Past year: ▲ 64%(18.38 – 37.10 USD)
Each one in plain English, with the numbers worked through for a shareholder.
27 Mar 2009material agreement● Neutral
Stone's board adopted a standard indemnification agreement for its directors and executive officers, under which the company must cover their legal costs and related liabilities from acting for the company, to the extent Delaware law and its charter allow. The filing lists 17 current directors and officers, including Richard Pattarozzi, David Welch, Kenneth Beer and J. Kent Pierret. It is a governance step with no stated financial amounts.
9 Mar 2009production update▲ GoodMajor
Stone cashed in (unwound) hedges on its 2009 oil and gas sales: all oil hedges for April-December 2009 brought in about $59 million and two natural gas hedges brought in about $54 million. It plans to use a substantial portion to build cash and reduce bank borrowings, and may also use some to cut public debt or buy back shares. It also put new hedges in place for part of 2009 volumes and later years.
10 Feb 2009production update● Neutral
Stone said it issued a press release on February 9, 2009 with its 2008 year-end reserves, its 2009 capital spending budget and an operational update. The 8-K itself contains none of those figures; they are only in the attached press release.
29 Aug 2008asset acquisition disposition● NeutralMajor
Stone completed its acquisition of Bois d'Arc Energy on August 28, 2008, after both companies' shareholders approved it on August 27. It paid about $935 million in cash and issued about 11.3 million new shares (each Bois d'Arc share got 0.165 Stone shares plus $13.65 cash). The cash came from about $510 million of cash on hand and $425 million drawn on a new $700 million credit facility maturing July 1, 2011. Comstock now owns about 13% of Stone and is locked up for one year with further restrictions for up to three years. Stone's two subordinated note issues (2011 and 2014) are now also guaranteed by the Stone subsidiary that took over Bois d'Arc. This completes the merger challenged in the July lawsuit; the filing does not say how that lawsuit ended.
21 July 2008business combination▼ BadMajor
A Bois d'Arc Energy shareholder filed a class action in Clark County, Nevada, against Bois d'Arc, its directors, Comstock, Stone Energy and a Stone subsidiary, seeking to block the planned Bois d'Arc merger, rescind the April 30, 2008 merger agreement and win damages. Stone says it will defend vigorously and cannot predict the outcome; its shareholder vote on issuing shares for the merger is set for August 27, 2008.
