7 Apr 2008director interest notice● Neutral
AMERICAN NOBLE GAS, INC. Chairman and CEO Stanton E Ross bought 22,000 shares on the open market.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
18 Mar 2008late filing notice▼ Bad
AMERICAN NOBLE GAS, INC. notified the SEC that its annual report would be filed late.
14 Feb 2008substantial holder notice● Neutral
Wellington Management Company, LLP reported a AMERICAN NOBLE GAS, INC. shareholding of 2,081,950 shares (11.65% of votes) in a periodic institutional filing.
8 Feb 2008substantial holder notice● Neutral
Dalton, Greiner, Hartman, Maher & Co LLC IRS Identification disclosed a new substantial AMERICAN NOBLE GAS, INC. shareholding (0.00% of votes).
11 Jan 2008asset acquisition disposition● NeutralMajor
On January 7, 2008 Infinity completed the sale of its Colorado and Wyoming producing properties and 80% of its working interest in the undeveloped leases to Forest Oil for $17.4 million, subject to adjustments. Pro forma figures show about $11 million of Amegy debt repaid, open derivatives settled and $1.45 million received for a partial sale of a Texas well, leaving about $11 million of debt. Pro forma nine-month 2007 oil and gas sales fall from $7.1 million to $3.7 million. This completes the sale agreed December 27, 2007; the Amegy loan is not fully repaid.
3 Jan 2008material agreement● NeutralMajor
On December 27, 2007 Infinity agreed to sell essentially all producing properties in Colorado and Wyoming, plus 80% of its working interest in undeveloped Routt County and Sweetwater County leases, to Forest Oil for $17.4 million cash (about $16 million expected after adjustments). Proceeds are to retire about $12 million of Amegy debt, settle under $2 million of derivative liabilities and pay about $0.8 million of interest and fees, with the rest reserved for payables. A separate farmout lets Forest Oil drill a 10-well program in Erath County, Texas, to earn 75% of each well's spacing unit and, if completed, 50% of about 31,000 remaining net acres. This is the asset sale the August 2007 forbearance required.
3 Jan 2008listing compliance notice▼ BadMajor
On December 28, 2007 NASDAQ notified Infinity that its stock had closed below $1.00 for 30 consecutive trading days. The company has until June 24, 2008 to regain compliance by closing at or above $1.00 for ten consecutive business days.
7 Sept 2007debt financing▼ BadMajor
On August 31, 2007 Infinity signed a forbearance agreement with Amegy after breaching an interest coverage ratio, a funded debt to EBITDA ratio and a lien-release requirement. The borrowing base was cut from $22 million to $10.5 million, leaving an $11.5 million deficiency to cure by November 30, 2007 (possibly January 31, 2008), and the company agreed to market all Wyoming assets. The filing says more defaults are likely and Amegy could accelerate the debt and foreclose on assets. This turns the January 2007 facility into a troubled loan.
13 Aug 2007director interest notice● Neutral
Daniel F Hutchins became a AMERICAN NOBLE GAS, INC. Chief Financial Officer and company insider (initial ownership filing).
13 Aug 2007director interest notice● Neutral
AMERICAN NOBLE GAS, INC. Chief Financial Officer Daniel F Hutchins received a stock option grant for 25,000 shares.
10 Aug 2007substantial holder notice● Neutral
Wellington Management Company, LLP reported a AMERICAN NOBLE GAS, INC. shareholding of 2,892,950 shares (16.19% of votes) in a periodic institutional filing.
21 June 2007director interest notice● Neutral
AMERICAN NOBLE GAS, INC. director Robert O Lorenz received a stock option grant for 70,000 shares.
21 June 2007director interest notice● Neutral
AMERICAN NOBLE GAS, INC. director Elliot M Kaplan received a stock option grant for 70,000 shares.
21 June 2007director interest notice● Neutral
AMERICAN NOBLE GAS, INC. director Leroy C Richie received a stock option grant for 70,000 shares.
31 May 2007director interest notice● Neutral
Renato Bertani became a AMERICAN NOBLE GAS, INC. Chief Operating Officer and company insider (initial ownership filing).
