15 Mar 2010listing compliance notice▼ BadMajor
ENCORE ACQUISITION CO terminated the registration of a class of securities, ending its reporting obligation for them.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
10 Mar 2010listing compliance notice● NeutralMajor
ENCORE ACQUISITION CO's exchange filed to remove a class of its securities from listing.
15 Dec 2009material agreement● Neutral
Encore's borrowing base was raised again, to $925 million, in a routine redetermination six weeks after agreeing to be acquired by Denbury -- a credit facility that will presumably be retired or assumed once that merger closes.
3 Nov 2009business combination● NeutralMajor
The definitive Denbury merger agreement set the terms announced days earlier: $15.00 cash plus $35.00 in Denbury stock per Encore share (subject to a collar of 2.0698-2.6336 Denbury shares, or up to 3.7622 shares for all-stock elections), prorated to an overall 70% stock / 30% cash mix, with closing conditioned on both companies' shareholder votes, antitrust clearance and Denbury's financing.
2 Nov 2009business combination▲ GoodMajor
Encore agreed to be acquired by Denbury Resources for about $4.5 billion including debt, with Encore shareholders to receive $50.00 per share in cash and stock -- well above the $31-40 per-share levels its own stock traded at in 2005-2006 -- ending its run as an independent company after the 2008-09 downturn.
1 May 2009debt financing▼ BadMajor
Encore raised $225 million issuing new notes due 2016 at 9.50% interest -- far above the 6.0%-7.25% coupons on its 2005 note issues -- reflecting the much higher cost of capital during the 2009 credit crisis.
11 Mar 2009material agreement▼ BadMajor
Encore's lenders raised the interest-rate margins and commitment fees on its credit agreement and set the borrowing base at $900 million, tighter and more expensive terms reflecting the 2008-09 credit crunch and collapsing oil prices.
19 Nov 2008listing compliance notice▲ GoodMajor
the New York Stock Exchange certified ENCORE ACQUISITION CO's securities for listing, clearing them to begin trading.
8 Feb 2008material agreement● NeutralMajor
Encore sold Permian and Williston Basin producing properties to its own Encore Energy Partners MLP for $250.4 million ($125.4 million cash plus 6.9 million partnership units) -- a related-party 'dropdown' reviewed by the partnership's independent conflicts committee -- raising Encore's stake in the partnership's common units to about 67%.
21 Sept 2007asset acquisition disposition▲ GoodMajor
Encore spun off part of its OLLC subsidiary in an IPO of Encore Energy Partners LP, selling 9 million public units (about 37.4% of the partnership) on the NYSE; Encore retained a 61% limited-partner stake plus the 2% general-partner interest and will earn administrative fees managing the partnership.
28 Aug 2007material agreement▼ BadMajor
Encore's midstream subsidiary, Encore Energy Partners Operating LLC (OLLC), had its credit-agreement coverage covenant loosened -- the minimum EBITDA-to-interest-expense ratio cut from 2.5x to 1.5x -- a relief that points to a thinner cash-flow cushion at the subsidiary.
6 July 2007asset acquisition disposition▲ GoodMajor
Encore closed the $300 million Mid-Continent sale to Crow Creek Energy, completing a 2007 portfolio swap -- trading legacy Oklahoma/Anadarko-basin gas acreage for the new Big Horn and Williston Basin oil properties acquired earlier in the year.
18 May 2007material agreement● NeutralMajor
Encore agreed to sell its Mid-Continent properties to Crow Creek Energy for $300 million cash, planning to use the proceeds to pay down the revolver it had just drawn heavily to fund the Big Horn and Williston Basin purchases.
17 Apr 2007asset acquisition disposition▲ GoodMajor
Encore closed its purchase of the Williston Basin properties for about $392.5 million -- slightly below the $410 million quoted when the deal was announced -- structured as a 1031 like-kind exchange and funded by credit-facility borrowings that pushed outstanding debt to $866.9 million.
