Each one in plain English, with the numbers worked through for a shareholder.
15 Sept 2014material agreement● Neutral
On Sept 11, 2014 Gastar signed indemnification agreements with nine directors and officers (Porter, Gerlich, McCown, Cassels, Coley, Holditch, Penner, Schuyler, Selser), committing the company to cover their liabilities from their service to the fullest extent the law allows and to advance expenses. It is a governance document; no figures or transaction are involved.
On Aug 13, 2014 Gastar signed Amendment No. 4 to its credit agreement with Wells Fargo as agent, raising the borrowing base (the amount the banks will lend against its reserves) from $120 million to $145 million. This continues the credit facility thread; the filing does not say whether any of the extra capacity has been drawn.
Gastar filed Amendment No. 1 to its March S-4 for the exchange offer on up to $325 million of 8 5/8% Senior Secured Notes due 2018, adding the letter of transmittal as an annex. The exchange terms shown are the same as in the original filing and the offer is still subject to completion with no expiration date set. This continues the registration process; no new financial information is visible in the portion provided.
Gastar said its Marshall County, West Virginia (Marcellus) production has been shut in since April 5, 2014 because a Williams Partners pipeline ruptured; that production is about two-thirds of its average daily production. It hopes to restart as early as Tuesday night (April 8), and expects roughly two weeks of temporary operation, with gas re-routed by Williams and condensate trucked to sales, depending on repairs. The filing also reports April 2014 monthly dividends on the Series A ($0.179688 per share) and Series B ($0.223958 per share) preferred, payable April 30 to holders of record April 15. The filing gives no estimate of the financial impact of the outage.