Past year: ▼ 38%(0.47c – 5.15c USD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
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.
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.
7 Nov 2007listing compliance notice▲ GoodMajor
Nasdaq certified Approach Resources Inc's securities for listing, clearing them to begin trading.
