11 Aug 2008director interest notice● Neutral
Approach Resources Inc 10%+ owner Yorktown V CO LLC disposed of 940,979 shares via option/appreciation-right settlement.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
11 Aug 2008director interest notice● Neutral
Approach Resources Inc director Bryan H Lawrence disposed of 940,979 shares via option/appreciation-right settlement.
11 July 2008substantial holder notice● Neutral
NWQ Investment Management Company, LLC reported a Approach Resources Inc shareholding of 910,204 shares (4.41% of votes) in a periodic institutional filing.
29 May 2008director interest notice● Neutral
Approach Resources Inc 10%+ owner Yorktown V CO LLC disposed of 940,979 shares via option/appreciation-right settlement.
29 May 2008director interest notice● Neutral
Approach Resources Inc 10%+ owner Yorktown Energy Partners V LP disposed of 940,979 shares via option/appreciation-right settlement.
29 May 2008director interest notice● Neutral
Approach Resources Inc director Bryan H Lawrence disposed of 940,979 shares via option/appreciation-right settlement.
25 Apr 2008material agreement● Neutral
The board ratified a 2008 performance-based bonus program for executives under the 2007 Stock Incentive Plan. It is tied to production growth, reserve growth, net asset value per share growth, EBITDAX per share growth and individual performance, with the CEO's maximum at 150% of salary. The committee can reduce but not increase payouts.
22 Feb 2008material agreement● Neutral
An amendment to the January 2008 credit agreement now allows oil and gas properties to be transferred between the company and its guarantor subsidiaries, all of which are wholly owned. JPMorgan Chase is named as a lender. A housekeeping change to the facility.
14 Feb 2008substantial holder notice● Neutral
Wellington Management Company, LLP disclosed a new substantial Approach Resources Inc shareholding (7.45% of votes).
14 Feb 2008substantial holder notice● Neutral
NWQ Investment Management Company, LLC disclosed a new substantial Approach Resources Inc shareholding (5.71% of votes).
23 Jan 2008debt financing● NeutralMajor
Approach signed a new $200 million credit agreement with The Frost National Bank as agent, with an initial borrowing base of $75 million and maturity July 31, 2010, secured by substantially all its oil and gas properties. It replaced the prior $100 million facility, which had no borrowings outstanding when it ended.
3 Dec 2007asset acquisition disposition● NeutralMajor
An amended filing describing how the IPO closed on November 14, 2007: Approach took over Approach Oil & Gas Inc. and the 30% Ozona Northeast working interest it did not own, paying with shares (5,228,400 issued in total). Neo Canyon received 4,239,243 shares and Approach Oil & Gas stockholders received 989,157. Two $10 million convertible notes from Yorktown Energy Partners VII and Lubar Equity Fund converted into 920,631 shares each, and a registration rights agreement gives pre-IPO holders demand and piggyback rights to sell shares. This completes the offering and the contribution transactions started with the underwriting agreement.
28 Nov 2007material agreement● Neutral
Approach's subsidiaries signed a Gas Purchase Agreement with WTG Benedum Joint Venture, under which WTG will buy natural gas produced from Approach's Cinco Terry acreage in West Texas. The filing gives no price, volume or term.
16 Nov 2007director interest notice● Neutral
Approach Resources Inc director Bryan H Lawrence bought 1,909,788 shares on the open market at $0.00.
16 Nov 2007director interest notice● Neutral
J. Cleo Thompson Petroleum Management, L.l.c. became a Approach Resources Inc 10%+ owner and company insider (initial ownership filing).
16 Nov 2007director interest notice● Neutral
Approach Resources Inc 10%+ owner Yorktown V CO LLC bought 164,892 shares on the open market at $0.00.
16 Nov 2007director interest notice● Neutral
Approach Resources Inc 10%+ owner J. Cleo Thompson Petroleum Management, L.l.c. disposed of 4,239,243 shares via option/appreciation-right settlement.
16 Nov 2007director interest notice● Neutral
Approach Resources Inc director Sheldon B Lubar bought 920,631 shares on the open market at $0.00.
13 Nov 2007material agreement● NeutralMajor
Approach Resources signed the underwriting agreement for its public share offering: 7,666,667 shares at $12.00 each, of which the company sold 5,605,377 and selling stockholder Neo Canyon Exploration sold 2,061,290. The underwriters (J.P. Morgan, Wachovia, KeyBanc, Tudor Pickering) also have an option on up to 1,150,000 more shares. This is the signing of the deal behind the November 2007 prospectus.
9 Nov 2007director interest notice● Neutral
Approach Resources Inc director Brandi James H received 7,083 shares as part of the equity award.
9 Nov 2007director interest notice● Neutral
Approach Resources Inc Vice President - Geology Scott James S. received 30,000 shares as part of the equity award.
9 Nov 2007director interest notice● Neutral
Approach Resources Inc director Sheldon B Lubar received 7,083 shares as part of the equity award.
9 Nov 2007director interest notice● Neutral
Approach Resources Inc director James C Crain received 3,542 shares as part of the equity award.
9 Nov 2007director interest notice● Neutral
Approach Resources Inc SVP - Operations Reed Glenn Wilson received 30,000 shares as part of the equity award.
9 Nov 2007director interest notice● Neutral
Approach Resources Inc President & CEO Craft J. Ross received 90,000 shares as part of the equity award.
9 Nov 2007director interest notice● Neutral
Approach Resources Inc EVP, CFO and Treasurer Smart Steven P. received 60,000 shares as part of the equity award.
9 Nov 2007director interest notice● Neutral
Approach Resources Inc EVP & General Counsel J Curtis Henderson received 82,500 shares as part of the equity award.
9 Nov 2007director interest notice● Neutral
Approach Resources Inc director Whyte Christopher J. received 7,083 shares as part of the equity award.
9 Nov 2007director interest notice● Neutral
Approach Resources Inc SVP - Land Manoushagian Ralph P. received 30,000 shares as part of the equity award.
8 Nov 2007securities registration● Neutral
Approach Resources Inc filed a free-writing prospectus - marketing material for an offering in progress.