9 Oct 2007director interest notice● Neutral
CRIMSON EXPLORATION INC. Sr Vice President-Engineering Jay S Mengle received 50,000 shares as part of the equity award.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
9 Oct 2007director interest notice● Neutral
CRIMSON EXPLORATION INC. President & Chief Exec Officer Allan D Keel received 50,000 shares as part of the equity award.
9 Oct 2007director interest notice● Neutral
CRIMSON EXPLORATION INC. Sr VP-Land & Business Dev Tracy Price received 50,000 shares as part of the equity award.
9 Oct 2007director interest notice● Neutral
CRIMSON EXPLORATION INC. Sr Vice President-Exploration Thomas H Atkins received 50,000 shares as part of the equity award.
9 Oct 2007director interest notice● Neutral
CRIMSON EXPLORATION INC. Sr VP & Chief Fin Officer E Joseph Grady received 50,000 shares as part of the equity award.
21 Aug 2007substantial holder notice● Neutral
OCM GW Holdings, LLC, OCM Principal Opportunities Fund III, L.P, OCM Principal Opportunities Fund III GP, LLC, Oaktree Fund GP I, L.P, Oaktree Capital I, L.P, OCM Holdings I, LLC, Oaktree Holdings, LLC, Oaktree Capital Group, LLC, Oaktree Capital Group Holdings, L.P, Oaktree Capital Group Holdings GP, LLC disclosed a new substantial CRIMSON EXPLORATION INC. shareholding (72.17% of votes).
15 Aug 2007director interest notice● Neutral
CRIMSON EXPLORATION INC. 10%+ owner Exco Resources INC sold 750,000 shares at $6.97.
2 Aug 2007substantial holder notice● Neutral
J. Virgil Waggoner reported a CRIMSON EXPLORATION INC. shareholding of 427,333 shares (8.87% of votes) in a periodic institutional filing.
27 July 2007director interest notice● Neutral
CRIMSON EXPLORATION INC. 10%+ owner J Virgil Waggoner sold 1,219,819 shares at $6.97.
14 June 2007substantial holder notice● Neutral
J. Virgil Waggoner reported a CRIMSON EXPLORATION INC. shareholding of 1,644,152 shares (34.18% of votes) in a periodic institutional filing.
8 June 2007material agreement● Neutral
On June 5, 2007 Crimson amended its May 2007 second-lien loan with Credit Suisse, extending from 150 to 180 days the deadline to raise at least $25 million of equity. If it misses the deadline, interest rates rise by 0.5%. This leaves open a possible equity raise, which would dilute existing shareholders (inference).
6 June 2007debt financing● Neutral
Crimson re-signed its $400 million senior credit agreement on May 31, 2007 in connection with syndicating the facility, adding an up to $5 million swing line sub-facility. No other change is described.
1 June 2007capital raising announcement● Neutral
Stockholder J. Virgil Waggoner converted 3,000 Series H and 9,000 Series E preferred shares into 719,819 new common shares, issued May 29, 2007, with no other consideration paid. This adds to the common share count, so other common holders are diluted modestly, and reduces the preferred outstanding.
15 May 2007late filing notice▼ Bad
CRIMSON EXPLORATION INC. notified the SEC that its quarterly report would be filed late.
15 May 2007asset acquisition disposition● NeutralMajor
On May 8, 2007 Crimson's subsidiary agreed to buy South Texas and Gulf Coast (Louisiana/Texas) oil and gas properties from EXCO Resources for $285 million cash plus 750,000 Crimson common shares (about $289.5 million total at the $6.10 share price); about $245 million cash was paid at closing after adjustments. The properties have about 250 producing wells in over 30 fields, with an average 65% working interest. It was financed with a new $400 million senior revolver (initial borrowing base $200 million, due May 2011) and a $150 million Credit Suisse second-lien term loan (due May 2012) that paid off the $150 million Wells Fargo Energy Capital subordinate facility from 2006. The filing notes Oaktree, which controls Crimson, has a managing director sitting on EXCO's board, and the second-lien rate rises if Crimson doesn't raise $25 million of equity within 150 days. This is a much larger deal than the earlier Core acquisition and sharply increases the company's debt.
10 May 2007director interest notice● Neutral
Exco Resources INC became a CRIMSON EXPLORATION INC. 10%+ owner and company insider (initial ownership filing).
20 Nov 2006director interest notice● Neutral
CRIMSON EXPLORATION INC. Sr Vice President/Engineering Jay S Mengle bought 9,350 shares on the open market.
17 Nov 2006securities registration● Neutral
CRIMSON EXPLORATION INC. amended an already-effective registration statement.
17 Nov 2006director interest notice● Neutral
CRIMSON EXPLORATION INC. Sr Vice President/Engineering Jay S Mengle bought 3,500 shares on the open market.
7 Sept 2006debt financing▲ GoodMajor
Effective August 31, 2006, Crimson signed a $150 million second-lien (subordinate) credit facility with Wells Fargo Energy Capital, with $15 million initially available and nothing drawn at closing; it is due February 28, 2010. It also amended the July 2005 Wells Fargo senior revolver, raising the borrowing base from $20 million to $25 million and extending maturity to August 31, 2009. The press release ties the borrowings to developing the Rodessa formation in the Madisonville field and other corporate purposes, and says the company agreed to add price hedges for 2007-2011 to get the larger base. Revolver borrowings were about $3.5 million.
5 Sept 2006director interest notice● Neutral
CRIMSON EXPLORATION INC. director Lon Mccain received 12,049 shares as part of the equity award.
5 Sept 2006director interest notice● Neutral
CRIMSON EXPLORATION INC. director Lee B Backsen received 12,049 shares as part of the equity award.
24 Aug 2006securities registration● Neutral
CRIMSON EXPLORATION INC. amended an already-effective registration statement.
23 Aug 2006director interest notice● Neutral
CRIMSON EXPLORATION INC. Senior V.P./Engineering Jay S Mengle bought 16,000 shares on the open market.
23 Aug 2006director interest notice● Neutral
CRIMSON EXPLORATION INC. Senior V.P./Engineering Jay S Mengle bought 30,000 shares on the open market.
23 Aug 2006director interest notice● Neutral
CRIMSON EXPLORATION INC. Senior V.P. / Engineering Jay S Mengle bought 20,000 shares on the open market at $0.75.
21 Aug 2006director interest notice● Neutral
CRIMSON EXPLORATION INC. Senior V.P. Pres./Engineering Jay S Mengle bought 25,000 shares on the open market.
17 Aug 2006director interest notice● Neutral
CRIMSON EXPLORATION INC. Senior V.P. / Engineering Jay S Mengle bought 16,000 shares on the open market.
17 Aug 2006director interest notice● Neutral
CRIMSON EXPLORATION INC. Senior V.P./Engineering Jay S Mengle bought 30,000 shares on the open market.
12 June 2006securities registration● Neutral
CRIMSON EXPLORATION INC. amended an already-effective registration statement.