3 Mar 2017director interest notice● Neutral
SILVERBOW RESOURCES, INC. Chief Executive Officer Sean C Woolverton received 58,054 shares and a 87,081-share option grant as part of the equity award.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
3 Mar 2017director interest notice● Neutral
Sean C Woolverton became a SILVERBOW RESOURCES, INC. Chief Executive Officer and company insider (initial ownership filing).
14 Feb 2017substantial holder notice● Neutral
Hutchin Hill Capital, LP, Hutchin Hill Capital GP, LLC, Neil A. Chriss disclosed a new substantial SILVERBOW RESOURCES, INC. shareholding (9.10% of votes).
2 Feb 2017securities registration● Neutral
SILVERBOW RESOURCES, INC. filed notice of an exempt private placement.
1 Feb 2017material agreement● Neutral
The January 2017 private placement of 1,403,508 shares at $28.50 closed on January 26, 2017. The company signed a registration rights agreement to file a resale registration statement within 90 days, and agreed to pay purchasers 1.0% of their purchase price as a fee (repeating every 30 days) if it misses filing, effectiveness, or listing on the NYSE or Nasdaq within 180 days of closing. This turns the earlier NYSE-listing commitment into a deadline with a cash penalty.
25 Jan 2017capital raising announcement▲ GoodMajor
On January 20, 2017 the company agreed to sell 1,403,508 new shares at $28.50 in a private placement, about $40 million gross and $39 million net, to repay credit facility borrowings and for general purposes. The release set a 2017 capital budget of $85-95 million and said the company committed to list all shares on the NYSE.
24 Jan 2017director interest notice● Neutral
SILVERBOW RESOURCES, INC. director Strategic Value Partners, LLC bought 805,000 shares on the open market at $28.50.
9 Jan 2017substantial holder notice● Neutral
BOF Holdings IV, LLC, H.I.G. Bayside Loan Opportunity Fund IV, L.P, H.I.G. Bayside Loan Advisors IV, LLC, H.I.G.-GPII, Inc, Sami W. Mnaymneh, Anthony A. Tamer disclosed a new substantial SILVERBOW RESOURCES, INC. shareholding (7.20% of votes).
29 Dec 2016director interest notice● Neutral
SILVERBOW RESOURCES, INC. INTERIM CEO; EVP AND COO Robert J. Banks sold 50 shares at $33.40.
25 Nov 2016material agreement● NeutralMajor
On November 18, 2016 the company agreed to sell its Lake Washington field in southeast Louisiana to Hilcorp Energy I, L.P. for $40 million, with closing expected around December 1, 2016. The press release says the field is about 14,000 net acres with 23 producing wells and about 1,160 barrels of oil equivalent per day, and that net proceeds will go toward paying down the revolver. The company calls it a step toward focusing on the Eagle Ford. The release also lists added 2017 gas price collars and names Bob Banks as interim CEO and the stock as quoted on OTCQX (SWTF), showing the post-bankruptcy company with new leadership.
16 Nov 2016director interest notice● Neutral
SILVERBOW RESOURCES, INC. EVP and CFO Alton D Heckaman Jr. had 7,236 shares withheld for taxes on vesting stock.
12 Oct 2016director interest notice● Neutral
SILVERBOW RESOURCES, INC. insider Terry E Swift had 15,249 shares withheld for taxes on vesting stock.
6 Oct 2016director interest notice● Neutral
Christoph O Majeske became a SILVERBOW RESOURCES, INC. company insider (initial ownership filing).
14 June 2016asset acquisition disposition● Neutral
On June 8, 2016 the company dismissed Ernst & Young as its auditor and hired BDO US, LLP, on the audit committee's recommendation. The filing says E&Y's reports for 2015 and 2014 were clean apart from a going-concern warning paragraph, and that there were no disagreements. The Item 2.01 label does not match the content: the text reports no asset acquisition or sale. The change replaces the auditor named in earlier context.
10 June 2016director interest notice● Neutral
SILVERBOW RESOURCES, INC. insider Charles W Wampler received 5,286 shares and a 3,524-share option grant as part of the equity award.
10 June 2016director interest notice● Neutral
SILVERBOW RESOURCES, INC. CEO Terry E Swift received 49,603 shares and a 39,683-share option grant as part of the equity award.
10 June 2016director interest notice● Neutral
SILVERBOW RESOURCES, INC. insider Gabriel L Ellisor received 5,286 shares and a 3,524-share option grant as part of the equity award.
10 June 2016director interest notice● Neutral
SILVERBOW RESOURCES, INC. EVP AND COO Robert J. Banks received 26,455 shares and a 21,164-share option grant as part of the equity award.
10 June 2016director interest notice● Neutral
SILVERBOW RESOURCES, INC. insider Michael Duginski received 5,286 shares and a 3,524-share option grant as part of the equity award.
10 June 2016director interest notice● Neutral
SILVERBOW RESOURCES, INC. EVP and CFO Alton D Heckaman Jr. received 26,455 shares and a 21,164-share option grant as part of the equity award.
10 May 2016quarterly activities report▼ Bad
SILVERBOW RESOURCES, INC. reported quarterly revenue of $34.3 million and a net loss of $108.3 million for the period ended 2016-03-31.
2 May 2016substantial holder notice● Neutral
DW Partners, LP, DW Investment Partners, LLC disclosed a new substantial SILVERBOW RESOURCES, INC. shareholding (14.40% of votes).
2 May 2016director interest notice● Neutral
Strategic Value Partners, LLC became a SILVERBOW RESOURCES, INC. 10%+ owner and company insider (initial ownership filing).
2 May 2016director interest notice● Neutral
Dw Catalyst Master Fund, LTD. became a SILVERBOW RESOURCES, INC. 10%+ owner and company insider (initial ownership filing).
29 Apr 2016director interest notice● Neutral
Michael Duginski became a SILVERBOW RESOURCES, INC. company insider (initial ownership filing).
29 Apr 2016director interest notice● Neutral
Peter Kirchof became a SILVERBOW RESOURCES, INC. company insider (initial ownership filing).
29 Apr 2016director interest notice● Neutral
Charles W Wampler became a SILVERBOW RESOURCES, INC. company insider (initial ownership filing).
29 Apr 2016director interest notice● Neutral
David P Geenberg became a SILVERBOW RESOURCES, INC. company insider (initial ownership filing).
29 Apr 2016director interest notice● Neutral
Gabriel L Ellisor became a SILVERBOW RESOURCES, INC. company insider (initial ownership filing).
6 Apr 2016bankruptcy or receivership▼ BadMajor
On March 31, 2016 the bankruptcy court confirmed the reorganization plan. About $906 million of senior notes and certain unsecured claims will be exchanged for 88.5% of the new common stock, and the $75 million DIP loan is to convert to equity paid out of that same 88.5%, with the DIP lenders also getting a 7.5% backstop fee. All existing common stock, options and warrants will be cancelled; current shareholders are entitled to 4% of the new common stock plus certain warrants. A $320 million reserve-based exit loan will refinance the secured bank claims. The plan takes effect once conditions are met, which the company says it cannot guarantee. This follows through on the December 2015 restructuring agreement.