12 July 2007securities registration● Neutral
EDGE PETROLEUM CORP amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
1 June 2007securities registration● Neutral
EDGE PETROLEUM CORP registered a securities offering with the SEC using its shelf eligibility.
8 Mar 2007substantial holder notice● Neutral
Royce & Associates, LLC reported a EDGE PETROLEUM CORP shareholding of 2,558,000 shares (9.74% of votes) in a periodic institutional filing.
14 Feb 2007substantial holder notice● Neutral
Janus Capital Management LLC EIN #, Janus Small Cap Value Fund disclosed a new substantial EDGE PETROLEUM CORP shareholding (6.40% of votes).
14 Feb 2007substantial holder notice● Neutral
MELLON FINANCIAL CORPORATION IRS N disclosed a new substantial EDGE PETROLEUM CORP shareholding (5.13% of votes).
8 Feb 2007substantial holder notice● Neutral
Eagle Asset Management, Inc disclosed a new substantial EDGE PETROLEUM CORP shareholding (5.50% of votes).
7 Feb 2007substantial holder notice● Neutral
Royce & Associates, LLC disclosed a new substantial EDGE PETROLEUM CORP shareholding (10.60% of votes).
5 Feb 2007asset acquisition disposition● NeutralMajor
The Smith Production acquisition closed on 31 January 2007, along with a 25% share of Smith's rights in the 95-square-mile Mission exploration area and 13 miles of gathering pipelines. Edge simultaneously replaced its credit facility with a $750 million Union Bank revolver carrying a $320 million borrowing base, repaid $129 million on the old line, and paid a $1.3 million fee for the bridge loan it ultimately did not need.
1 Feb 2007listing compliance notice▲ GoodMajor
Nasdaq certified EDGE PETROLEUM CORP's securities for listing, clearing them to begin trading.
29 Jan 2007material agreement● NeutralMajor
Edge funded the Smith purchase by selling equity rather than drawing the standby bridge loan: 10.9 million common shares plus 2.875 million shares of new 5.75% convertible preferred, both over-allotments taken up, alongside a planned $320 million revolver. Heavy dilution, but it avoided a $250 million second-lien bridge.
25 Jan 2007securities registration● Neutral
EDGE PETROLEUM CORP filed a prospectus supplement for an offering off its existing shelf.
25 Jan 2007securities registration● Neutral
EDGE PETROLEUM CORP filed a free-writing prospectus - marketing material for an offering in progress.
25 Jan 2007securities registration● Neutral
EDGE PETROLEUM CORP filed a free-writing prospectus - marketing material for an offering in progress.
25 Jan 2007listing compliance notice▲ GoodMajor
Nasdaq certified EDGE PETROLEUM CORP's securities for listing, clearing them to begin trading.
25 Jan 2007securities registration● Neutral
EDGE PETROLEUM CORP filed a prospectus supplement for an offering off its existing shelf.
19 Jan 2007material agreement● NeutralMajor
Ahead of raising the money, Edge disclosed the scale of what it was taking on: its own proved reserves were about 102 Bcfe at end-2006, while the Smith assets it was buying for roughly $395 million held about 123 Bcfe. The company was paying to more than double itself in a single step.
19 Jan 2007substantial holder notice● Neutral
Royce & Associates, LLC reported a EDGE PETROLEUM CORP shareholding of 1,168,900 shares (6.70% of votes) in a periodic institutional filing.
16 Jan 2007securities registration● Neutral
EDGE PETROLEUM CORP filed a prospectus supplement for an offering off its existing shelf.
16 Jan 2007securities registration● Neutral
EDGE PETROLEUM CORP filed a prospectus supplement for an offering off its existing shelf.
5 Jan 2007debt financing● NeutralMajor
Edge's borrowing base was lifted twice in a month - to $125 million on drilling results, then to $140 million on closing the Chapman Ranch buyout - and it drew $22 million on 27 December to pay for that deal, leaving just $11 million of headroom weeks before committing $395 million to Smith Production.
22 Dec 2006material agreement● NeutralMajor
The Smith Production purchase was enlarged rather than terminated: Smith re-acquired interests from its own partners and passed them on, lifting Edge from 72 to 84 net wells and its average working interest from about 50% to 60% for a further $65 million.
18 Dec 2006material agreement▲ GoodMajor
Edge agreed to buy out Kerr-McGee (by then part of Anadarko) from Chapman Ranch, doubling its interest in the seven wells it had bought into in 2005, adding an 88% stake in two more and taking over as operator, for about $26.0 million.
22 Nov 2006debt financing● NeutralMajor
The deal that would define the rest of Edge's life: agreements to buy Smith Production's oil and gas properties across 13 southeast and south Texas counties - 143 gross wells producing about 31 MMcfe a day, 86% gas - with an $11.0 million deposit down. Union Bank of California committed to underwrite the whole price with a $500 million revolver plus $175 million bridge and $75 million second-lien term loans.
29 Aug 2006material agreement● Neutral
Another compensation item filed as a material agreement: pay rises and one-off restricted stock for CFO Michael Long and COO John Tugwell, vesting over 2008-2010 rather than the usual three equal years, explicitly to keep them.
13 June 2006material agreement● Neutral
Shareholders approved another increase in the incentive-plan share reserve, to 2.2 million shares. The more useful content was the operating update given at the same meeting: 32 of a planned 55-60 wells drilled for 2006 with 25 apparent successes, and a deep Mississippi test at Patterson #2 stuck at 15,000 feet and being sidetracked after logging 40 feet of apparent James Lime pay.
15 Mar 2006material agreement● Neutral
Routine board housekeeping: non-employee directors' annual retainer rose from $56,000 to $70,000 from June 2006, with the larger share paid in stock, and directors were required to hold shares themselves.
18 Jan 2006substantial holder notice● Neutral
Royce & Associates, LLC disclosed a new substantial EDGE PETROLEUM CORP shareholding (6.09% of votes).
28 Nov 2005securities registration● Neutral
EDGE PETROLEUM CORP amended an already-effective registration statement.
28 Nov 2005securities registration● Neutral
EDGE PETROLEUM CORP amended an already-effective registration statement.
27 Sept 2005material agreement▲ GoodMajor
Edge agreed to pay about $62.8 million for a 44-50% working interest in the Chapman Ranch field in Nueces County, Texas, buying assets from Pearl Energy and Cibola Explorations and the whole of Cinco Energy from a group including Yorktown Energy Partners. Funded from the credit line, with a further $5.2 million payable if the field wins a severance-tax break.