22 Sept 2009listing compliance notice▲ GoodMajor
the New York Stock Exchange certified EPL OIL & GAS, INC.'s securities for listing, clearing them to begin trading.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
10 Aug 2009late filing notice▼ Bad
EPL OIL & GAS, INC. notified the SEC that its quarterly report would be filed late.
4 Aug 2009bankruptcy or receivership▼ BadMajor
The court confirmed the reorganisation plan on 3 August 2009: noteholders take 95% of the new equity in exchange for their claims and existing shareholders are left with 5%, with management options able to take up to a further 3%. Emergence still depended on lining up an exit facility.
29 June 2009material agreement▼ Bad
In bankruptcy, the offshore regulator demanded a further $10.95 million of security for plugging costs at East Bay; the company agreed to raise its quarterly trust payments from about $1.2 million to about $2.04 million, on top of the $36.1 million already promised.
12 May 2009late filing notice▼ Bad
EPL OIL & GAS, INC. notified the SEC that its quarterly report would be filed late.
5 May 2009bankruptcy or receivership▼ BadMajor
Energy Partners and its US subsidiaries filed for Chapter 11 in Houston on 1 May 2009, having failed to repay the borrowing-base shortfall. It went in with a plan support agreement already signed by its noteholders and a settlement term sheet with the offshore regulator, so the outcome was largely pre-negotiated.
15 Apr 2009listing compliance notice● NeutralMajor
EPL OIL & GAS, INC.'s exchange filed to remove a class of its securities from listing.
14 Apr 2009debt default or forbearance▼ BadMajor
The banks extended the $38 million deadline again to 1 May and agreed not to act on the defaults already in place or expected - late audited accounts, broken financial ratios, and the cross-default from a missed interest payment on the notes. A holding pattern, not a fix.
6 Apr 2009debt default or forbearance▼ BadMajor
A cut to its borrowing base left Energy Partners owing its banks a $38 million shortfall it plainly could not pay; the lenders granted a short extension to 14 April while a forbearance was negotiated, and the company stated openly it might have to file for bankruptcy protection.
17 Mar 2009late filing notice▼ Bad
EPL OIL & GAS, INC. notified the SEC that its annual report would be filed late.
10 Mar 2009substantial holder notice● Neutral
Wellington Management Company, LLP reported no remaining EPL OIL & GAS, INC. shareholding in its periodic institutional filing.
9 Mar 2009substantial holder notice● Neutral
Carlson Capital, L.P., Asgard Investment Corp, Clint D. Carlson, Double Black Diamond Offshore LDC reported a EPL OIL & GAS, INC. shareholding of 2,994,968 shares (9.30% of votes) in a periodic institutional filing.
6 Mar 2009debt default or forbearance▼ BadMajor
The offshore regulator issued a non-compliance notice after Energy Partners failed to post $16.7 million of supplemental bonds securing its well plugging and platform removal obligations, and threatened to shut in its South Pass 27 and 28 facilities within three weeks. The first public sign the company could no longer meet its cash calls.
5 Mar 2009substantial holder notice● Neutral
Debello Investors LLC, Wexford Catalyst Investors LLC, Wexford Catalyst Trading Limited, Wexford Spectrum Trading Limited, Wexford Capital LLC, Charles E. Davidson, Joseph M. Jacobs reported a EPL OIL & GAS, INC. shareholding of 2,483,712 shares (7.74% of votes) in a periodic institutional filing.
17 Feb 2009substantial holder notice● Neutral
Wellington Management Company, LLP reported a EPL OIL & GAS, INC. shareholding of 3,286,914 shares (10.25% of votes) in a periodic institutional filing.
13 Feb 2009substantial holder notice● Neutral
Artisan Partners Limited Partnership, Artisan Investment Corporation, ZFIC, Inc., Andrew A. Ziegler, Carlene M. Ziegler reported no remaining EPL OIL & GAS, INC. shareholding in its periodic institutional filing.
13 Feb 2009substantial holder notice● Neutral
Richard A. Bachmann reported a EPL OIL & GAS, INC. shareholding of 1,846,107 shares (5.80% of votes) in a periodic institutional filing.
