Past year: ▼ 98%(1.90c – 95.0c USD)
Each one in plain English, with the numbers worked through for a shareholder.
12 Jan 2007material agreement● Neutral
On January 8, 2007 the compensation committee granted director Robert Bailey 25,000 restricted shares for his board service, vesting in three roughly equal parts on Dec 31, 2007, 2008 and 2009. Small and routine; it implies a new director (inference from the grant for director service).
1 Sept 2006material agreement● Neutral
On August 30, 2006 the company finalized a new employment agreement with CEO Karl Arleth, replacing his May 2003 one: $250,000 base salary, performance bonus, 24 months' base salary as severance if terminated without cause, and company-purchased life insurance of at least $3 million with benefits split between the company and his chosen beneficiary. The company also signed indemnification agreements with all directors and senior executive Andrew Schultz. No financial or operating change.
27 July 2006material agreement▼ BadMajor
On July 26, 2006 the company agreed to sell 2,000,000 new common shares through underwriter Petrie Parkman at $5.20 per share, with an option for 300,000 more; the press release estimates net proceeds of about $9.4 million. This is the first use of the $50 million shelf registered in March 2006, and it dilutes existing holders. The price is below the $6.79 cited in March 2006. The filing does not say how the money will be used.
21 July 2006material agreement● Neutral
The company finalized an employment agreement (effective June 1, 2006) with CFO Bill Pennington: $190,000 base salary, bonus up to 60% of salary for 2006 and up to 100% after, 20,000 restricted shares vesting over three years, and 12 months' severance if terminated without cause. The filing also lists operating agreements (dated Feb 1, 2005, Jan 27, 2006 and May 22, 2006) and an engineers' consent as exhibits, without describing their terms.
20 June 2006debt financing● NeutralMajor
On June 15, 2006 the company entered a $50 million secured revolving credit facility with BNP Paribas, maturing June 15, 2010. This is the company's first debt facility in the history so far; the initial borrowing base is only $3.0 million, so $50 million is the ceiling, not what is available now. It is secured by a first mortgage on its properties and a pledge of subsidiary equity, and some covenants phase in during 2007. The CFO says closing a facility was one of the 2006 milestones.
11 May 2006asset acquisition disposition● NeutralMajor
On May 5, 2006 the company closed the Williston Basin (Bakken) purchase from American Oil & Gas that was announced April 10, 2006. Because American added acreage before closing, the 25% interest now covers about 58,000 net acres (not 45,000) and the price rose from $5 million to $6.16 million ($420 per acre). Teton paid $2.46 million at closing from cash on hand and owes $3.69 million by June 1, 2007 to fund American's 50% share of the first two wells, on top of its own 25% share of drilling costs. American holds 50% and operator Evertson 25%; the release says two test wells are planned from mid-2006.
12 Apr 2006material agreement▲ GoodMajor
On April 10, 2006 the company signed an agreement with American Oil & Gas to buy a 25% interest in about 45,000 net acres in the Williston Basin, North Dakota (the Bakken oil play), for about $2 million at closing. It must also fund up to $3 million of American's drilling costs through June 1, 2007, on top of its own 25% share. Evertson Operating Company would operate. Closing depends on due diligence and is expected by May 5, 2006, and the company says it expects to fund it from cash on hand. This adds an oil project alongside its gas assets, and the press release states the company's production is currently 100% natural gas.
23 Mar 2006material agreement● Neutral
On March 17, 2006 the compensation committee awarded 2,500,000 performance share units under the 2005 plan, measured 2006-2008, and reserved up to 1,071,250 more for executives expected to be hired in 2006. This follows the December 2005 reservation of 2,000,000 units and raises it to 2.5 million. Awards include 250,000 base units (500,000 at stretch) for CEO Karl Arleth and 175,000 (350,000) for Chairman James Woodcock. Earned units are paid in new shares (inference: dilution), and all vest if the company is sold or merged. The committee also restated the performance targets for the July 2005 grant.
15 Mar 2006business combination● Neutral
The company filed a preliminary registration for up to $50 million of common stock and warrants that it may issue from time to time to pay for acquisitions of businesses, assets or properties. No specific acquisition is named in the excerpt, and the company expects no cash proceeds. Any use would mean issuing new shares, which would dilute existing holders (inference). The closing share price cited was $6.79 on March 13, 2006.
31 Jan 2006asset acquisition disposition▲ GoodMajor
On January 27, 2006 the Noble Energy deal closed after due diligence: Noble paid the remaining $2.7 million and the parties signed three joint operating agreements naming Noble operator. Noble pays 100% of the first 20 wells' costs and gets 75% of net revenues during that period (the press release says Teton receives 25%); afterwards costs split 75/25. This completes the transaction announced January 4 with terms unchanged, and the press release says Noble is still evaluating the acreage and developing drilling plans.
4 Jan 2006asset acquisition disposition▲ GoodMajor
On December 28, 2005 the company signed an agreement letting Noble Energy earn a 75% working interest in its roughly 182,000-acre Eastern DJ Basin acreage (the land bought in 2005 from ATEC/Apollo). Noble pays $3 million ($300,000 at signing, $2.7 million at closing expected late January 2006) and must drill and complete 20 wells, 10 by December 31, 2006 and all 20 by March 1, 2007; Noble would become operator and Teton would keep 25%. The press release says the wells are drilled at no cost to Teton. This moves the DJ Basin from a company-operated project to a partnered one.
