26 July 2011securities registration● Neutral
LILIS ENERGY, INC. amended a filing by which it registered a securities offering with the SEC.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
15 June 2011substantial holder notice● Neutral
Roger A. Parker disclosed a new substantial LILIS ENERGY, INC. shareholding (8.80% of votes).
2 June 2011securities registration● Neutral
LILIS ENERGY, INC. amended a filing by which it registered a securities offering with the SEC.
16 May 2011quarterly activities report● Neutral
LILIS ENERGY, INC. reported quarterly revenue of $1.3 million for the period ended 2011-03-31.
6 Apr 2011capital raising announcement▲ Good
More warrant holders exercised, bringing in another $1.8 million, and the company waived a call provision on remaining warrants to keep that funding option open.
2 Mar 2011material agreement● NeutralMajor
Recovery Energy agreed to buy about 8,060 net acres in Laramie County, Wyoming from Wapiti Oil & Gas for $6.47 million cash plus 2.3 million shares.
10 Feb 2011substantial holder notice● Neutral
JMB Capital Partners Master Fund, L.P, Smithwood Advisers, L.P, Smithwood General Partner, LLC, Smithwood Partners, LLC, Jonathan Brooks reported a LILIS ENERGY, INC. shareholding of 2,534,072 shares (4.99% of votes) in a periodic institutional filing.
8 Feb 2011securities registration● Neutral
LILIS ENERGY, INC. amended a filing by which it registered a securities offering with the SEC.
3 Feb 2011capital raising announcement● NeutralMajor
Recovery Energy raised $8 million through its first convertible debentures (8% interest, 3-year term, convertible at $2.35/share, steep redemption/make-whole penalties) to fund pending Wyoming/Colorado leasehold acquisitions, and struck a joint development deal with TRW Exploration, which paid $2 million plus a 40% carried interest to fund drilling on two horizontal Niobrara wells - the company's first outside partner sharing drilling risk rather than just providing capital.
4 Jan 2011capital raising announcement▼ BadMajor
Recovery Energy pushed out the maturity on all three Hexagon Investments loans (about $20.4 million outstanding) from December 2011 to September 2012 at no extra cost, but also had to issue Hexagon a previously-promised penalty warrant for 1 million shares because the debt hadn't been repaid by the January 1, 2011 deadline set the prior June.
26 Nov 2010debt financing▼ BadMajor
Recovery Energy agreed to buy roughly 57,000 net acres of Wyoming/Nebraska interests from Edward Mike Davis LLC for $8 million due within a month, securing the payment with 6.7 million escrowed shares. It also gave Grandhaven Energy - an affiliate of its own lender Hexagon Investments - a put option to force the company to buy back royalty interests for up to $2.4 million. By this point Hexagon and Davis together already controlled roughly a third of the company's stock, and the Hexagon loan balance stood near $21 million - insider financing was now deeply intertwined with the company's asset base and capital structure.
22 Nov 2010material agreement● Neutral
Recovery Energy filed a second amendment to its report on the March 19, 2010 Albin Field purchase from Edward Mike Davis, L.L.C. (about $6.0 million plus 550,000 shares), restating the pro forma share count to include shares issued to Hexagon Investments LLC. The Aug 12, 2010 pro forma statements should not be relied on; the new version shows a pro forma 2009 net loss of about $33.5 million.
22 Nov 2010material agreement● Neutral
Recovery Energy filed a second amendment to its report on the February 26, 2010 Wilke Field purchase from Edward Mike Davis, L.L.C., restating the pro forma share count to include shares issued to Hexagon Investments LLC. The Aug 12, 2010 pro forma statements should not be relied on; the new version shows a pro forma 2009 net loss of about $31.8 million and about $4.5 million of acquisition debt at 15%.
