19 Mar 2014securities registration● Neutral
AMERICAN EAGLE ENERGY Corp filed a free-writing prospectus - marketing material for an offering in progress.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
19 Mar 2014material agreement● NeutralMajor
On March 18, 2014 the company agreed to sell 11,000,000 new shares at $6.60 each through underwriter Johnson Rice & Company, for expected net proceeds of about $67.7M (about $78.0M if the underwriters take up their option for 1,650,000 more shares), with closing expected March 24, 2014. This issues many new shares, which dilutes existing holders, at a price far above the $1.70 of the October 2013 offering. The filing does not state what the money is for; the pending second Spyglass purchase, due to close March 31, is an inference only.
19 Mar 2014securities registration● Neutral
AMERICAN EAGLE ENERGY Corp filed the final prospectus for a registered offering.
10 Mar 2014farm in farm out agreement▲ GoodMajor
On March 7, 2014 the company gave its Spyglass joint venture partner written notice that it is exercising the option to buy a second package of interests for $47M ($45M at close for the first package after adjustments), with closing set for March 31, 2014 and subject to a financing condition in the company's favour. This follows up the option described in the Oct 2013 buyback; it would raise the company's average working interest in the Spyglass Area from about 44% to 55%, add 8,244 net acres and about 450 BOEPD, and end its obligations under the earlier carry agreement. The filing also attaches financial statements for the interests: oil and gas revenue of $3.16M in 2012 and $8.81M in the nine months to Sept 30, 2013, with direct operating expenses of $0.86M and $1.97M.
10 Mar 2014securities registration● Neutral
AMERICAN EAGLE ENERGY Corp filed a prospectus supplement for an offering off its existing shelf.
6 Mar 2014securities registration● Neutral
AMERICAN EAGLE ENERGY Corp amended an already-effective registration statement.
26 Feb 2014director interest notice● Neutral
Power Energy Holdings LLC became a AMERICAN EAGLE ENERGY Corp 10%+ owner and company insider (initial ownership filing).
13 Dec 2013securities registration● Neutral
AMERICAN EAGLE ENERGY Corp registered a securities offering with the SEC using its shelf eligibility.
13 Dec 2013farm in farm out agreement● NeutralMajor
This filing describes agreements dated August 12, 2013 with the company's Spyglass partner (USG Properties Bakken I). On October 2, 2013 the company paid about $45M to buy back working interests in about 9,300 net acres with roughly 600 BOEPD of production, mostly funded by a roughly $40M draw on the Morgan Stanley credit facility. It also holds an option, exercisable by March 31, 2014 with 20 days' notice, to buy a second similar package for about $47M before adjustments. Separately, a Carry Agreement (up to five wells) and a Farm-Out Agreement (up to six wells) have the partner fund the company's share of drilling costs in return for a share of well revenues until it recoups 112% of costs.
6 Dec 2013securities registration● Neutral
AMERICAN EAGLE ENERGY Corp amended an already-effective registration statement.
18 Nov 2013listing compliance notice▲ GoodMajor
the New York Stock Exchange certified AMERICAN EAGLE ENERGY Corp's securities for listing, clearing them to begin trading.
18 Nov 2013director interest notice● Neutral
James N Whyte became a AMERICAN EAGLE ENERGY Corp director and company insider (initial ownership filing).
14 Nov 2013quarterly activities report▼ Bad
AMERICAN EAGLE ENERGY Corp reported a quarterly net loss of $936 thousand for the period ended 2013-09-30.
10 Oct 2013material agreement● Neutral
On October 9, 2013 the company sold the additional 2,056,408 shares at $1.70 each to the same underwriters (Northland Securities), expecting about $3.2M net, closing around October 16. This is the underwriters' option from the October 2 offering, so the total offering is now 15,765,794 shares (an inference from adding the two share counts).
10 Oct 2013securities registration● Neutral
AMERICAN EAGLE ENERGY Corp filed the final prospectus for a registered offering.
9 Oct 2013securities registration● Neutral
AMERICAN EAGLE ENERGY Corp filed a prospectus supplement for an offering off its existing shelf.
2 Oct 2013material agreement● NeutralMajor
On October 2, 2013 the company agreed to sell 13,709,386 new shares to the public at $1.70 each through underwriters led by Northland Securities, expecting about $21.5M net, closing around October 7. Underwriters also got a 30-day option for up to 2,056,408 more shares. This adds to the share count and dilutes existing holders.
2 Oct 2013securities registration● Neutral
AMERICAN EAGLE ENERGY Corp filed the final prospectus for a registered offering.
1 Oct 2013securities registration● Neutral
AMERICAN EAGLE ENERGY Corp filed a prospectus supplement for an offering off its existing shelf.
23 Aug 2013debt financing● NeutralMajor
On August 19, 2013 the company signed a senior secured credit agreement with Morgan Stanley Capital Group as agent, for up to $200M maturing August 17, 2018, and drew $68M immediately. About $18M of that repaid the Macquarie swap facility from December 2012, so that facility is now retired, and about $41M paid other existing obligations. A further $40M is available for a Spyglass purchase if conditions are met, and $92M is uncommitted and at the lenders' discretion. The initial interest rate was 10.50%, within a stated 5.50%-10.50% range, with monthly amortization, prepayment premiums, and a lender right to demand repayment if CEO Colby or COO Lantz leaves, control changes, or the stock stops being quoted on the OTCQX.
19 Aug 2013quarterly activities report● Neutral
AMERICAN EAGLE ENERGY Corp reported a quarterly net income of $2.6 million for the period ended 2013-06-30.
14 Aug 2013late filing notice▼ Bad
AMERICAN EAGLE ENERGY Corp notified the SEC that its quarterly report would be filed late.
7 Aug 2013securities registration● Neutral
AMERICAN EAGLE ENERGY Corp filed the final prospectus for a registered offering.
23 July 2013securities registration● Neutral
AMERICAN EAGLE ENERGY Corp amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
10 June 2013securities registration● Neutral
AMERICAN EAGLE ENERGY Corp registered a securities offering with the SEC using its shelf eligibility.
14 May 2013quarterly activities report● Neutral
AMERICAN EAGLE ENERGY Corp reported a quarterly net income of $355 thousand for the period ended 2013-03-31.
1 Apr 2013late filing notice▼ Bad
AMERICAN EAGLE ENERGY Corp notified the SEC that its annual report would be filed late.
18 Jan 2013securities registration● Neutral
AMERICAN EAGLE ENERGY Corp filed notice of an exempt private placement.
15 Jan 2013securities registration● Neutral
AMERICAN EAGLE ENERGY Corp filed notice of an exempt private placement.
8 Jan 2013capital raising announcement● NeutralMajor
On January 4, 2013 the company and its Spyglass partner bought more working interests from SM Energy in four Divide County, ND spacing units for $9.1M; the company took 55% (paying $5,005,000 from the Macquarie advance) and the partner 45%. This is the second of the two Divide County acquisitions pending in the prior context, so that thread is now closed. The company also sold 4,000,000 restricted shares at $1.00 ($4.0M cash) to Power Energy Holdings, and granted its affiliate Power Energy Partners an option on 10% of the company's share of the interests (notice by Mar 22, 2013, payment by Mar 29, 2013), which is the same 10% option as in the earlier thread but now with the holder named. It also agreed to sell all crude from its operated Divide County wells to Power Energy Partners from Feb 1, 2013 to Jan 31, 2014, and issued 225,564 shares to a broker-dealer and four executives for the Macquarie financing.