13 Mar 2007asset acquisition disposition▲ GoodMajor
Encore closed the Big Horn Basin purchase for about $392.4 million total (Elk Basin assets for $328.7 million through its OLLC subsidiary, Gooseberry assets for $63.7 million through Encore Operating) -- close to the $400 million originally quoted -- funded by a new $1.25 billion credit facility whose borrowing base is set to jump to $950 million once the still-pending Williston Basin deal also closes.
26 Jan 2007material agreement▲ GoodMajor
Nine days after the Big Horn Basin deal, Encore agreed to buy a second package from the same Anadarko-related sellers -- Williston Basin properties in Montana and Wyoming -- for $410 million cash, pushing its pending 2007 acquisitions to roughly $810 million combined.
17 Jan 2007material agreement▲ GoodMajor
Encore agreed to buy Big Horn Basin oil and gas properties in Wyoming and Montana from Anadarko-related sellers (Howell Petroleum and Kerr-McGee Oil & Gas Onshore) for $400 million cash, its largest deal since the 2004 Cortez acquisition.
31 Mar 2006material agreement● NeutralMajor
Encore sold 4 million new common shares in an underwritten public offering off its shelf registration, using the proceeds to pay down its revolving credit facility.
22 Feb 2006material agreement● NeutralMajor
Encore's board set 2006 executive pay, including a $215,000 base salary for L. Ben Nivens, who succeeded Roy Jageman as CFO after his December 2005 departure.
5 Jan 2006material agreement▲ GoodMajor
Encore's credit agreement was amended again, extending its maturity from 2009 to 2010 and raising the borrowing base from $400 million to $550 million, continuing the pattern of expanding credit capacity to keep pace with acquisitions.
1 Dec 2005material agreement● NeutralMajor
Encore's CFO, Roy W. Jageman, departed under a separation agreement effective October 31, 2005, receiving $590,000 in cash and a short window to exercise vested options.
23 Nov 2005debt financing● NeutralMajor
Encore closed the $150 million, 7.25% senior subordinated notes due 2017 announced days earlier, giving it three outstanding tranches of subordinated notes alongside its bank credit facility.
18 Nov 2005material agreement● NeutralMajor
Encore amended its credit agreement to clear the way for a new $150 million offering of 7.25% notes due 2017 and priced that offering, continuing its shift from bank debt toward public notes.
14 July 2005debt financing● NeutralMajor
Encore closed the $300 million, 6.0% senior subordinated notes offering priced the prior week, completing the refinancing of its 8.375% notes due 2012.
7 July 2005material agreement▲ GoodMajor
Encore priced a $300 million offering of 6.0% notes due 2015 to refinance its higher-cost 8.375% notes due 2012, expecting a roughly $18-26 million pre-tax charge to retire the old notes early -- a sign of improving credit terms.
4 May 2005material agreement▲ GoodMajor
Encore raised its credit facility's borrowing base from $400 million to $500 million, reported first-quarter 2005 results, and won shareholder approval to more than double its authorized common shares (60 million to 144 million), clearing room for future stock-funded growth.
18 Feb 2005material agreement▲ Good
Encore's compensation committee awarded 2004 bonuses and stock grants to its executives -- including a $700,000 cash bonus to Chairman/CEO I. Jon Brumley -- and disclosed 2004 EBITDAX of $200 million, up from $149 million in 2003.
27 Oct 2004material agreement● Neutral
Encore's board approved standard indemnification agreements for its officers and directors and separately reported third-quarter 2004 results.
25 Aug 2004debt financing● NeutralMajor
Encore replaced its $300 million credit facility with a new five-year facility (initial $400 million borrowing base, expandable to $750 million) led by Bank of America, giving it more capacity to keep funding acquisitions.
23 June 2004asset acquisition disposition▲ GoodMajor
Encore closed a $77 million cash purchase of natural gas properties in Overton Field, Texas, next to its existing Elm Grove Field acreage, funded by a June 2004 stock sale and credit-facility borrowings.