shares at $8.00 each, while selling stockholders sold 3,000,000 more, plus an over-allotment option of up to 2,437,500 shares. Expected net proceeds of about $101.8 million were to pay down the revolving credit facility, with closing expected May 14, 2013.
9 May 2013securities registration● Neutral
Cimarex Resolute LLC filed a prospectus supplement for an offering off its existing shelf.
9 May 2013securities registration● Neutral
Cimarex Resolute LLC filed a prospectus supplement for an offering off its existing shelf.
7 May 2013securities registration● Neutral
Cimarex Resolute LLC filed a prospectus supplement for an offering off its existing shelf.
7 May 2013securities registration● Neutral
Cimarex Resolute LLC filed a prospectus supplement for an offering off its existing shelf.
6 May 2013quarterly activities report▼ Bad
Cimarex Resolute LLC reported a quarterly net loss of $3.0 million for the period ended 2013-03-31.
6 May 2013quarterly activities report▼ Bad
Cimarex Resolute LLC reported a quarterly net loss of $3.0 million for the period ended 2013-03-31.
15 Apr 2013material agreement● Neutral
On April 15, 2013 the company signed a Seventh Amendment to its bank credit agreement that changes the maximum leverage ratio, including a higher 4.85:1.00 limit for the quarter ending March 31, 2013. Other quarters stay at 4.50:1.00 through December 2013, 4.25:1.00 for March 2014 and 4.00:1.00 from June 2014. This continues the series of covenant amendments tied to the Permian acquisitions. The filing does not state why the amendment was made.
10 Apr 2013financial restatement▼ BadMajor
The company said on April 9, 2013 that it found errors in revenue, operating expense and pro forma figures for the RSP Permian purchases because net revenue interests were misapplied, so earlier 8-K/A filings, the RSP production figures in the March 25 8-K and parts of its March 2013 investor presentation should no longer be relied on. Revised unaudited figures cut 2012 revenue in excess of direct operating expenses for the RSP assets from $78.4 million to $57.2 million (2011: from $49.1 million to $36.2 million). Fourth-quarter 2012 RSP production should have been about 3,173 Boe per day, not 4,210. The company says 2012 results, reported reserves (16.5 million Boe) and 2013 guidance are unaffected, and that the Celero figures were correct. Audited corrected statements are to follow in an amended 8-K/A, and the company does not plan to amend its 10-K.
25 Mar 2013asset acquisition disposition● NeutralMajor
On March 22, 2013 the company exercised its option and bought the remaining 67.65% interest and operatorship in the Ector and Midland county Permian properties for $230 million, plus $30.5 million for the tag-along holders' interests. Net of option fees and adjustments the total was $255.9 million, funded by revolving credit borrowings, cash on hand and escrowed 1031 exchange cash. This completes the two-step RSP purchase begun in December 2012. A Sixth Amendment raises the borrowing base to $485 million (a $445 million conforming tranche and a $40 million tranche expiring March 22, 2014), extends the facility's maturity from April 2017 to March 2018, and loosens the leverage covenant. The company also said it will issue revised 2013 guidance and asked investors to stop relying on earlier guidance.
13 Mar 2013securities registration● Neutral
Cimarex Resolute LLC filed the final prospectus for a registered offering.
14 Feb 2013substantial holder notice● Neutral
Piper Jaffray Companies reported a Cimarex Resolute LLC shareholding of 3,074,766 shares (4.96% of votes) in a periodic institutional filing.
14 Feb 2013substantial holder notice● Neutral
Advisory Research Energy Fund, L.P reported a Cimarex Resolute LLC shareholding of 675,840 shares (1.10% of votes) in a periodic institutional filing.
13 Feb 2013substantial holder notice● Neutral
Invesco Ltd. IRS # disclosed a new substantial Cimarex Resolute LLC shareholding (5.20% of votes).
22 Jan 2013business combination● Neutral
The company filed Amendment No. 2 to its registration for swapping its 8.50% Senior Notes due 2020 for identical SEC-registered notes. It now covers up to $400 million, adding the $150 million issued December 10, 2012 to the $250 million issued April 2012. This continues the exchange offer first filed in September 2012, and the expiration date is still blank. No new money is raised, and the new notes differ only by having no transfer restrictions or additional-interest provisions.
9 Jan 2013substantial holder notice● Neutral
Thomas O. Hicks reported a Cimarex Resolute LLC shareholding of 5,763,529 shares (8.80% of votes) in a periodic institutional filing.
