Past year: ▲ 122%(23.27 – 51.65 USD)
Each one in plain English, with the numbers worked through for a shareholder.
25 Aug 2004debt financing● NeutralMajor
Encore replaced its $300 million credit facility with a new five-year facility (initial $400 million borrowing base, expandable to $750 million) led by Bank of America, giving it more capacity to keep funding acquisitions.
9 July 2004business combination● Neutral
Encore filed Amendment No. 1 to its June 2004 registration statement for swapping its 6.25% Senior Subordinated Notes (indenture dated April 2, 2004) for registered notes with the same terms. The visible text is the indemnification section, exhibit list and guarantor table; it is a notes exchange, not a merger, and does not change shareholders' ownership.
30 June 2004business combination● Neutral
Encore filed a registration statement offering to swap $150 million of its 6.25% Senior Subordinated Notes due 2014 for registered notes with the same terms. This is the same kind of notes-for-notes exchange as the 2002 one, not a merger. These are the 6.25% notes listed in the company's debt, and the filing does not change shareholders' ownership.
23 June 2004asset acquisition disposition▲ GoodMajor
Encore closed a $77 million cash purchase of natural gas properties in Overton Field, Texas, next to its existing Elm Grove Field acreage, funded by a June 2004 stock sale and credit-facility borrowings.
20 Apr 2004asset acquisition disposition▲ GoodMajor
Encore paid $122.6 million cash to acquire Cortez Oil & Gas, adding about 15 million barrels of proved reserves across the Permian Basin, Mid-Continent, Barnett Shale and Cedar Creek Anticline, funded from its new $150 million senior subordinated notes.
5 Dec 2002business combination● Neutral
Encore filed a second amendment to the notes exchange registration, now setting the exchange offer to expire January 9, 2003 and updating figures to September 30, 2002 (for example $77.0 million spent on acquisitions in the first nine months of 2002). It also lists I. Jon Brumley as Chairman, CEO and director. Still the same $150 million 8 3/8% notes swap, with no change to shareholders' ownership.
28 Oct 2002business combination● Neutral
Encore amended its September 2002 filing for the exchange of $150 million of 8 3/8% Senior Subordinated Notes due 2012. The amendment adds updated detail, including that as of September 30, 2002 it had $16.0 million of debt ranking ahead of the notes and none ranking equal or below them. Still a debt-note swap with no proceeds to Encore, not a merger.
13 Sept 2002business combination● Neutral
Encore filed a registration statement offering to swap $150 million of its 8 3/8% Senior Subordinated Notes due 2012, privately issued on June 25, 2002, for identical notes registered with the SEC. This is a notes-for-notes exchange, not a merger: the filing says Encore receives no proceeds and the new notes carry the same terms except for the removal of transfer restrictions. It does not change shareholders' ownership.
5 Apr 2002auditor change● Neutral
Encore dismissed Arthur Andersen and engaged Ernst & Young as its independent auditor after Andersen's collapse in the Enron scandal; the board reported no disagreements over the prior two years' audits.
