5 May 2017director interest notice● Neutral
Gastar Exploration Inc. director Nathan Walton received 52,910 shares as part of the equity award.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
4 May 2017director interest notice● Neutral
Gastar Exploration Inc. director Ares Management LLC received 52,910 shares as an equity award and bought 25,456,521 shares on the open market.
4 May 2017substantial holder notice● Neutral
AF V Energy I AIV B, ACOF Investment Management LLC, Ares Management LLC, Ares Management Holdings L.P, Ares Holdco LLC, Ares Holdings Inc, Ares Management, L.P, Ares Management GP LLC, Ares Partners Holdco LLC reported a Gastar Exploration Inc. shareholding of 128,438,493 shares (45.00% of votes) in a periodic institutional filing.
3 May 2017director interest notice● Neutral
Ronald D. Scott became a Gastar Exploration Inc. director and company insider (initial ownership filing).
3 May 2017director interest notice● Neutral
Gastar Exploration Inc. director Ronald D. Scott received 52,910 shares as part of the equity award.
3 May 2017director interest notice● Neutral
Nathan Walton became a Gastar Exploration Inc. director and company insider (initial ownership filing).
12 Apr 2017listing compliance notice● NeutralMajor
Gastar Exploration Inc.'s exchange filed to remove a class of its securities from listing.
6 Apr 2017securities registration● Neutral
Gastar Exploration Inc. registered a securities offering with the SEC using its shelf eligibility.
30 Mar 2017securities registration● Neutral
Gastar Exploration Inc. filed notice of an exempt private placement.
23 Mar 2017substantial holder notice● Neutral
AF V Energy I AIV B, ACOF Investment Management LLC, Ares Management LLC, Ares Management Holdings L.P, Ares Holdco LLC, Ares Holdings Inc, Ares Management, L.P, Ares Management GP LLC, Ares Partners Holdco LLC reported a Gastar Exploration Inc. shareholding of 29,408,305 shares (15.80% of votes) in a periodic institutional filing.
22 Mar 2017capital raising announcement● NeutralMajor
On March 22, 2017 Gastar bought extra interests in about 66 gross (9.5 net) producing wells and 5,670 net acres of STACK leasehold in Kingfisher County, Oklahoma for about $51.4 million cash from several sellers. It was funded by selling Ares another $75 million of the 6.0% Convertible Notes on March 21. If stockholders approve by July 3, 2017, $37.5 million of these notes becomes convertible and the other $37.5 million must be exchanged for 25,456,521 new shares plus 2,000 special voting preferred shares, which would dilute existing holders further; without approval the notes are not convertible and the interest rate steps up to 15%. This adds to the Ares financing thread and the open stockholder vote.
10 Mar 2017securities registration● Neutral
Gastar Exploration Inc. filed notice of an exempt private placement.
8 Mar 2017substantial holder notice● Neutral
AF V Energy I AIV B, ACOF Investment Management LLC, Ares Management LLC, Ares Management Holdings L.P, Ares Holdco LLC, Ares Holdings Inc, Ares Management, L.P, Ares Management GP LLC, Ares Partners Holdco LLC disclosed a new substantial Gastar Exploration Inc. shareholding (15.80% of votes).
8 Mar 2017director interest notice● Neutral
Ares Management LLC became a Gastar Exploration Inc. 10%+ owner and company insider (initial ownership filing).
7 Mar 2017capital raising announcement● NeutralMajor
Gastar closed the Ares refinancing on March 3, 2017: it sold Ares-affiliated funds $125 million of 6.0% Convertible Notes due 2022 and 29,408,305 new shares for $50 million (about 18.8% of the 156.7 million shares outstanding at Jan 31, 2017), and took a $250 million 8.5% first-lien term loan due March 3, 2022. The money fully repaid the $69.2 million revolver and discharged the $325 million 8.625% notes due 2018, which will be redeemed at 102.156% on March 24, 2017. This completes the pending financing; note conversion still needs stockholder approval by July 3, 2017, and the filing says the preferred dividends are not expected to be restricted through July 2018 but are not assured.
