6 June 2007substantial holder notice● Neutral
First New York Securities LLC, Thomas F. Donino, BATL Management LP disclosed a new substantial TETON ENERGY CORP shareholding (5.50% of votes).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
14 Feb 2007substantial holder notice● Neutral
Sound Energy Partners, Inc reported a TETON ENERGY CORP shareholding of 654,100 shares (4.45% of votes) in a periodic institutional filing.
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).
10 Jan 2007substantial holder notice● Neutral
Wellington Management Company, LLP disclosed a new substantial TETON ENERGY CORP shareholding (11.51% of votes).
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.
27 July 2006securities registration● Neutral
TETON ENERGY CORP filed a prospectus supplement for an offering off its existing shelf.
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 July 2006securities registration● Neutral
TETON ENERGY CORP filed a prospectus supplement for an offering off its existing shelf.
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.
3 Apr 2006securities registration● Neutral
TETON ENERGY CORP filed the final prospectus for a registered offering.
3 Apr 2006securities registration● Neutral
TETON ENERGY CORP filed the final prospectus for a registered offering.
29 Mar 2006securities registration● Neutral
TETON ENERGY CORP filed the final prospectus for a registered offering.
29 Mar 2006securities registration● Neutral
TETON ENERGY CORP filed the final prospectus for a registered offering.
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 2006securities registration● Neutral
TETON ENERGY CORP registered a securities offering with the SEC using its shelf eligibility.
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.
9 Feb 2006substantial holder notice● Neutral
Sound Energy Partners, Inc disclosed a new substantial TETON ENERGY CORP shareholding (5.69% of votes).
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.
14 Nov 2005securities registration● Neutral
TETON ENERGY CORP filed the final prospectus for a registered offering.
20 Oct 2005substantial holder notice● Neutral
H. Howard Cooper disclosed a new substantial TETON ENERGY CORP shareholding (13.00% of votes).
17 Oct 2005securities registration● Neutral
TETON ENERGY CORP registered a securities offering with the SEC using its shelf eligibility.
30 Sept 2005securities registration● Neutral
TETON ENERGY CORP amended an already-effective registration statement.
30 Sept 2005securities registration● Neutral
TETON ENERGY CORP amended an already-effective registration statement.
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.