24 Feb 2006substantial holder notice● Neutral
Gerald W. Schlief reported a ATP OIL & GAS CORP shareholding of 1,740,055 shares (5.93% of votes) in a periodic institutional filing.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
14 Feb 2006substantial holder notice● Neutral
Wellington Management Company, LLP reported a ATP OIL & GAS CORP shareholding of 655,600 shares (2.24% of votes) in a periodic institutional filing.
13 Feb 2006substantial holder notice● Neutral
Touradji Capital Management, LP, Touradji Global Resources Master Fund, Ltd, Paul Touradji reported a ATP OIL & GAS CORP shareholding of 1,523,972 shares (5.20% of votes) in a periodic institutional filing.
1 Feb 2006director interest notice● Neutral
ATP OIL & GAS CORP President T Paul Bulmahn sold 76,461 shares.
24 Jan 2006substantial holder notice● Neutral
Gerald W. Schlief reported a ATP OIL & GAS CORP shareholding of 1,739,952 shares (5.93% of votes) in a periodic institutional filing.
24 Jan 2006substantial holder notice● Neutral
T. Paul Bulmahn reported a ATP OIL & GAS CORP shareholding of 8,169,410 shares (27.78% of votes) in a periodic institutional filing.
20 Jan 2006director interest notice● Neutral
ATP OIL & GAS CORP Senior Vice President Gerald W Schlief sold 50,000 shares at $41.62.
12 Jan 2006director interest notice● Neutral
ATP OIL & GAS CORP Senior Vice President Gerald W Schlief sold 117,000 shares.
30 Dec 2005material agreement● Neutral
On December 29, 2005 ATP signed employment contracts with 12 officers, including Chairman and President T. Paul Bulmahn, CFO Albert Reese Jr. and Senior VP Gerald Schlief. Pay stays at current base salary, and the contracts run to November 30, 2008 with automatic one-year extensions. If an officer is fired without cause or leaves for good reason, they get salary through the contract term plus a pro rata bonus, immediate vesting of restricted stock and one year of benefits. After a change in control, most get 1.5 times salary, Bulmahn gets 2.99 times salary and three years of benefits, and ATP also covers excise taxes under section 4999 on these payments. These are costs to shareholders in a takeover or dismissal, and they sit alongside the October 2005 rights plan.
6 Dec 2005asset acquisition disposition● Neutral
This amendment to the September 2005 report adds the required financial statements for the Kings Peak properties ATP bought from BP for $18.6M; it does not change the deal. The seller's statements show oil and gas sales of $167.1M in 2003, $75.6M in 2004 and $27.0M for January 1 to September 21, 2005. Proved reserves fell from 73,366 MMcfe at end-2003 to 56,583 MMcfe at September 21, 2005 (the earlier figures are the seller's back-calculated estimates).
5 Dec 2005director interest notice● Neutral
ATP OIL & GAS CORP Senior Vice President Gerald W Schlief sold 250,000 shares.
2 Dec 2005substantial holder notice● Neutral
Touradji Capital Management, LP, Touradji Global Resources Master Fund, Ltd, Paul Touradji disclosed a new substantial ATP OIL & GAS CORP shareholding (5.09% of votes).
19 Oct 2005debt financing● NeutralMajor
On October 19, 2005 ATP agreed to buy the Rowan Midland mobile offshore drilling unit from Rowandrill, Inc. for a net $50M, to be converted into a floating offshore production unit. It paid a $10M deposit at closing, then $1,050,000 a month for 15 months, with the balance due January 31, 2007 (prepayable without penalty). Until then the vessel is chartered to ATP for its Gulf of Mexico production operations.
5 Oct 2005dividend declaration● Neutral
On October 1, 2005 ATP's board adopted a shareholder rights plan, distributing one preferred share purchase right per common share to holders of record October 17, 2005. The rights become exercisable if a person or group acquires 15% or more of the common stock (or starts a tender offer for that), letting other holders buy shares at a discount; the rights expire October 17, 2015. The company says it is not a response to any specific takeover threat.
27 Sept 2005asset acquisition disposition▲ GoodMajor
On September 21, 2005 ATP bought BP's 55% working interest in the Kings Peak leases (Mississippi Canyon 173/217 and Desoto Canyon 133/177) in the Gulf of Mexico, plus BP's 19.25% share of the Canyon Express Pipeline System, for $18.6M cash. ATP will operate the field, which has two producing subsea wells. The company is still deciding whether it must file financial statements for the properties.
9 Sept 2005director interest notice● Neutral
ATP OIL & GAS CORP Senior Vice President Gerald W Schlief sold 100,000 shares.
18 Aug 2005director interest notice● Neutral
ATP OIL & GAS CORP director Walter Wendlandt gifted 1,200 shares.
11 Aug 2005director interest notice● Neutral
ATP OIL & GAS CORP director Walter Wendlandt sold 10,000 shares at $32.12.
11 Aug 2005director interest notice● Neutral
ATP OIL & GAS CORP Senior Vice President Gerald W Schlief sold 140,000 shares.
8 Aug 2005capital raising announcement● NeutralMajor
On August 2, 2005 ATP privately sold 175,000 shares of new 13 1/2% series A cumulative perpetual preferred stock at $1,000 each, raising $175.0M gross and paying $5.25M in placement commissions. The preferred is not convertible into common stock. It ranks as a new class of securities ahead of common shareholders in the share structure (inference: standard for preferred stock, not stated in the filing).
20 Apr 2005material agreement● NeutralMajor
On April 14, 2005 ATP refinanced again with Credit Suisse First Boston: the first lien term loan was raised to $350.0M, the second lien was terminated, margins were cut (LIBOR margin 6.25% to 5.50%), and maturity was extended to April 2010. Borrowings rose by $132.1M, giving $117.8M net proceeds after interest and fees. The press release ties the extra cash to Gulf of Mexico development and acquisitions and North Sea work at The Tors and Cheviot. This continues the 2004 loan amendments, with more debt outstanding.
16 Mar 2005late filing notice▼ Bad
ATP OIL & GAS CORP notified the SEC that its annual report would be filed late.
14 Feb 2005substantial holder notice● Neutral
Wellington Management Company, LLP reported a ATP OIL & GAS CORP shareholding of 1,826,000 shares (7.36% of votes) in a periodic institutional filing.
14 Feb 2005director interest notice● Neutral
Albert L Jr. Reese became a ATP OIL & GAS CORP Chief Financial Officer and company insider (initial ownership filing).
11 Feb 2005securities registration● Neutral
ATP OIL & GAS CORP amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
11 Feb 2005substantial holder notice● Neutral
Gerald W. Schlief reported a ATP OIL & GAS CORP shareholding of 2,485,433 shares (8.60% of votes) in a periodic institutional filing.
7 Feb 2005substantial holder notice● Neutral
T. Paul Bulmahn reported a ATP OIL & GAS CORP shareholding of 8,039,410 shares (27.83% of votes) in a periodic institutional filing.
2 Feb 2005director interest notice● Neutral
ATP OIL & GAS CORP Senior Vice President Gerald W Schlief sold 120,000 shares.
20 Jan 2005director interest notice● Neutral
ATP OIL & GAS CORP Senior Vice President Gerald W Schlief sold 8,000 shares.
27 Dec 2004securities registration● Neutral
ATP OIL & GAS CORP registered a securities offering with the SEC using its shelf eligibility.