30 Dec 2005material agreement● Neutral
On December 29, 2005 the compensation committee granted restricted shares for 2005 performance: 120,000 to Chairman James Woodcock, 50,000 to CEO Karl Arleth and 25,000 to new director William White, each vesting over three years from 2006. It also reserved 2,000,000 more performance share units to be awarded in the first quarter of 2006, extending the July 2005 incentive plan awards.
9 Sept 2005listing compliance notice▼ Bad
TETON ENERGY CORP withdrew a registration statement, abandoning the offering it covered.
9 Sept 2005listing compliance notice▼ Bad
TETON ENERGY CORP withdrew a registration statement, abandoning the offering it covered.
27 July 2005material agreement● Neutral
On July 26, 2005 the compensation committee finalized awards of 800,000 performance share units (160,000 to directors) under the 2005 incentive plan, measured January 1, 2005 to December 31, 2007. Payouts in stock depend on production, reserves, cost, management efficiency and share price targets; the CEO Karl Arleth got 150,000 base units (300,000 at stretch). Paying out these units would mean issuing new shares to executives and directors (inference: dilution for existing holders).
5 July 2005asset acquisition disposition● NeutralMajor
On June 30, 2005 the company closed the third and final tranche of the ATEC/Apollo purchase: about 17,364 acres for roughly $277,818 cash, 39,688 shares and warrants for 19,844 shares at $1.75. This completes the Eastern DJ Basin deal at about 180,671.5 acres for about $2,890,744 cash plus 412,963 shares and 206,482 warrants. The filing is made under the name Teton Energy Corporation, a name change from Teton Petroleum Company that the filing itself does not explain.
3 June 2005asset acquisition disposition● NeutralMajor
On May 27, 2005 the company closed the second tranche of the ATEC/Apollo purchase: 40,273 more Eastern DJ Basin acres for $644,371 cash, 92,053 unregistered shares and warrants for 46,027 shares at $1.75. Total so far is 163,308 acres for $2,612,926 plus 373,276 shares and 186,638 warrants; about 17,000 acres remain, expected by end of June 2005.
6 May 2005asset acquisition disposition● Neutral
This amendment fills in details left out of the April 14 filing: the sellers are ATEC Energy Ventures and Apollo Energy, and the cash paid for the first 123,035 acres was $1,968,555 (including $322,354 earnest money and $25,000 option fee). The press release says the company has reinvested about $8 million since the start of the year of proceeds from selling its Russian operations in July 2004, and has enough cash for its 2005 Piceance and Eastern DJ Basin programs without raising capital.
19 Apr 2005asset acquisition disposition● NeutralMajor
On April 14, 2005 the company closed the first part of the pending acreage purchase announced in December 2004 and January 2005: leases on 123,034.66 acres in the Eastern Denver-Julesburg Basin (82.3% net revenue interest), paid with cash, 281,223 new unregistered shares and warrants for 140,611 shares at $1.75. About 57,000 more acres are expected in two further closings by end of May and June 2005; the company waived its right to terminate over the 138,063-acre minimum. Cash and counterparty were redacted in this filing.
16 Feb 2005material agreement● NeutralMajor
On February 15, 2005 the company bought a 25% interest in Piceance Gas Resources, LLC from PGR Partners, which owns about 6,300 acres in Colorado's Piceance Basin, for $5.25 million cash, 450,000 unregistered shares and warrants for 200,000 shares at $2.00 for five years. The press release says the venture's 2005 program calls for at least 8 wells, and that this deal is separate from the pending North American acreage purchase.
10 Jan 2005material agreement● NeutralMajor
On January 5, 2005 the company signed a binding purchase and sale agreement replacing the December 2004 letter of intent, paying $322,354 in earnest money (refundable if it terminates because clean-title acreage is under 138,063 acres). Closing is expected on or before April 15, 2005, subject to due diligence; price, seller and location details remain redacted.
23 Dec 2004material agreement● NeutralMajor
On December 17, 2004 the company paid a nonrefundable $25,000 for an option to buy oil and gas leases in North America (counterparty, price and acreage location are redacted in the filing). If exercised, part of the price would be paid in shares valued at $1.75 each plus warrants; the company can walk away if clean-title acreage is under 138,063 acres, and it expects to close around April 15, 2005, subject to due diligence and board approval.
6 May 2003listing compliance notice▲ GoodMajor
the American Stock Exchange certified TETON ENERGY CORP's securities for listing, clearing them to begin trading.
19 Dec 2002capital raising announcement● Neutral
The company (filing as Teton Petroleum Company) said it raised about $2,005,000 in private placements in October and November 2002, which would lift stockholders' equity from $2,645,000 at September 30, 2002 to about $4,650,000 before other changes. It also reconciled the third-quarter net loss of $2,216,169 to a cash loss of $611,026, with $1,390,951 of the gap being financing charges; the filing says the equity figure is not necessarily indicative of future balances.
28 June 2001listing compliance notice▼ Bad
TETON ENERGY CORP withdrew a registration statement, abandoning the offering it covered.
3 Apr 2001listing compliance notice▼ Bad
TETON ENERGY CORP withdrew a registration statement, abandoning the offering it covered.
