Past year: ▼ 100%(0.10c – 50.0c USD)
Each one in plain English, with the numbers worked through for a shareholder.
15 July 2016bankruptcy or receivership▼ BadMajor
After the July 7, 2016 hearing, the Cayman court issued a Winding Up Order, and Kennedy and Wright are named Joint Official Liquidators (a notice ran in the Financial Times on July 13, 2016). This moves the June provisional appointment into a formal winding up. The filing gives no information on what shareholders will receive, so their position is unresolved.
22 June 2016bankruptcy or receivership▼ BadMajor
On June 16, 2016, the Grand Court of the Cayman Islands appointed Christopher Kennedy and Matthew Wright as joint provisional liquidators of Arabella, giving them all the powers of the board. The four directors (Berke Bakay, Jason Hoisager, Richard Hauser, William Heyn) resigned on June 17, and Hoisager also resigned as CEO, CFO and President. A hearing on the petition was set for July 7, 2016. This follows the failed 2015 asset sale, though the filing does not state the reason for the petition.
8 Sept 2015material agreement termination▼ BadMajor
The buyer terminated the July 2015 purchase agreement on September 1, 2015, citing closing information items and third-party approvals, which Arabella called unexpected. The McCabe letter agreement stays in place but depends on a similar transaction closing at the same time, and Arabella says it is searching for a replacement deal or other strategic alternative. This reverses the planned sale, so the cash and note reduction described in July are not happening.
21 July 2015material agreement▲ GoodMajor
Arabella agreed to sell its Locker State, Graham, Woods, Jackson and Emily Bell prospects to an unnamed buyer and, under a separate letter agreement with McCabe Petroleum, to receive cash and properties worth about $47 million by Arabella's own estimate. This includes $15 million cash, a producing property of about 88 BOE/day, a 20,000-acre Midland Basin participation agreement, and an option on royalty interests. It would also get back 1,003,597 of its shares for cancellation, and senior secured notes would fall from $16 million to $6 million. Closing was expected around July 31, 2015, subject to conditions including the buyer's board approval and financing.
25 Oct 2013business combination● NeutralMajor
Lone Oak announced a merger agreement dated October 23, 2013 to acquire Arabella Exploration, LLC, a Texas oil and gas company, which resolves the search for a deal that the 2013 extension was meant to allow. Target holders would receive 3,125,000 Lone Oak shares at closing plus up to 1,705,002 more shares held in escrow, released only if proved reserves grow by set amounts at the end of 2014, 2015 and 2016 (with cost limits); unearned shares are cancelled. The deal needs no Lone Oak shareholder vote, but IPO shareholders can redeem for their share of the trust, and closing requires no more than 505,636 IPO shares tendered and Lone Oak having at least $5,000,000 net cash.
5 Mar 2013business combination● NeutralMajor
This filing was made by Lone Oak Acquisition Corporation, a blank-check shell company (the vehicle that later became Arabella Exploration, Inc.), whose contact person is Berke Bakay, an existing large shareholder. Lone Oak says it cannot finish a business combination by its March 24, 2013 deadline, so it asks shareholders to vote on March 22, 2013 to extend by six months, to September 24, 2013, instead of liquidating. Shareholders who do not want to wait can redeem shares for about $8.21 each from the trust account (about $28.2 million total as of Feb 27, 2013), and those who stay would get a $0.10 per share dividend if the extension is approved.