9 Jan 2013substantial holder notice● Neutral
TOH Holdings, LP, TOH Holdings GenPar, LLC disclosed a new substantial Cimarex Resolute LLC shareholding (11.80% of votes).
31 Dec 2012asset acquisition disposition● NeutralMajor
On December 28, 2012 the company bought a 32.35% interest in Permian Basin oil and gas properties near Midland, Texas (Ector and Midland counties) for $110 million, plus about $14.8 million for tag-along holders' interests, funded by revolving credit borrowings. It also paid $5 million (about $0.7 million for the tag-along holders) for options to buy the remaining 67.65% for $230 million (about $30.9 million for the tag-along holders), exercisable by March 18, 2013. This is a second Permian purchase after the Celero deal, and the sellers include RSP Permian, which is an affiliate of Natural Gas Partners, also an affiliate of the company. A Fifth Amendment to the bank credit agreement raises the maximum leverage ratio to 4.25:1.00 for the quarter ended December 31, 2012. A title and environmental review runs to January 25, 2013, with part of the price held in escrow.
26 Dec 2012asset acquisition disposition▲ GoodMajor
On December 21, 2012 the company completed the $120 million Permian Basin acquisition from Celero Energy II, LP and an affiliate, which was agreed on December 1. It was funded by the December 2012 senior notes proceeds and revolving credit borrowings. An amendment to the purchase agreement allows a post-closing title review until January 16, 2013, with the price adjustable for defects, and part of the price is held in escrow for that. This resolves the pending acquisition; the filing again notes that Natural Gas Partners is an affiliate of both the company and the seller.
11 Dec 2012debt financing● NeutralMajor
On December 10, 2012 the company closed a further $150 million of 8.50% Senior Notes due 2020, sold at 101.25% of face value, added to the $250 million issued in April 2012 under the same indenture. Net proceeds were about $147.8 million; the press release says they are intended to fund the roughly $120 million Permian acquisition, repay revolving credit debt and for general corporate purposes. Alongside it, a Fourth Amendment to the bank credit agreement lets the company issue up to $400 million of unsecured debt without cutting the borrowing base, which stays at $330 million. The company must use reasonable best efforts to complete a registered exchange offer for these notes by April 21, 2013, or pay extra interest. First interest payment is May 1, 2013.
5 Dec 2012material agreement▲ GoodMajor
On December 1, 2012 the company agreed to buy oil and gas properties in the Permian Basin (mainly Howard County, Texas and Lea County, New Mexico) from Celero Energy II, LP and an affiliate for $120 million, up to $5 million more if other interest holders sell alongside. A $12 million deposit is in escrow, and closing is expected around December 21, 2012. The filing notes that Natural Gas Partners, an affiliate of the company, is also an affiliate of the seller. The properties have 4.1 million barrels of oil equivalent of estimated proved reserves (73% oil) and produced a net 1,418 barrels of oil equivalent per day in Q3 2012. The company also added oil price hedges for 2013 and 2014 tied to this deal.
28 Nov 2012securities registration● Neutral
Cimarex Resolute LLC filed the final prospectus for a registered offering.
5 Nov 2012quarterly activities report▼ Bad
Cimarex Resolute LLC reported a quarterly net loss of $2.5 million for the period ended 2012-09-30.
5 Nov 2012quarterly activities report▼ Bad
Cimarex Resolute LLC reported a quarterly net loss of $2.5 million for the period ended 2012-09-30.
22 Oct 2012business combination● Neutral
The company filed Amendment No. 1 to its registration for swapping the $250 million of 8.50% Senior Notes due 2020 (issued April 2012) for identical SEC-registered notes. This continues the exchange offer first filed in September 2012; the new notes have the same terms except no transfer restrictions, registration rights or additional-interest provisions. The expiration date is left blank, and no new money is raised in the text shown.
22 Oct 2012securities registration● Neutral
Cimarex Resolute LLC amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
6 Sept 2012securities registration● Neutral
Cimarex Resolute LLC registered a securities offering with the SEC using its shelf eligibility.
6 Sept 2012business combination● Neutral
The company filed a registration to offer swapping the $250 million of 8.50% Senior Notes due 2020 issued in April 2012 for identical notes registered with the SEC. This follows the registration rights it agreed to when it sold the notes. Terms are the same apart from the removal of transfer restrictions, and the filing as shown does not describe any new money being raised.