18 Apr 2007substantial holder notice● Neutral
Dalton, Greiner, Hartman, Maher & Co LLC IRS Identification disclosed a new substantial AMERICAN NOBLE GAS, INC. shareholding (5.42% of votes).
18 Apr 2007substantial holder notice● Neutral
Dalton, Greiner, Hartman, Maher & Co LLC IRS Identification disclosed a new substantial AMERICAN NOBLE GAS, INC. shareholding (5.42% of votes).
14 Feb 2007substantial holder notice● Neutral
Wellington Global Holdings, Ltd. Not Applicable reported no remaining AMERICAN NOBLE GAS, INC. shareholding in its periodic institutional filing.
14 Feb 2007substantial holder notice● Neutral
Wellington Management Company, LLP reported a AMERICAN NOBLE GAS, INC. shareholding of 1,519,150 shares (9.15% of votes) in a periodic institutional filing.
12 Feb 2007substantial holder notice● Neutral
Wellington Management Company, LLP reported a AMERICAN NOBLE GAS, INC. shareholding of 1,845,350 shares (11.11% of votes) in a periodic institutional filing.
17 Jan 2007debt financing● NeutralMajor
On January 10, 2007 Infinity entered a $50 million reserve-based revolving credit facility with Amegy Bank, with an initial borrowing base of $27 million and a two-year term. It borrowed $8.9 million at closing for past-due trade payables, working capital and financing expenses; the loan is secured by substantially all assets and carries required hedges on at least 70% of proved developed producing production. This is new bank debt following the December 2006 sale of the services business and the notes it was to repay.
16 Jan 2007director interest notice● Neutral
AMERICAN NOBLE GAS, INC. VP and Chief Financial Officer Timothy A Ficker bought 2,000 shares on the open market at $3.01.
3 Jan 2007securities registration● Neutral
AMERICAN NOBLE GAS, INC. filed the final prospectus for a registered offering.
28 Dec 2006director interest notice● Neutral
AMERICAN NOBLE GAS, INC. President and COO James A Tuell bought 2,500 shares on the open market at $3.39.
20 Dec 2006asset acquisition disposition▲ GoodMajor
On December 15, 2006 Infinity completed the sale of Consolidated Oil Well Services and CIS-Oklahoma to Q Consolidated Oil Well Services, LLC for about $52 million in cash, as agreed on December 1. The pro forma figures show the proceeds being used to redeem the remaining senior secured notes and accrued interest, which would leave the company with only its oil and gas operations (nine-month 2006 oil and gas revenue $9.5 million). The pro forma statements also reflect conversion of $7.357 million of notes into shares after September 30, 2006.
6 Dec 2006material agreement▲ GoodMajor
On December 1, 2006 Infinity agreed to sell its two oilfield services subsidiaries, Consolidated Oil Well Services and CIS-Oklahoma, to Q Consolidated Oil Well Services, LLC for $52 million in cash. Proceeds must repay in full the senior secured notes from the January 2005 deal, which with interest total about $51 million. Closing requires release of liens held by the noteholders and either side can terminate if it has not closed by December 19, 2006.
2 Nov 2006securities registration● Neutral
AMERICAN NOBLE GAS, INC. filed the final prospectus for a registered offering.
27 Oct 2006securities registration● Neutral
AMERICAN NOBLE GAS, INC. filed the final prospectus for a registered offering.
16 Oct 2006material agreement● Neutral
On October 10, 2006 Infinity granted Stanton E. Ross an option on 100,000 shares at $3.97 in connection with his recent appointment as Chief Executive Officer, vesting monthly through October 1, 2007 and fully on a change in control. This shows Ross is CEO again, replacing James Tuell in that role (the filing itself does not say why). The filing also attaches standard option agreement forms, and the address is now 633 Seventeenth Street, Denver.
6 Oct 2006securities registration● Neutral
AMERICAN NOBLE GAS, INC. registered a securities offering with the SEC using its shelf eligibility.