15 Nov 2016director interest notice● Neutral
Emerald Oil, Inc. Chief Executive Officer Mcandrew Rudisill sold 35,000 shares.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
10 Nov 2016director interest notice● Neutral
Emerald Oil, Inc. Chief Executive Officer Mcandrew Rudisill sold 30,056 shares.
1 June 2016material agreement▼ BadMajor
On May 26, 2016 the company signed a stalking horse agreement to sell substantially all its assets for about $73.0M (subject to adjustments) to a buyer formed by CL Energy Opportunity Fund (Crestline affiliate) and SSC Emerald LP (Sole Source Capital affiliate). The bid can be topped at an auction tentatively set for July 11, 2016 in New York, and any sale needs Bankruptcy Court approval. The filing does not name Latium, which the March press release named as the earlier proposed stalking horse, nor say why the buyer differs (not explained in this filing). It also attaches monthly operating reports for March 22-31 (cash rose from about $3.5M to about $4.35M) and says the company has suspended regular 10-K and 10-Q filings, while continuing to file 8-Ks on material developments. The text does not say what the sale means for common shareholders.
4 Apr 2016listing compliance notice● NeutralMajor
Emerald Oil, Inc.'s exchange filed to remove a class of its securities from listing.
31 Mar 2016late filing notice▼ Bad
Emerald Oil, Inc. notified the SEC that its annual report would be filed late.
25 Mar 2016listing compliance notice▼ BadMajor
NYSE MKT told the company on March 23, 2016 that it is no longer suitable for listing because of the Chapter 11 filing, suspended trading that day, and will begin delisting. The company does not plan to appeal, so delisting is expected. The stock now trades on the OTC Pink market as EOXLQ, with no assurance that quotes or adequate trading volume will continue. This follows directly from the bankruptcy filing.
23 Mar 2016bankruptcy or receivership▼ BadMajor
On March 22, 2016, Emerald Oil and four subsidiaries (Emerald WB, Emerald NWB, EOX Marketing, Emerald DB) filed for Chapter 11 bankruptcy in Delaware (Case No. 16-10704), which is the outcome the February 2016 revolver default had warned of. The filing automatically made the Wells Fargo revolver and the 2.00% convertible notes due 2019 immediately due, but creditors' collection efforts are stayed. The company has arranged $20M of debtor-in-possession financing (subject to court approval) and signed a non-binding term sheet with Latium Enterprises to buy substantially all assets as a 'stalking horse' bidder in a court-run sale, with competing bids to be solicited. The filing does not say what shareholders would receive; the press release speaks of a 'path for potential recovery for Company stakeholders' without specifics.
10 Feb 2016substantial holder notice● Neutral
Schroder Investment Management Ltd reported no remaining Emerald Oil, Inc. shareholding in its periodic institutional filing.
8 Feb 2016material agreement termination▼ BadMajor
After the default, Bank of Nova Scotia ended its hedging agreement with the company on Feb 3, 2016 and applied $17.5M of proceeds to the revolver. With that and other transactions, the borrowing base deficiency is cured: the base is $113M with about $111M outstanding. The company is still in default on covenants, and no credit is available. The filing says liquidity continues to deteriorate and the company may still become bankrupt or insolvent.
1 Feb 2016debt financing▼ BadMajor
The lenders' forbearance on the Wells Fargo revolver, which began Nov 5, 2015 and was extended Dec 18, ran out on Jan 29, 2016, so the company is now in default. The defaults cited are missed reporting for the June and September 2015 quarters, the unpaid borrowing base deficiency, and a possible cross-default with the convertible notes. The lenders had not sent a notice, but they could accelerate the debt and sell collateral, and the company says it could become bankrupt or insolvent. It is in talks with lenders and has added Kirkland & Ellis to its advisers. This worsens the borrowing base problem of Oct 2015.
13 Jan 2016asset acquisition disposition● Neutral
The Angelus sale of about 9,750 net acres and some non-operated production closed for $9.75M, with the press release dating closing to January 11, 2016. The company says all proceeds went to repay the revolver. This completes the sale announced in December 2015.
24 Dec 2015material agreement● Neutral
On Dec 18, 2015 the company agreed to sell Angelus Private Equity Group about 9,750 net acres of undeveloped leasehold in Montana and North Dakota, plus some production from non-operated wells, for about $9.75M. All proceeds are meant to repay the revolver. This continues the asset sales used to pay down bank debt after the Koch deal. The filing gives an expected closing of January 22, 2015, which appears to be a typo for 2016.
6 Nov 2015quarterly activities report▼ Bad
Emerald Oil, Inc. reported quarterly revenue of $30.5 million and a net loss of $159.3 million for the period ended 2015-09-30.
5 Nov 2015quarterly activities report▼ Bad
Emerald Oil, Inc. reported quarterly revenue of $30.5 million and a net loss of $159.3 million for the period ended 2015-09-30.
