21 July 2009material agreement▲ GoodMajor
Agreed to a second purchase of Segundo Navarro/Lewis Energy natural gas properties in South Texas for about $52.25 million, again with Lewis continuing to operate the wells.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
5 June 2009asset acquisition disposition● Neutral
This is Amendment No. 3 to the July 2008 Lewis/Segundo Navarro South Texas acquisition report. It repeats the same deal terms and updates the exhibits to cover the six months ended June 30, 2008 and 2007. No new transaction and no new figures appear in the filing body.
11 May 2009listing compliance notice▼ BadMajor
Grizzly Energy, LLC's securities were notified for removal from listing and registration on its exchange.
8 May 2009listing compliance notice▲ GoodMajor
the New York Stock Exchange certified Grizzly Energy, LLC's securities for listing, clearing them to begin trading.
30 Apr 2009listing compliance notice▲ Good
Voluntarily moved its unit listing from NYSE Arca to the main New York Stock Exchange, effective mid-May 2009 - an upgrade in listing venue, not a compliance problem.
22 Dec 2008asset acquisition disposition● Neutral
This is Amendment No. 2 to the July 2008 Lewis/Segundo Navarro South Texas acquisition report. It repeats the same deal terms ($51.4 million, closed July 28, 2008) and adds unaudited figures for the first six months of 2008: $5.5 million of revenues and $4.6 million over direct operating expenses. No new transaction.
14 Nov 2008financial restatement▼ BadMajor
Vanguard said it would restate its first- and second-quarter 2008 results because its hedge documentation did not meet SFAS 133 requirements for cash flow hedge accounting. Unrealized derivative losses of $20.2 million and $52.2 million moved into earnings, with no effect on liquidity or distributions.
14 Oct 2008auditor change● Neutral
Engaged BDO Seidman as its new independent auditor for fiscal 2008, replacing UHY LLP, which had resigned in September over an independence conflict.
9 Oct 2008asset acquisition disposition▲ GoodMajor
Vanguard filed the financial statements for the South Texas properties it bought from Segundo Navarro Drilling, a Lewis Energy Group affiliate. The deal closed July 28, 2008 at an adjusted $51.4 million, paid as $30.0 million cash and 1,350,873 Vanguard units. The properties are about 99% natural gas with 21.8 Bcfe of proved reserves, and Vanguard assumed gas hedges covering about 85% of expected producing gas output through 2011. They earned $5.9 million of revenues over direct operating expenses in 2007.
2 Sept 2008auditor change● Neutral
Auditor UHY LLP resigned after determining that hiring a member of its own audit team created an independence conflict - not a dispute over the company's books, which UHY had signed off on cleanly.
30 July 2008asset acquisition disposition▲ Good
Closed the South Texas gas acquisition from the Lewis Energy Group affiliate, paying $32 million cash and issuing 1.35 million units, and assumed Lewis's existing gas hedges through 2011.
21 July 2008material agreement▲ GoodMajor
Agreed to buy South Texas natural gas properties from an affiliate of the Lewis Energy Group for about $53.4 million in cash and units, with Lewis continuing to operate the wells and jointly develop undeveloped acreage.
12 May 2008financial restatement● Neutral
Corrected per-unit earnings figures in its 2007 annual report (from $0.24 to $0.39) due to a unit-count calculation error; the fix didn't change total assets, income or cash flow.
14 Apr 2008asset acquisition disposition▲ GoodMajor
Vanguard filed the financial statements for the Permian Basin oil and gas properties it bought from Apache Corporation. The deal closed on January 31, 2008 at an adjusted price of $73.4 million (versus the $78.3 million originally agreed, before adjustments). The properties had 5.1 MMboe of proved reserves (about 84% oil), and Vanguard took on oil swaps covering about 90% of expected producing oil output through 2011 at a weighted average of $87.29. The properties earned $11.6 million of revenues over direct operating expenses in 2007.
4 Feb 2008asset acquisition disposition▲ Good
Closed the Apache Permian Basin purchase at $73.4 million after price adjustments, and locked in swaps covering most of the acquired oil output through 2011.
28 Dec 2007material agreement▲ GoodMajor
Agreed to buy Permian Basin oil and gas properties from Apache Corporation for about $78.3 million, funded through its reserve-based credit facility - the first major acquisition for the newly public upstream MLP.
24 Oct 2007listing compliance notice● Neutral
A paper-only compliance form (CERTPAC) was filed in October 2007, just after the IPO prospectus. The filing contains no text beyond a document control number, so it carries no stated substance.