23 Dec 2009listing compliance notice▼ BadMajor
Aurora Oil & Gas CORP deregistered its securities, ending its obligation to file reports with the SEC.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
9 Oct 2009debt financing● Neutral
On October 5, 2009 the bankruptcy court gave final approval to a debtor-in-possession loan of up to $3 million from BNP and other lenders, signed effective October 6, 2009. It funds working capital and bankruptcy costs, is due by January 7, 2010 at the latest, carries interest at the greater of the stated floors plus 8.00-8.75%, and is secured by first-priority liens on all assets ahead of existing liens. It gives the company some cash during Chapter 11, but the lenders already owed money rank ahead of everyone else.
12 Aug 2009late filing notice▼ Bad
Aurora Oil & Gas CORP notified the SEC that its quarterly report would be filed late.
14 July 2009bankruptcy or receivership▼ BadMajor
On July 12, 2009 Aurora and its subsidiary Hudson Pipeline & Processing filed for Chapter 11 bankruptcy in the Western District of Michigan, saying they could not agree a restructuring with the lenders. The filing is a default on the senior facility (about $70 million), second-lien loan (about $50 million), a Northwestern Bank mortgage loan (about $2.6 million) and a Fifth Third equipment lease, though lender remedies are stayed by the bankruptcy. The company continues operating as debtor-in-possession with Huron's Sanford Edlein as Chief Restructuring Officer and aims for a consensual plan; no treatment of existing shares is stated, so the outcome for shareholders is open.
2 July 2009securities registration● Neutral
Aurora Oil & Gas CORP amended an already-effective registration statement.
2 July 2009securities registration● Neutral
Aurora Oil & Gas CORP amended an already-effective registration statement.
2 July 2009securities registration● Neutral
Aurora Oil & Gas CORP amended an already-effective registration statement.
2 July 2009securities registration● Neutral
Aurora Oil & Gas CORP amended an already-effective registration statement.
2 July 2009securities registration● Neutral
Aurora Oil & Gas CORP amended an already-effective registration statement.
2 July 2009securities registration● Neutral
Aurora Oil & Gas CORP amended an already-effective registration statement.
11 May 2009debt financing▼ BadMajor
The second forbearance expired April 30, 2009, and Aurora signed a new forbearance and tolling agreement (as of May 1, 2009) with both the senior lenders (BNP) and second-lien lenders (D.E. Shaw Laminar) running to June 15, 2009. The earlier mortgages giving lenders liens on 100% of oil and gas properties stay in place, and the period for challenging them as preferential transfers under bankruptcy law is extended to June 15, 2009, which points to bankruptcy being considered (inference). The lenders' standstill is extended too; no restructuring deal is reported.
30 Apr 2009listing compliance notice▼ BadMajor
Aurora Oil & Gas CORP's securities were notified for removal from listing and registration on its exchange.
15 Apr 2009listing compliance notice▼ BadMajor
On April 9, 2009 NYSE Amex told Aurora its financial condition was so impaired that it was questionable whether it could continue operations or meet its obligations as they come due. The board chose to voluntarily delist rather than submit a compliance plan, and the stock is to move to the OTC Bulletin Board, with the last NYSE day expected around May 6, 2009. For shareholders this means a less prominent trading venue; it follows the debt defaults of the prior year.
18 Feb 2009debt financing▼ BadMajor
After a voluntary standstill since the October 2008 default notice, Aurora signed a new forbearance agreement with BNP on February 12, 2009, covering December 31, 2008 to April 30, 2009. Conditions include hiring a financial advisor, liens on 100% of oil and gas properties, lender approval for asset sales over $200,000, a restructuring plan by February 28, 2009, at least $4.0 million of liquidity, and deferring the February 24, 2009 second-lien interest payment. This extends the lender standstill on the defaults but with tighter terms; failing the conditions ends it.
28 Oct 2008director interest notice● Neutral
Aurora Oil & Gas CORP director Wayne G Schaeffer disposed of 65,000 shares via option/appreciation-right settlement.
28 Oct 2008director interest notice● Neutral
Aurora Oil & Gas CORP director Richard M Deneau disposed of 65,000 shares via option/appreciation-right settlement.
28 Oct 2008director interest notice● Neutral
Aurora Oil & Gas CORP director Earl V Young disposed of 50,000 shares via option/appreciation-right settlement.
28 Oct 2008director interest notice● Neutral
Aurora Oil & Gas CORP director Gary J Myles disposed of 50,000 shares via option/appreciation-right settlement.
28 Oct 2008director interest notice● Neutral
Aurora Oil & Gas CORP director Kevin Dale Stulp disposed of 50,000 shares via option/appreciation-right settlement.
9 Oct 2008debt financing▼ BadMajor
The June 2008 forbearance ran out on August 15, 2008 without a restructuring deal. BNP terminated the company's gas and interest rate swaps (about $2.2 million owed, due October 2, 2008, and not paid), and the company missed the first of three borrowing base deficiency payments (about $6.6 million). BNP and the second-lien agent Laminar (which replaced BNP as agent on the term loan in August 2008) issued default notices, raising interest by 2% to about 8.0% on the senior facility and about 15.5% on the term loan. Neither lender has yet demanded repayment or acted to enforce, though management acknowledges the loans are payable on notice. This continues the debt problems from June 2008 and is a clear worsening; no equity outcome is stated.
12 June 2008debt financing▼ BadMajor
Aurora disclosed that in August 2007 it took a $50 million second-lien term loan from BNP (up to $70 million) and its senior facility's borrowing base rose to $70 million. It then failed covenants (found April 29, 2008), and on June 6, 2008 BNP cut the borrowing base to $50 million, a potential shortfall of up to $20 million. On June 2, 2008 (signed June 12) BNP agreed to hold off enforcement on both loans until August 15, 2008 if Aurora meets reporting and mortgage conditions, and interest rates went up. This is a serious worsening of the debt position; no equity outcome is stated.
3 June 2008director interest notice● Neutral
Aurora Oil & Gas CORP Vice President John C Hunter received a stock option grant for 225,000 shares.
3 June 2008director interest notice● Neutral
Aurora Oil & Gas CORP Pres. & Chief Oper. Off. John E Mcdevitt received a stock option grant for 1,000,000 shares.
3 June 2008director interest notice● Neutral
Aurora Oil & Gas CORP Chief Financial Officer Barbara E Lawson received a stock option grant for 225,000 shares.
3 June 2008director interest notice● Neutral
Aurora Oil & Gas CORP Chief Executive Officer William W Deneau received a stock option grant for 250,000 shares.
3 June 2008director interest notice● Neutral
Aurora Oil & Gas CORP Vice President Gilbert A Smith received a stock option grant for 225,000 shares.
31 Mar 2008securities registration● Neutral
Aurora Oil & Gas CORP filed the final prospectus for a registered offering.
31 Mar 2008securities registration● Neutral
Aurora Oil & Gas CORP filed the final prospectus for a registered offering.
18 Mar 2008director interest notice● Neutral
Aurora Oil & Gas CORP director Earl V Young exercised stock options for 66,666 shares and disposed of 66,666 shares.
18 Mar 2008director interest notice● Neutral
Aurora Oil & Gas CORP Vice President John C Hunter bought 15,000 shares on the open market.