16 Mar 2018securities registration● Neutral
Pressburg, LLC amended its automatic shelf registration statement.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
27 Feb 2018quarterly activities report▼ Bad
Pressburg, LLC reported quarterly revenue of $58.6 million and a net loss of $10.4 million for the period ended 2017-12-31.
16 Jan 2018material agreement● Neutral
Agreed to sell producing wells and about 36,000 net acres in the Altamont Bluebell field in Utah for $132.0 million to a buyer the filing does not name.
20 Dec 2017material agreement● Neutral
Agreed to sell producing wells and about 179,000 net developed acres in Texas and Oklahoma for $122.0 million to a buyer the filing does not name, with a 30 March 2018 outside closing date.
14 Dec 2017business combination▲ GoodMajor
Now Linn Energy, Inc. (OTCQB: LNGG), the company announced on December 14, 2017 that it intends to launch a tender offer to buy at least $250 million of its own stock at a premium before year-end, funded partly by the $485 million sale of its Williston and Washakie properties. It also plans to split into three standalone companies by mid-2018: a holding company for its 50% stake in Roan Resources, a midstream business (Blue Mountain) under strategic review, and a company for remaining assets, and it is in talks with Citizen Energy to consolidate 100% of Roan into LNGG. This is in addition to a $400 million buyback program under which about 5.6 million shares were repurchased for about $194 million by November 30, 2017.
14 Dec 2017production update▲ GoodMajor
Linn Energy said it intended to tender for at least $250 million of its own stock before year-end 2017 and to split into three standalone companies by mid-2018. It also reported Roan had 6 rigs running and expected output above 40,000 BOE/d within 30 days.
14 Nov 2017quarterly activities report● Neutral
Pressburg, LLC reported quarterly revenue of $39.8 million and net income of $10.7 million for the period ended 2017-09-30.
14 Nov 2017quarterly activities report● Neutral
Pressburg, LLC reported quarterly revenue of $39.8 million and net income of $10.7 million for the period ended 2017-09-30.
13 Oct 2017securities registration● Neutral
Pressburg, LLC filed the final prospectus for a registered offering.
5 Oct 2017material agreement▲ GoodMajor
Agreed to sell producing wells and acreage in the Washakie Field, Wyoming for $200 million, continuing the post-bankruptcy divestiture program.
26 Sept 2017securities registration● Neutral
Pressburg, LLC amended a filing by which it registered a securities offering with the SEC.
7 Sept 2017asset acquisition disposition● NeutralMajor
Closed the Roan Resources joint-venture contribution with Citizen Energy, each partner holding a 50% stake in the new Anadarko Basin-focused company governed by an eight-member board split evenly between them.
9 Aug 2017debt financing▲ Good
Entered a new $500 million senior secured revolving credit facility with Royal Bank of Canada, replacing the post-emergence Wells Fargo facility -- Linn's first post-bankruptcy credit line rebuild.
3 Aug 2017quarterly activities report● Neutral
Pressburg, LLC reported quarterly revenue of $30.3 million and net income of $1.8 million for the period ended 2017-06-30.
3 Aug 2017quarterly activities report● Neutral
Pressburg, LLC reported quarterly revenue of $30.3 million and net income of $1.8 million for the period ended 2017-06-30.
5 July 2017material agreement● NeutralMajor
Formed Roan Resources LLC, a 50/50 joint venture with Citizen Energy, contributing about 70,000 net Anadarko Basin acres in exchange for half the new company -- Linn's post-bankruptcy pivot toward joint-venture structures rather than outright ownership.
19 June 2017material agreement● Neutral
Signed construction and equipment-supply agreements worth roughly $89 million combined to build the Linn Chisholm Trail gas processing plant in Oklahoma -- a rare capital-investment (rather than divestiture) move during the post-bankruptcy retrenchment.
7 June 2017material agreement▲ Good
Agreed to sell Brea-Olinda Field, California acreage -- the very field Linn first acquired from Blacksand Energy in 2006 -- to Bridge Energy for $100 million plus a $7 million contingent payment, proceeds earmarked for its buyback program.
1 June 2017asset acquisition disposition▲ Good
Agreed to sell Salt Creek Field, Wyoming acreage to Denbury Onshore for $71.5 million, part of the same post-bankruptcy divestiture wave.
30 May 2017material agreement▲ GoodMajor
Agreed to sell San Joaquin Basin, California acreage to Berry Petroleum (now operating independently after the bankruptcy) for $263 million, continuing the post-emergence asset-sale program.
11 May 2017quarterly activities report● Neutral
Pressburg, LLC reported quarterly revenue of $31.0 million and net income of $16.3 million for the period ended 2017-03-31.
11 May 2017quarterly activities report● Neutral
Pressburg, LLC reported quarterly revenue of $31.0 million and net income of $16.3 million for the period ended 2017-03-31.
4 May 2017material agreement▲ GoodMajor
As post-bankruptcy Linn Energy, Inc., agreed to sell producing wells and acreage in western Wyoming to Jonah Energy for $581.5 million -- the start of a broad post-emergence divestiture program to reduce debt.
28 Apr 2017securities registration● Neutral
Pressburg, LLC registered a securities offering with the SEC.
28 Feb 2017listing compliance notice▼ BadMajor
Pressburg, LLC deregistered its securities, ending its obligation to file reports with the SEC.
24 Feb 2017securities registration● Neutral
Pressburg, LLC amended its automatic shelf registration statement.
31 Jan 2017bankruptcy or receivership▼ BadMajor
On January 27, 2017 the bankruptcy court confirmed the Chapter 11 plan filed after the May 2016 bankruptcy. All existing units (355,032,380 outstanding as of October 31, 2016), options and warrants will be cancelled when the plan takes effect, and new stock goes to holders of second lien and unsecured note claims; lenders get full recovery. The company targets the effective date within about 30 days but gives no assurance.
3 Nov 2016quarterly activities report▼ Bad
Pressburg, LLC reported quarterly revenue of $286.9 million and a net loss of $198.4 million for the period ended 2016-09-30.
27 Oct 2016material agreement▼ BadMajor
Entered a First Amended and Restated Restructuring Support Agreement with noteholders and certain credit facility lenders, replacing the earlier agreements. Lenders were to receive a cash paydown including $500 million of equity contributions plus a take-back debt facility, and a $530 million rights offering was backstopped.
18 Oct 2016material agreement▼ Bad
Amended the October restructuring support agreement -- continued fine-tuning of Chapter 11 plan terms with noteholders.