27 Oct 2020listing compliance notice▼ BadMajor
Carbon Energy 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.
2 Oct 2020director interest notice● Neutral
Carbon Energy Corp CHIEF EXECUTIVE OFFICER Patrick R Mcdonald bought 1,400 shares on the open market at $0.34.
10 Sept 2020substantial holder notice● Neutral
AWM Investment Company, Inc reported no remaining Carbon Energy Corp shareholding in its periodic institutional filing.
10 Sept 2020director interest notice● Neutral
Carbon Energy Corp Chief Executive Officer Patrick R Mcdonald bought 3,700 shares on the open market at $0.29.
31 Aug 2020director interest notice● Neutral
Carbon Energy Corp CHIEF EXECUTIVE OFFICER Patrick R Mcdonald bought 5,000 shares on the open market at $0.21.
24 Aug 2020director interest notice● Neutral
Carbon Energy Corp CHIEF EXECUTIVE OFFICER Patrick R Mcdonald bought 5,000 shares on the open market at $0.30.
14 Aug 2020quarterly activities report▼ Bad
Carbon Energy Corp reported quarterly revenue of $5.0 million and a net loss of $47.9 million for the period ended 2020-06-30.
16 July 2020debt default or forbearance▼ BadMajor
Seven weeks after the Appalachian sale, the remaining California business needed the same treatment: its Prudential lenders granted limited waivers of covenant breaches and amended all three of its note and securities purchase agreements. The distress had simply moved to the half of the company Carbon still owned.
8 July 2020director interest notice● Neutral
Carbon Energy Corp CHIEF EXECUTIVE OFFICER Patrick R Mcdonald bought 939 shares on the open market at $1.10.
23 June 2020director interest notice● Neutral
Erich W. Kirsch became a Carbon Energy Corp PFO and PAO and company insider (initial ownership filing).
9 June 2020director interest notice● Neutral
Carbon Energy Corp CHIEF EXECUTIVE OFFICER Patrick R Mcdonald bought 100 shares on the open market at $3.06.
4 June 2020director interest notice● Neutral
Carbon Energy Corp CONSULTANT, FORMER CFO Kevin D Struzeski received 26,540 shares as part of the equity award.
4 June 2020director interest notice● Neutral
Carbon Energy Corp CONSULTANT, FORMER PRESIDENT Mark Duane Pierce received 26,540 shares as part of the equity award.
4 June 2020director interest notice● Neutral
Carbon Energy Corp CHIEF EXECUTIVE OFFICER Patrick R Mcdonald acquired 84,100 shares and disposed of 24,369 in a set of related equity transactions.
29 May 2020asset acquisition disposition● NeutralMajor
The Diversified sale closed on 26 May for $99.2 million in cash after adjustments, with up to $15 million still contingent. Carbon repaid and cancelled the LegacyTexas/Prosperity credit facility entirely and agreed a schedule for paying down the $25.1 million of Old Ironsides seller notes from the proceeds. President Mark Pierce and finance chief Kevin Struzeski left the same day, staying on as consultants at $25,000 a month - after the sale there was little left to run but the California venture.
28 May 2020director interest notice● Neutral
Carbon Energy Corp CHIEF EXECUTIVE OFFICER Patrick R Mcdonald acquired 25,000 shares and disposed of 20,286 in a set of related equity transactions.
28 May 2020director interest notice● Neutral
Carbon Energy Corp PRESIDENT Mark Duane Pierce acquired 12,500 shares and disposed of 11,060 in a set of related equity transactions.
28 May 2020director interest notice● Neutral
Carbon Energy Corp CHIEF FINANCIAL OFFICER Kevin D Struzeski acquired 12,500 shares and disposed of 10,144 in a set of related equity transactions.
14 May 2020quarterly activities report● Neutral
Carbon Energy Corp reported quarterly revenue of $42.5 million and net income of $9.8 million for the period ended 2020-03-31.
6 May 2020material agreement▼ Bad
With the Diversified sale signed but not closed, the lenders agreed to delay by a month each of the two scheduled $2 million cuts to the borrowing base - just enough breathing room to reach completion.
8 Apr 2020asset acquisition disposition● NeutralMajor
Carbon agreed to sell its entire Appalachian and Illinois Basin business - the Carbon Appalachia and Nytis Exploration subsidiaries, which is to say almost everything it had built since 2011 - to Diversified Gas & Oil for $110 million in cash plus up to $15 million contingent. Yorktown's funds, holding the majority, approved it by written consent the same week, so no shareholder vote was needed.
21 Feb 2020debt default or forbearance▼ BadMajor
A second round of covenant waivers, and this time the lenders shrank the company: the borrowing base was cut from $75 million to $73 million with automatic further cuts scheduled through May, a step-down ladder that gave Carbon a deadline to find money elsewhere. This was six weeks before the oil price collapse of March 2020.
12 Feb 2020substantial holder notice● Neutral
AWM Investment Company, Inc reported a Carbon Energy Corp shareholding of 706,549 shares (9.20% of votes) in a periodic institutional filing.
13 Nov 2019quarterly activities report● Neutral
Carbon Energy Corp reported a quarterly net income of $3.2 million for the period ended 2019-09-30.
13 Sept 2019listing compliance notice▼ Bad
Carbon Energy Corp withdrew a registration statement, abandoning the offering it covered.
4 Sept 2019director officer appointment● Neutral
A new omnibus bonus plan replaced the annual ones, paying cash against quarterly or annual targets, with the three executives eligible for up to 65% of salary.
15 Aug 2019debt default or forbearance▼ BadMajor
Eight months after taking on the Old Ironsides debt, Carbon had to be forgiven for breaching its loan terms: the lenders granted limited waivers and imposed new ones - keep $3 million of liquidity, stop letting bills run past 90 days, and sell non-core assets and hand over the proceeds. This is the point at which the balance sheet started running the company rather than the other way round.
14 Aug 2019quarterly activities report● Neutral
Carbon Energy Corp reported quarterly revenue of $36.8 million and net income of $6.2 million for the period ended 2019-06-30.
14 May 2019quarterly activities report▼ Bad
Carbon Energy Corp reported quarterly revenue of $24.9 million and a net loss of $4.1 million for the period ended 2019-03-31.
6 Mar 2019director officer appointment● Neutral
The employment contracts of McDonald, Pierce and Struzeski were amended to escrow any severance on an involuntary exit and to tighten the definition of a change of control - housekeeping, but the kind that gets done when a sale becomes conceivable.