Past year: ▼ 98%(1.90c – 95.0c USD)
Each one in plain English, with the numbers worked through for a shareholder.
14 Oct 2008material agreement● Neutral
Effective October 7, 2008 Teton exchanged all the warrants issued in May 2007 (rights to buy 3,960,000 shares at $5.00, tied to the 8% convertible notes that matured in May 2008) for 990,000 new shares. Existing holders are diluted by 990,000 shares, but the warrants, which would have run to May 2012, are gone. This closes out a security from the 2007 note financing.
25 Sept 2008securities registration● Neutral
TETON ENERGY CORP amended an already-effective registration statement.
23 Sept 2008debt financing● NeutralMajor
Debenture holders used their 90-day option, and on September 18, 2008 Teton redeemed 25% of the debentures, paying $10 million plus accrued interest from funds held aside for that purpose; $30 million remains, due June 18, 2013. The remaining debentures were exchanged on September 19 into a global debenture under a new indenture with Bank of New York Mellon as trustee, replacing Whitebox Advisors as representative. Teton also announced the JPMorgan borrowing base rose $2.0 million, from $32.5 million to $34.5 million, plus updated 2008 spending and production guidance (figures not given in this filing). This continues the June debenture financing and shrinks it from $40 million.
17 Sept 2008securities registration● Neutral
TETON ENERGY CORP filed the final prospectus for a registered offering.
15 Sept 2008securities registration● Neutral
TETON ENERGY CORP amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
10 Sept 2008securities registration● Neutral
TETON ENERGY CORP amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
8 Sept 2008listing compliance notice▼ BadMajor
TETON ENERGY CORP's securities were notified for removal from listing and registration on its exchange.
8 Sept 2008listing compliance notice▲ GoodMajor
Nasdaq certified TETON ENERGY CORP's securities for listing, clearing them to begin trading.
13 Aug 2008securities registration● Neutral
TETON ENERGY CORP registered a securities offering with the SEC using its shelf eligibility.
19 June 2008capital raising announcement● NeutralMajor
The $40 million debenture sale announced June 9 closed on June 18, 2008, on the same terms (10.75%, due June 18, 2013, convertible at $6.50). Teton also signed a subordinated guaranty and pledge agreement, under which it guarantees the debenture obligations, with the debenture holders' liens ranking behind JPMorgan's. Net proceeds are about $37.4 million. This completes the earlier agreement and adds new debt and potential new shares.
10 June 2008capital raising announcement● NeutralMajor
On June 9, 2008 Teton agreed to sell $40 million of 10.75% secured convertible debentures due 2013, convertible at $6.50 a share, with RBC Capital Markets as placement agent. Net proceeds of about $37.4 million are meant to repay debt on the JPMorgan credit facility, fund capital spending and general purposes. The debentures sit behind JPMorgan's liens, and could convert into up to 8,411,937 new shares (6,153,847 excluding the maximum interest make-whole), so existing holders face possible dilution. Investors also get a 90-day option to cut their investment by 25%.
23 May 2008asset acquisition disposition● Neutral
This amendment supplies the financial statements of seller Shelby Resources LLC (audited 2007 and 2006, unaudited 2005) and pro forma combined figures for the April 2008 Central Kansas acquisition, which were not in the original filing. It adds no new deal terms.
4 Apr 2008securities registration● Neutral
TETON ENERGY CORP filed the final prospectus for a registered offering.
3 Apr 2008asset acquisition disposition● NeutralMajor
The Kansas deal closed April 2, 2008 at $53.4 million: $40.1 million cash and 2,746,124 new Teton shares ($13.3 million), plus warrants on 625,000 shares at $6.00 (exercisable from July 2, 2008, expiring April 1, 2010). Teton and Shelby Resources set up a 30-month area of mutual interest split 60% Teton / 40% Shelby, and sellers are locked up on share sales until October 2, 2008 with limits after that through July 2, 2009. Teton also expanded its JPMorgan revolver to $150 million (maturing April 2, 2011) with an initial borrowing base of $50 million, conforming base $40 million, replacing the August 2007 $50 million facility. This completes the February letter of intent, adds new shares, and raises borrowing capacity.
18 Mar 2008substantial holder notice● Neutral
First New York Securities LLC, Thomas F. Donino, BATL Management LP, Lee Higgins reported a TETON ENERGY CORP shareholding of 1,211,043 shares (6.80% of votes) in a periodic institutional filing.