13 Feb 2009substantial holder notice● Neutral
Renaissance Technologies LLC, James H. Simons reported a EPL OIL & GAS, INC. shareholding of 1,617,200 shares (5.04% of votes) in a periodic institutional filing.
5 Feb 2009substantial holder notice● Neutral
BARCLAYS GLOBAL INVESTORS, NA. and 1 other disclosed a new substantial EPL OIL & GAS, INC. shareholding (4.57% of votes).
27 Jan 2009substantial holder notice● Neutral
Debello Investors LLC, Wexford Alpha Trading Limited, Wexford Catalyst Investors LLC, Wexford Catalyst Trading Limited, Wexford Spectrum Trading Limited, Wexford Capital LLC, Charles E. Davidson, Joseph M. Jacobs reported a EPL OIL & GAS, INC. shareholding of 2,694,303 shares (8.40% of votes) in a periodic institutional filing.
26 Jan 2009substantial holder notice● Neutral
Farallon Capital Partners, L.P, Farallon Capital Institutional Partners, L.P, Farallon Capital Institutional Partners II, L.P, Farallon Capital Institutional Partners III, L.P, Tinicum Partners, L.P, Farallon Capital Offshore Investors II, L.P, Farallon Capital Management, L.L.C, Farallon Partners, L.L.C, William F. Duhamel, Richard B. Fried, Monica R. Landry, Douglas M. MacMahon, William F. Mellin, Stephen L. Millham, Jason E. Moment, Ashish H. Pant, Rajiv A. Patel, Derek C. Schrier [See Item, Andrew J. M. Spokes, Thomas F. Steyer, Mark C. Wehrly reported no remaining EPL OIL & GAS, INC. shareholding in its periodic institutional filing.
14 Oct 2008substantial holder notice● Neutral
Debello Investors LLC, Wexford Alpha Trading Limited, Wexford Catalyst Investors LLC, Wexford Catalyst Trading Limited, Wexford Spectrum Trading Limited, Wexford Capital LLC, Charles E. Davidson, Joseph M. Jacobs reported a EPL OIL & GAS, INC. shareholding of 3,046,470 shares (9.50% of votes) in a periodic institutional filing.
3 July 2008substantial holder notice● Neutral
Debello Investors LLC, Wexford Alpha Trading Limited, Wexford Catalyst Investors LLC, Wexford Catalyst Trading Limited, Wexford Spectrum Trading Limited, Wexford Capital LLC, Charles E. Davidson, Joseph M. Jacobs disclosed a new substantial EPL OIL & GAS, INC. shareholding (7.42% of votes).
10 Apr 2008substantial holder notice● Neutral
Wellington Management Company, LLP reported a EPL OIL & GAS, INC. shareholding of 3,315,400 shares (10.44% of votes) in a periodic institutional filing.
3 Apr 2008substantial holder notice● Neutral
Carlson Capital, L.P., Asgard Investment Corp, Clint D. Carlson, Double Black Diamond Offshore LDC reported a EPL OIL & GAS, INC. shareholding of 2,994,968 shares (9.40% of votes) in a periodic institutional filing.
2 Apr 2008director officer appointment▼ BadMajor
Under pressure from activist holder Carlson Capital, which owned about 9.4%, the board appointed three of its nominees - James Latimer, Bryant Patton and Steven Pully - as directors in exchange for Carlson supporting the company's slate. Carlson would still be there in 2009, this time as one of the lenders financing the company out of bankruptcy.
14 Feb 2008substantial holder notice● Neutral
Richard A. Bachmann reported a EPL OIL & GAS, INC. shareholding of 2,175,243 shares (6.80% of votes) in a periodic institutional filing.
14 Feb 2008substantial holder notice● Neutral
Wellington Management Company, LLP disclosed a new substantial EPL OIL & GAS, INC. shareholding (7.92% of votes).
13 Feb 2008substantial holder notice● Neutral
Artisan Partners Limited Partnership, Artisan Investment Corporation, ZFIC, Inc., Andrew A. Ziegler, Carlene M. Ziegler disclosed a new substantial EPL OIL & GAS, INC. shareholding (8.20% of votes).
5 Feb 2008substantial holder notice● Neutral
BARCLAYS GLOBAL INVESTORS, NA. and 1 other disclosed a new substantial EPL OIL & GAS, INC. shareholding (6.04% of votes).