22 Oct 2015capital raising announcement● Neutral
On Oct 22, 2015 the company agreed with one holder to swap about $3M of its 2.00% convertible notes due 2019 for common stock, expected to be about 880,000 shares, priced at a 15% discount to a 15-day average share price, with accrued interest paid in cash. About $148.5M of the notes will remain outstanding. Debt falls by $3M, but existing shareholders are diluted, and the final share count depends on the price.
13 Oct 2015debt financing▼ BadMajor
Wells Fargo, the revolver agent, cut the borrowing base from $200M to $120M effective Oct 6, 2015, leaving a shortfall of about $19.6M that the company has to deal with. The company said a previously announced term loan was not completed. It is negotiating a repayment schedule with the banks and talking to second-lien lenders, and has hired Opportune, Intrepid Partners and Mayer Brown to advise on its capital structure. This reverses the spring 2015 redetermination, which had come with easier covenants.
10 Sept 2015substantial holder notice● Neutral
Raging Capital Master Fund, Ltd, Raging Capital Management, LLC, William C. Martin reported no remaining Emerald Oil, Inc. shareholding in its periodic institutional filing.
5 Aug 2015quarterly activities report▼ Bad
Emerald Oil, Inc. reported quarterly revenue of $17.0 million and a net loss of $73.1 million for the period ended 2015-06-30.
5 Aug 2015quarterly activities report▼ Bad
Emerald Oil, Inc. reported quarterly revenue of $17.0 million and a net loss of $73.1 million for the period ended 2015-06-30.
3 Aug 2015material agreement● NeutralMajor
On July 31, 2015 the company agreed to sell Koch Exploration (a Koch Industries subsidiary) a 30% working interest in its undeveloped southern McKenzie County, ND acreage (~25,000 net acres) for about $16.6M, plus ~4,500 net acres of Richland County, MT leasehold for about $0.9M. The filing puts the total deal at ~$24.7M (the press release says ~$24.4M), with closing expected around Sept 30, 2015. All proceeds are to repay the revolving credit facility, which had been drawn since spring 2015. The two companies will drill two wells in 2016 and split future leasehold and drilling costs in a shared area. A press release also reports two southern McKenzie wells and a signed term sheet for a midstream joint venture, expected to be finalized by year end.
10 July 2015substantial holder notice● Neutral
Raging Capital Master Fund, Ltd, Raging Capital Management, LLC, William C. Martin reported a Emerald Oil, Inc. shareholding of 661,036 shares (8.40% of votes) in a periodic institutional filing.
10 June 2015substantial holder notice● Neutral
Raging Capital Master Fund, Ltd, Raging Capital Management, LLC, William C. Martin disclosed a new substantial Emerald Oil, Inc. shareholding (18.00% of votes).
29 May 2015material agreement termination▼ BadMajor
The Yates Delaware Basin purchase was not completed: the company said on May 26, 2015 it would not proceed with its stock offering because of the market environment and dilution to shareholders, and so would not close the deal. The agreement expired May 28, 2015. The company paid a deposit of about $7.5M, of which the seller may keep 10% and must return the rest within three days of termination. It went back to its original Williston Basin plans, citing the spring borrowing base redetermination and easier debt covenants, and restated 2015 guidance with a $65M capex budget, $42M already spent.
26 May 2015securities registration● Neutral
Emerald Oil, Inc. filed a free-writing prospectus - marketing material for an offering in progress.
18 May 2015securities registration● Neutral
Emerald Oil, Inc. filed a prospectus supplement for an offering off its existing shelf.
11 May 2015material agreement▲ GoodMajor
On May 11, 2015 the company agreed to buy about 10,746 net acres of Delaware Basin acreage in Lea and Eddy Counties, New Mexico, from Yates Petroleum for about $75.2M cash, with closing expected around May 28, 2015. This would have been a move beyond the Williston Basin into a second region. The company raised its 2015 production guidance (average 4,350-4,650 Boe/d) and planned $33-38M of Delaware drilling, and said it was weighing debt and equity financing to fund the deal.
8 May 2015substantial holder notice● Neutral
BlackRock, Inc reported a Emerald Oil, Inc. shareholding of 4,875,417 shares (4.50% of votes) in a periodic institutional filing.
4 May 2015quarterly activities report▼ Bad
Emerald Oil, Inc. reported quarterly revenue of $14.8 million and a net loss of $97.7 million for the period ended 2015-03-31.
4 May 2015quarterly activities report▼ Bad
Emerald Oil, Inc. reported quarterly revenue of $14.8 million and a net loss of $97.7 million for the period ended 2015-03-31.
2 Apr 2015securities registration● Neutral
Emerald Oil, Inc. filed a prospectus supplement for an offering off its existing shelf.