26 Feb 2008material agreement● NeutralMajor
On February 26, 2008 the company signed a non-binding letter of intent to buy oil and gas properties in the Central Kansas Uplift from about 14 working interest owners for about $53.4 million: roughly $40.1 million cash and $13.3 million in Teton shares, plus two-year warrants on 625,000 shares at $6.00. Closing is targeted by April 25, 2008, with a $1 million escrow deposit. It is a new growth thread and, if completed, would use the shares and cash, issuing new shares to the sellers.
14 Feb 2008substantial holder notice● Neutral
Wellington Management Company, LLP reported a TETON ENERGY CORP shareholding of 2,268,401 shares (13.13% of votes) in a periodic institutional filing.
31 Jan 2008substantial holder notice● Neutral
First New York Securities LLC, Thomas F. Donino, BATL Management LP, Lee Higgins reported a TETON ENERGY CORP shareholding of 1,033,854 shares (6.00% of votes) in a periodic institutional filing.
10 Oct 2007securities registration● Neutral
TETON ENERGY CORP filed the final prospectus for a registered offering.
5 Oct 2007material agreement● Neutral
This amendment only corrects a typo in the earlier October 2 filing: DJ gas volume is '33 thousand MCF', not '33 thousand MMCF's'. Otherwise it repeats the Delta Piceance sale terms unchanged, with no new substance.
5 Oct 2007asset acquisition disposition▲ GoodMajor
The Delta sale closed October 1, 2007: Teton received $33 million cash (about $36.6 million after preliminary adjustments, with about $1.4 million of estimated costs) plus the DJ Basin properties valued at $5 million. It keeps a 12.5% Piceance interest (39 producing wells, 17 awaiting completion, 2 drilling) and takes over operating the 28 DJ wells from November 1, 2007. This completes the agreement announced on September 26.
2 Oct 2007material agreement▲ GoodMajor
On September 26, 2007 the company agreed to sell Delta Petroleum half of its 25% Piceance Basin interest (a 12.5% working interest in 6,314 gross acres) for $33 million cash, plus Delta's producing and undeveloped Denver-Julesburg (DJ) Basin properties in Washington and Yuma counties, Colorado, which Teton values at about $5 million. Teton keeps a 12.5% Piceance interest, must offer Delta first refusal if it sells the rest, and says the proceeds should fund planned capital spending through 2008 without extra dilution (the company's statement).
18 Sept 2007securities registration● Neutral
TETON ENERGY CORP amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
5 Sept 2007securities registration● Neutral
TETON ENERGY CORP amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
31 Aug 2007capital raising announcement▼ BadMajor
This amendment, filed August 31, 2007, adds the required disclosure of a private placement closed May 17, 2007: $9.0 million of 8% senior subordinated convertible notes, convertible at $5.00 per share, with warrants for 200% coverage at $5.00 (the 8-K/A text cites 3,600,000 warrant shares for investors plus 360,000 to the placement agent, Commonwealth Associates). Net proceeds were about $8.3 million, for the 2007 capital program. If converted or exercised, this dilutes shareholders; the notes are due May 15, 2008 and convert at market if unpaid and below $5.00. The filing also restates a May 22, 2007 announcement of about 6,250 net acres bought in the Big Horn Basin, Wyoming, for $469,270, with another 5,750 acres expected to close by June 6, 2007.
10 Aug 2007debt financing● NeutralMajor
On August 9, 2007 the company replaced its June 2006 BNP Paribas facility with an amended $50 million revolver from JPMorgan Chase, maturing August 9, 2011, which took over BNP's position. The borrowing base rises from $3.0 million to $14 million (conforming base $11 million); the first redetermination is November 1, 2007, and on November 1, 2008 the borrowing base drops to the conforming base. It drew $11 million at the start, of which about $10.19 million went to assume BNP's position and pay fees, leaving about $811,000 for general use. This confirms the company now carries bank debt of about $11 million.
6 Aug 2007securities registration● Neutral
TETON ENERGY CORP registered a securities offering with the SEC using its shelf eligibility.
23 July 2007securities registration● Neutral
TETON ENERGY CORP filed a prospectus supplement for an offering off its existing shelf.
23 July 2007securities registration● Neutral
TETON ENERGY CORP filed a free-writing prospectus - marketing material for an offering in progress.
16 July 2007securities registration● Neutral
TETON ENERGY CORP filed the final prospectus for a registered offering.
