Each one in plain English, with the numbers worked through for a shareholder.
4 Mar 2014dividend declaration● Neutral
Callon declared a cash dividend of $1.25 per share on its 10.0% Series A Cumulative Preferred Stock, the preferred issued in 2013. This concerns preferred holders only and does not change common shareholders' position. The filing also notes Callon may solicit proxies for its 2014 annual meeting.
Franklin Resources, Inc, Charles B. Johnson, Rupert H. Johnson, Jr, Franklin Advisers, Inc reported a Callon Petroleum Co shareholding of 2,900,000 shares (7.20% of votes) in a periodic institutional filing.
LONE STAR VALUE INVESTORS, LP, LONE STAR VALUE CO-INVEST I, LP, LONE STAR VALUE INVESTORS GP, LLC, LONE STAR VALUE MANAGEMENT, LLC, JEFFREY E. EBERWEIN, MATTHEW REGIS BOB reported a Callon Petroleum Co shareholding of 2,630,000 shares (6.50% of votes) in a periodic institutional filing.
LONE STAR VALUE INVESTORS, LP, LONE STAR VALUE CO-INVEST I, LP, LONE STAR VALUE INVESTORS GP, LLC, LONE STAR VALUE MANAGEMENT, LLC, JEFFREY E. EBERWEIN, MATTHEW REGIS BOB reported a Callon Petroleum Co shareholding of 2,530,000 shares (6.30% of votes) in a periodic institutional filing.
11 Dec 2013asset acquisition disposition● NeutralMajor
Callon closed the rest of the W&T Offshore sale on December 5, 2013, bringing total net cash to $88 million. The proceeds reduced credit facility borrowings, and the rest will fund the previously announced partial redemption of the Senior Notes due 2016 and general purposes. The same filing furnished a press release on severe weather affecting Permian operations and revised 2013 guidance; the filing does not give the new numbers.
12 Nov 2013asset acquisition disposition● NeutralMajor
Callon closed the first part of the W&T Offshore sale on November 5, 2013 for an estimated $76.4 million net cash, with a further $11.5 million expected when the rest closes by November 30, 2013. The assets sold were about 46% of Callon's production for the first nine months of 2013. Proceeds paid down the revolving credit facility, with the remainder for general corporate purposes.
Callon agreed to sell its Medusa field interest (15% working interest), its 10% stake in Medusa Spar LLC and substantially all of its Gulf of Mexico shelf assets to W&T Offshore for $100 million cash, effective July 1, 2013. The assets carried 4.4 million barrels of oil equivalent of net proved reserves, and about $13 million of net plugging and abandonment liabilities transfer to the buyer. Closing was expected by November 30, 2013; this continues the exit from Gulf of Mexico assets begun with the Habanero sale.
LONE STAR VALUE INVESTORS, LP, LONE STAR VALUE CO-INVEST I, LP, LONE STAR VALUE INVESTORS GP, LLC, LONE STAR VALUE MANAGEMENT, LLC, JEFFREY E. EBERWEIN disclosed a new substantial Callon Petroleum Co shareholding (5.70% of votes).
Callon amended its credit agreement (Regions Bank as agent) to raise the quarterly cap on senior unsecured debt and preferred equity charges from $4.0 million to $5.5 million. It also announced an underwritten public offering of non-convertible Series A Cumulative Preferred Stock ($50 per share liquidation preference), with proceeds meant to speed up Permian basin spending, possible acquisitions and general purposes, and to repay revolver borrowings in the meantime. The preferred shares rank ahead of common shareholders for payouts (inference from the nature of preferred stock); no offering size or price is given.