17 Feb 2017capital raising announcement● NeutralMajor
Gastar agreed to a financing with Ares Management affiliates: $125 million of 6.0% Convertible Notes due 2022, 29,408,305 new common shares for $50 million (about 18.8% of the 156.7 million shares outstanding at Jan 31, 2017), and a separate $250 million 8.5% first-lien term loan. Proceeds are to repay the $70.4 million revolver and the $325 million 2018 senior secured notes. Existing shareholders are diluted, and the notes' conversion (at $2.2103 per share) depends on stockholder approval within four months of closing. Ares gets board nomination rights (two seats while it holds at least 15%). The filing also sets a 2017 capital budget of about $84.0 million and says year-end 2016 cash was about $71.5 million with $84.6 million drawn on the revolver. This settles the open thread on the 2018 notes' fate, but closing is still pending.
2 Feb 2017director interest notice● Neutral
Gastar Exploration Inc. director Robert David Penner had 12,914 shares withheld for taxes on vesting stock.
2 Feb 2017director interest notice● Neutral
Gastar Exploration Inc. director John Hamilton Cassels had 12,914 shares withheld for taxes on vesting stock.
1 Feb 2017director interest notice● Neutral
Gastar Exploration Inc. director Jerry R Schuyler received 60,241 shares as part of the equity award.
1 Feb 2017director interest notice● Neutral
Gastar Exploration Inc. director Randolph C Coley received 60,241 shares as part of the equity award.
1 Feb 2017director interest notice● Neutral
Gastar Exploration Inc. director Robert David Penner received 60,241 shares as part of the equity award.
1 Feb 2017director interest notice● Neutral
Gastar Exploration Inc. director Stephen A Holditch received 60,241 shares as part of the equity award.
1 Feb 2017director interest notice● Neutral
Gastar Exploration Inc. director John Hamilton Cassels received 60,241 shares as part of the equity award.
11 Jan 2017material agreement▲ GoodMajor
Under Amendment No. 10 to its credit agreement, Gastar may resume paying preferred dividends (permitted through May 2017 if conditions are met, with dividends funded only from equity sale proceeds since Nov 30, 2016), and it declared a special dividend of about $12.1 million to pay all unpaid Series A and B preferred dividends accrued since April 1, 2016, payable Jan 31, 2017. It also agreed to repay at least another $8.1 million of revolver debt by April 30, 2017. This resolves the dividend suspension that began in April 2016 for preferred holders; the filing gives no assurance that later monthly dividends will be paid.
22 Nov 2016asset acquisition disposition● Neutral
This amendment to the Nov 21 filing only adds the Red Bluff sale agreement, its two amendments and the closing agreement as exhibits and restates the description of the already-reported initial closing (~$46.4 million released, ~$28.3 million in escrow). No new facts or figures.
21 Nov 2016asset acquisition disposition● NeutralMajor
Gastar completed an initial closing of the sale to Red Bluff on Nov 18, 2016, receiving about $46.4 million in cash, with a further ~$28.3 million (including the $10 million contingent portion) held in escrow pending title and other conditions. The November redetermination cut the borrowing base from $100 million to $85 million, and Gastar used sale proceeds to repay $15 million of the credit facility, which remains fully drawn.
17 Nov 2016director interest notice● Neutral
Gastar Exploration Inc. director John Hamilton Cassels had 867 shares withheld for taxes on vesting stock.
17 Nov 2016director interest notice● Neutral
Gastar Exploration Inc. director Robert David Penner had 867 shares withheld for taxes on vesting stock.
3 Nov 2016quarterly activities report▼ Bad
Gastar Exploration Inc. reported quarterly revenue of $13.0 million and a net loss of $178 thousand for the period ended 2016-09-30.
3 Nov 2016quarterly activities report▼ Bad
Gastar Exploration Inc. reported quarterly revenue of $13.0 million and a net loss of $178 thousand for the period ended 2016-09-30.