13 July 2007securities registration● Neutral
EDGE PETROLEUM CORP amended an already-effective registration statement.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
12 July 2007securities registration● Neutral
EDGE PETROLEUM CORP amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
1 June 2007securities registration● Neutral
EDGE PETROLEUM CORP registered a securities offering with the SEC using its shelf eligibility.
8 Mar 2007substantial holder notice● Neutral
Royce & Associates, LLC reported a EDGE PETROLEUM CORP shareholding of 2,558,000 shares (9.74% of votes) in a periodic institutional filing.
14 Feb 2007substantial holder notice● Neutral
Janus Capital Management LLC EIN #, Janus Small Cap Value Fund disclosed a new substantial EDGE PETROLEUM CORP shareholding (6.40% of votes).
14 Feb 2007substantial holder notice● Neutral
MELLON FINANCIAL CORPORATION IRS N disclosed a new substantial EDGE PETROLEUM CORP shareholding (5.13% of votes).
8 Feb 2007substantial holder notice● Neutral
Eagle Asset Management, Inc disclosed a new substantial EDGE PETROLEUM CORP shareholding (5.50% of votes).
7 Feb 2007substantial holder notice● Neutral
Royce & Associates, LLC disclosed a new substantial EDGE PETROLEUM CORP shareholding (10.60% of votes).
5 Feb 2007asset acquisition disposition● NeutralMajor
The Smith Production acquisition closed on 31 January 2007, along with a 25% share of Smith's rights in the 95-square-mile Mission exploration area and 13 miles of gathering pipelines. Edge simultaneously replaced its credit facility with a $750 million Union Bank revolver carrying a $320 million borrowing base, repaid $129 million on the old line, and paid a $1.3 million fee for the bridge loan it ultimately did not need.
1 Feb 2007listing compliance notice▲ GoodMajor
Nasdaq certified EDGE PETROLEUM CORP's securities for listing, clearing them to begin trading.
29 Jan 2007material agreement● NeutralMajor
Edge funded the Smith purchase by selling equity rather than drawing the standby bridge loan: 10.9 million common shares plus 2.875 million shares of new 5.75% convertible preferred, both over-allotments taken up, alongside a planned $320 million revolver. Heavy dilution, but it avoided a $250 million second-lien bridge.
25 Jan 2007securities registration● Neutral
EDGE PETROLEUM CORP filed a prospectus supplement for an offering off its existing shelf.
25 Jan 2007securities registration● Neutral
EDGE PETROLEUM CORP filed a free-writing prospectus - marketing material for an offering in progress.
25 Jan 2007securities registration● Neutral
EDGE PETROLEUM CORP filed a free-writing prospectus - marketing material for an offering in progress.
25 Jan 2007listing compliance notice▲ GoodMajor
Nasdaq certified EDGE PETROLEUM CORP's securities for listing, clearing them to begin trading.
25 Jan 2007securities registration● Neutral
EDGE PETROLEUM CORP filed a prospectus supplement for an offering off its existing shelf.
19 Jan 2007material agreement● NeutralMajor
Ahead of raising the money, Edge disclosed the scale of what it was taking on: its own proved reserves were about 102 Bcfe at end-2006, while the Smith assets it was buying for roughly $395 million held about 123 Bcfe. The company was paying to more than double itself in a single step.
19 Jan 2007substantial holder notice● Neutral
Royce & Associates, LLC reported a EDGE PETROLEUM CORP shareholding of 1,168,900 shares (6.70% of votes) in a periodic institutional filing.
16 Jan 2007securities registration● Neutral
EDGE PETROLEUM CORP filed a prospectus supplement for an offering off its existing shelf.
16 Jan 2007securities registration● Neutral
EDGE PETROLEUM CORP filed a prospectus supplement for an offering off its existing shelf.
5 Jan 2007debt financing● NeutralMajor
Edge's borrowing base was lifted twice in a month - to $125 million on drilling results, then to $140 million on closing the Chapman Ranch buyout - and it drew $22 million on 27 December to pay for that deal, leaving just $11 million of headroom weeks before committing $395 million to Smith Production.
22 Dec 2006material agreement● NeutralMajor
The Smith Production purchase was enlarged rather than terminated: Smith re-acquired interests from its own partners and passed them on, lifting Edge from 72 to 84 net wells and its average working interest from about 50% to 60% for a further $65 million.
18 Dec 2006material agreement▲ GoodMajor
Edge agreed to buy out Kerr-McGee (by then part of Anadarko) from Chapman Ranch, doubling its interest in the seven wells it had bought into in 2005, adding an 88% stake in two more and taking over as operator, for about $26.0 million.
22 Nov 2006debt financing● NeutralMajor
The deal that would define the rest of Edge's life: agreements to buy Smith Production's oil and gas properties across 13 southeast and south Texas counties - 143 gross wells producing about 31 MMcfe a day, 86% gas - with an $11.0 million deposit down. Union Bank of California committed to underwrite the whole price with a $500 million revolver plus $175 million bridge and $75 million second-lien term loans.
29 Aug 2006material agreement● Neutral
Another compensation item filed as a material agreement: pay rises and one-off restricted stock for CFO Michael Long and COO John Tugwell, vesting over 2008-2010 rather than the usual three equal years, explicitly to keep them.
13 June 2006material agreement● Neutral
Shareholders approved another increase in the incentive-plan share reserve, to 2.2 million shares. The more useful content was the operating update given at the same meeting: 32 of a planned 55-60 wells drilled for 2006 with 25 apparent successes, and a deep Mississippi test at Patterson #2 stuck at 15,000 feet and being sidetracked after logging 40 feet of apparent James Lime pay.
15 Mar 2006material agreement● Neutral
Routine board housekeeping: non-employee directors' annual retainer rose from $56,000 to $70,000 from June 2006, with the larger share paid in stock, and directors were required to hold shares themselves.
18 Jan 2006substantial holder notice● Neutral
Royce & Associates, LLC disclosed a new substantial EDGE PETROLEUM CORP shareholding (6.09% of votes).
6 Dec 2005asset acquisition disposition● NeutralMajor
Edge closed its purchase of all the shares of Cinco Energy Corporation on 30 November 2005, under the agreement dated 21 September 2005 with Yorktown Energy Partners V and VI and three individuals. The price was about $44.7 million in cash, funded by borrowing under the expanded Union Bank of California credit facility. Cinco has no debt and holds interests in the Chapman Ranch Field, Nueces County, Texas: nine non-operated producing wells, one well drilling and about 1,300 net acres. A further $0.8 million is due if the remaining properties qualify for a tax abatement by 31 January 2006, and other price adjustments may follow. This continues the Chapman Ranch buildup begun with the September 2005 deal and funded by debt.
28 Nov 2005securities registration● Neutral
EDGE PETROLEUM CORP amended an already-effective registration statement.