17 July 2002listing compliance notice● NeutralMajor
Filed Form 15-12G to deregister, reporting just one holder of record - confirming the Plantation Petroleum merger had closed and cashed out all public shareholders at $17.00/share.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
26 June 2002business combination● NeutralMajor
Filed the final proxy statement for the Plantation Petroleum merger, setting a special stockholder meeting for July 17, 2002 (record date June 13, 2002) to vote on the $17.00 per share cash deal. Holders of about 56% of the shares have signed a voting agreement with Plantation to vote in favor, which is the stake already disclosed in April. The board still unanimously recommends approval. The filing does not itself complete the merger, so shareholders' position is not yet ended.
21 May 2002business combination● NeutralMajor
Filed the preliminary (draft) proxy statement asking stockholders to vote on the April 25, 2002 merger with Plantation Petroleum Holdings, LLC, under which each share would be converted into $17.00 cash, without interest (about $82,966,256 across 4,880,368 shares). Stockholders would not receive shares in Plantation, and Maynard Oil would become a wholly owned Plantation subsidiary. Approval needs a majority of outstanding shares, and the board unanimously recommends a 'for' vote. The meeting date and record date are still blank, so this continues the deal signed in April.
29 Apr 2002annual report● Neutral
Amendment No. 1 to the FY2001 10-K, filed to add the required Part III director/executive-officer disclosure (founder James G. Maynard, CEO/Chairman since the company's 1971 incorporation, led a four-person board) - the filing states plainly that adding Part III is the amendment's only purpose.
26 Apr 2002business combination▲ GoodMajor
Announced it signed an Agreement and Plan of Merger, dated April 25, 2002, with Plantation Petroleum Holdings, LLC and its acquisition subsidiary Plantation Petroleum Acquisition Corp.
2 Apr 2002other material event● NeutralMajor
Filed an 8-K attaching an April 1, 2002 press release reporting fourth-quarter and year-end 2001 results and the company's continuing pursuit of strategic alternatives.
1 Apr 2002annual report▼ Bad
FY2001 10-K405: full-year net income fell to $7,954,000 ($1.63/share) from 2000's $14,103,000, including a fourth-quarter net loss of $2,527,000 as oil prices dropped sharply late in the year and the company took an impairment charge against proved properties; spent $12.9 million acquiring additional interests in the Tex-Mex Field (Gaines County, TX) and another $12.9 million drilling 49 new wells during the year.
24 July 2001other material event● NeutralMajor
Announced it was exploring strategic alternatives, including a potential merger or sale of the company, and retained William Blair & Company as financial advisor and McDermott, Will & Emery as legal counsel.
30 Mar 2001annual report▲ GoodMajor
FY2000 10-K405: a banner year - net income more than tripled to $14,103,000 ($2.89/share) on revenue of $52,739,000, as crude oil prices spiked through the year.
30 Mar 2000annual report▲ Good
FY1999 10-K405: net income recovered to $4,355,000 ($0.89/share) on revenue of $23,392,000, as oil prices and production from the year's two large Permian Basin purchases (Phillips and Questar) offset the prior year's loss.
25 Jan 2000asset acquisition disposition● Neutral
Follow-up 8-K/A supplying the audited financial statements and pro forma financials required for the Questar acquisition.
23 Nov 1999asset acquisition disposition▲ GoodMajor
Closed the purchase of interests in ~170 producing properties in the Permian Basin (southeastern New Mexico/West Texas) from Questar Exploration and Production Company on November 12, 1999 for $32,000,000, funded entirely by a Bank One, Texas secured loan - the deal previewed in October.
21 Oct 1999other material event▲ GoodMajor
Announced it had agreed to buy interests in 170 producing oil and gas properties in southeastern New Mexico and West Texas, estimated to add 1,000 net barrels/day of oil and 3,000 net mcf/day of gas, with the purchase scheduled to close November 15, 1999 - the seller was not yet named in this preliminary notice (identified as Questar Exploration and Production Company in the follow-up 8-K a month later).
4 Aug 1999asset acquisition disposition▲ GoodMajor
Bought interests in 15 producing wells across Hardeman, Webb and Duval Counties, Texas at a Houston auction from Phillips Petroleum Company for $10,400,000 cash, funded entirely from the company's own accumulated funds - no new bank debt this time.
30 Mar 1999annual report▼ BadMajor
FY1998 10-K405: swung to a net loss of $7,816,000 (-$1.60/share) on revenue that fell to $16,166,000, as the 1998 global oil price collapse drove an $8,754,846 impairment charge against the company's proved oil and gas properties.
31 Mar 1998annual report● Neutral
FY1997 10-K405: net income $4,455,000 ($0.91/share) on revenue of $26,477,000.
31 Mar 1997annual report▲ Good
FY1996 10-K405: net income more than tripled to $9,953,783 ($2.04/share), mostly from a $6.2 million gain on the year's property sales rather than higher operating income - the company opted to sell properties it judged a poor fit with its Oklahoma/West Texas core while it looked, unsuccessfully in 1996, for a better acquisition; ended the year with over 26% of assets in cash.
15 Oct 1996asset acquisition disposition▲ GoodMajor
Sold its interests in ~130 producing wells across Texas and Oklahoma in three separate transactions during 1996 for combined cash of $8,043,657: to ROC Energy/Byrd Operating Company (Crockett County, TX, $1,380,000), to BMC Ltd./Chatham Oil Company/Javelina Energy (Grayson County, TX and Carter County, OK, $934,439), and to Enron Oil and Gas (Ellis, Roger Mills, Stephens and Woodward Counties, OK, $5,729,218) - a deliberate portfolio-rationalization program, not a distress sale.
1 Apr 1996annual report▲ Good
FY1995 10-K405: net income $3,023,000 ($0.62/share), driven by the year's two big Permian Basin acquisitions (Pennzoil and Energy Development Corp) which lifted oil production sharply, funded with $6.75 million cash plus $22.5 million in new bank borrowings.
28 Feb 1996asset acquisition disposition● Neutral
Follow-up 8-K/A supplying the audited financial statements and pro forma financials required for the Energy Development Corporation acquisition.
4 Jan 1996asset acquisition disposition▲ GoodMajor
Closed the purchase of interests in ~250 producing wells in the Garza Field (Garza County, Texas) from Energy Development Corporation for $18,750,000 ($5,750,000 cash plus a $13,000,000 Bank One, Texas secured loan) - the second major Permian-area acquisition in a year, taking total bank debt to $26.1 million.
12 June 1995asset acquisition disposition● Neutral
Follow-up 8-K/A supplying the audited financial statements and pro forma financials required for the Pennzoil property acquisition.
13 Apr 1995asset acquisition disposition▲ GoodMajor
Closed the purchase of interests in ~200 producing wells across seven West Texas counties from Pennzoil Exploration & Production Company for $10,500,000 ($1,000,000 cash plus a $9,500,000 Bank One, Texas secured loan).