15 Aug 2006asset acquisition disposition▲ GoodMajor
Closed the $125 million Kaiser-Francis Mid-Continent acquisition, funded through the new revolver and a bridge facility.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
9 Aug 2006material agreement● Neutral
Granted routine phantom-unit awards to independent directors under its long-term incentive plan -- standard board compensation, not a strategic event.
7 Aug 2006asset acquisition disposition▲ GoodMajor
Replaced its credit facility with a new $800 million agreement and immediately raised the borrowing base to $430 million to fund the Blacksand acquisition, with room to grow further once Kaiser-Francis closes.
25 July 2006material agreement▲ GoodMajor
Signed its first large acquisitions as a public company: $291 million for Blacksand Energy's Brea-Olinda field in California and $125 million for Kaiser-Francis's Mid-Continent Oklahoma assets -- the start of the debt-funded roll-up strategy that would define Linn's next decade.
1 June 2006listing compliance notice▼ BadMajor
Nasdaq sent a second deficiency notice on May 24, 2006, this time because the Q1 2006 10-Q had not been filed, even though the 2005 10-K with restated prior-year figures was filed May 31. Linn scheduled a June 1 hearing and expected to file the 10-Q by June 30.
1 June 2006listing compliance notice▼ BadMajor
Nasdaq told Linn Energy on May 24, 2006 that its units were subject to delisting because the Q1 2006 quarterly report had not been filed; the company has appealed at a June 1 hearing, and the units stay listed until the panel decides. The 2005 annual report with the restated 2003-2004 figures was filed May 31, 2006, and lenders gave a 30-day waiver to June 30 on the financial-statement delivery covenant. The company expects to file the quarterly report by June 30. This amendment only attaches the correct press release.
20 Apr 2006listing compliance notice▼ BadMajor
Nasdaq warned it could delist Linn Energy's units over the still-unfiled 2005 10-K stemming from the restatement; the company said it would appeal and did not expect a material earnings impact.
18 Apr 2006material agreement● Neutral
Hired Thomas Lopus as SVP of Operations under a standard executive pay package with unit options -- routine personnel move.
13 Apr 2006debt financing● Neutral
Replaced its original $300 million credit facility with a new agreement, the first step in building the large secured revolver that would fund the coming acquisition spree.
10 Apr 2006financial restatement● Neutral
Linn Energy said it expects to file its 2005 annual report, containing restated financials for 2003 and 2004, on or before May 30, 2006. This amendment only adds that expected date to the April 3 restatement notice.
3 Apr 2006listing compliance notice▼ BadMajor
Linn Energy's audit committee concluded its 2003-2004 financial statements needed restatement over acquisition-accounting errors, forcing a delayed 2005 annual report and a heads-up to Nasdaq about noncompliance just months after going public.