22 Nov 2010material agreement● Neutral
Recovery Energy filed a second amendment to its report on the April 14, 2010 State Line Field purchase from Edward Mike Davis, L.L.C., restating the pro forma share count to include the shares issued to Hexagon Investments LLC after comments on its registration statement. The Aug 12, 2010 pro forma statements should no longer be relied on; the new version shows pro forma weighted shares of about 18.8 million (up from 11.7 million historical) and a pro forma Q1 2010 net loss of about $4.3 million, with the $15.0 million of new debt at 15% unchanged.
12 Nov 2010quarterly activities report● Neutral
LILIS ENERGY, INC. reported quarterly revenue of $2.6 million for the period ended 2010-09-30.
22 Oct 2010director interest notice● Neutral
LILIS ENERGY, INC. 10%+ owner Edward Mike Davis sold 305,000 shares.
8 Oct 2010capital raising announcement▲ Good
Warrant holders exercised 3.4 million warrants at $1.50, bringing Recovery Energy $5.1 million in cash, and received new $2.20 warrants as a sweetener to exercise.
27 Sept 2010substantial holder notice● Neutral
JMB Capital Partners Master Fund, L.P, Smithwood Advisers, L.P, Smithwood General Partner, LLC, Smithwood Partners, LLC, Jonathan Brooks disclosed a new substantial LILIS ENERGY, INC. shareholding (8.60% of votes).
31 Aug 2010director interest notice● Neutral
LILIS ENERGY, INC. 10%+ owner Edward Mike Davis sold 400,000 shares at $2.23.
26 Aug 2010securities registration● Neutral
LILIS ENERGY, INC. registered a securities offering with the SEC.
24 Aug 2010securities registration● Neutral
LILIS ENERGY, INC. filed the final prospectus for a registered offering.
19 Aug 2010securities registration● Neutral
LILIS ENERGY, INC. amended a filing by which it registered a securities offering with the SEC.
17 Aug 2010quarterly activities report● Neutral
LILIS ENERGY, INC. reported quarterly revenue of $5.2 million for the period ended 2010-06-30.
16 Aug 2010quarterly activities report● Neutral
LILIS ENERGY, INC. reported quarterly revenue of $5.2 million for the period ended 2010-06-30.
13 Aug 2010securities registration● Neutral
LILIS ENERGY, INC. amended a filing by which it registered a securities offering with the SEC.
12 Aug 2010material agreement● NeutralMajor
Recovery Energy filed the missing financial statements for the Albin Field properties, bought from Edward Mike Davis, L.L.C. on March 19, 2010 for about $6,000,000 plus 550,000 company shares, funded with new debt at 15% a year. This is the second of the Davis purchases, after Wilke Field and before State Line Field. Pro forma short-term debt rises to $10.5 million as of December 31, 2009.
12 Aug 2010material agreement● NeutralMajor
Recovery Energy filed the missing financial statements for the Wilke Field properties it bought from Edward Mike Davis, L.L.C., a purchase completed February 26, 2010 per the filing (the exhibit notes describe the acquisition as January 2010). The price was about $4,500,000, funded by new debt at 15% a year. The properties had revenue of $4.67 million in 2009 against $0.72 million of direct operating costs, and the amendment shows the first of the company's debt-funded purchases from Davis.
12 Aug 2010material agreement● NeutralMajor
Recovery Energy filed the financial statements missing from its earlier report of the April 14, 2010 purchase of the State Line Field properties from Edward Mike Davis, L.L.C. The pro forma figures show a price of about $15,000,000 plus 2,500,000 company shares, financed with new debt of about $15.0 million at 15% a year. Pro forma short-term debt rises from $10.3 million to $25.3 million, and the exhibits show a pro forma net loss of about $4.3 million for the quarter.
22 July 2010securities registration● Neutral
LILIS ENERGY, INC. amended a filing by which it registered a securities offering with the SEC.
29 June 2010material agreement▼ BadMajor
Recovery Energy signed a stockholders agreement committing its major holders to vote in a board seat designated by lender Hexagon Investments - formalizing Hexagon's governance influence on top of its debt and equity position.