1 Aug 2008director interest notice● Neutral
James F. Link Jr. became a Erin Energy Corp. director and company insider (initial ownership filing).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
23 July 2008director interest notice● Neutral
Erin Energy Corp. director Elizabeth Patience Smith received 10,000 shares as part of the equity award.
23 July 2008director interest notice● Neutral
Erin Energy Corp. director Robert C Stempel received 10,000 shares as part of the equity award.
8 July 2008business combination● Neutral
The company merged Navitas Corporation, whose sole assets were 480,000 company shares and some deferred tax assets, into itself on July 2, 2008. The 480,000 shares were cancelled and 450,005 new shares were issued to Navitas shareholders, a net reduction of 29,995 shares outstanding. The board said it approved this as an accommodation to a significant shareholder and to simplify the capital structure; the filing notes links to director Laird Cagan's fund through the McAfee family, and no shareholder vote was required.
28 Apr 2008director interest notice● Neutral
Erin Energy Corp. CEO, President & Secretary Frank C Ingriselli gifted 5,000 shares.
25 Apr 2008material agreement▲ GoodMajor
The company amended its four September 2007 purchase agreements with ChevronTexaco (Baode, Linxing, Shenfu, San Jiao Bei), cutting the Baode base price from $13 million to $2 million, removing interest on its cash portion, and extending the closing-condition deadline from June 6 to November 6, 2008. It also hired international banks as co-lead managers for a proposed offering of about $75 million of redeemable convertible preference shares outside the US, to fund the Chevron purchases; the banks are not obliged to buy or place any securities, so there is no assurance it will happen.
8 Apr 2008material agreement▲ GoodMajor
China's Ministry of Commerce approved, on April 2, 2008, the company's subsidiary entering the October 2007 Zijinshan coalbed methane contract. This resolves the approval condition on that contract. The company says it is the operator with an initial 100% interest, and the partner CUCBM can take 40% from the development phase.
4 Apr 2008director interest notice● Neutral
Erin Energy Corp. director Laird Q Cagan gifted 330,000 shares.
3 Apr 2008material agreement▲ GoodMajor
The company agreed to buy BHP Billiton's 64.2858% interest in the Baode Area coalbed methane and tight gas block in Shanxi, China, covering about 160,000 acres. It already has a separate agreement with ChevronTexaco for the other 35.7142%, so both deals closing would give it 100%. A $500,000 deposit is due by April 7, 2008, and closing depends on waivers from CUCBM and ChevronTexaco and Chinese government approvals; the final price is subject to adjustments and the filing gives no base price.
20 Mar 2008director interest notice● Neutral
Erin Energy Corp. CEO, President & Secretary Frank C Ingriselli gifted 5,000 shares.
22 Feb 2008director interest notice● Neutral
Robert C Stempel became a Erin Energy Corp. director and company insider (initial ownership filing).
14 Jan 2008substantial holder notice● Neutral
John Liviakis disclosed a new substantial Erin Energy Corp. shareholding (5.76% of votes).
2 Jan 2008director interest notice● Neutral
Erin Energy Corp. CEO, President & Secretary Frank C Ingriselli gifted 2,000 shares.
19 Dec 2007director interest notice● Neutral
Erin Energy Corp. Executive Vice President Jamie Tseng received a stock option grant for 15,000 shares.
19 Dec 2007director interest notice● Neutral
Erin Energy Corp. CEO, President and Secretary Frank C Ingriselli received 50,000 shares and a 80,000-share option grant as part of the equity award.
19 Dec 2007director interest notice● Neutral
Erin Energy Corp. director Elizabeth Patience Smith received 10,000 shares as part of the equity award.
31 Oct 2007material agreement▲ GoodMajor
The company (then named Pacific Asia Petroleum, Inc.) signed a 30-year production sharing contract with China United Coalbed Methane Corp. for the Zijinshan coalbed methane block in Shanxi Province, China. It must drill three exploration wells and acquire 50 km of seismic data in the first three years (estimated $2.8 million), then drill four pilot wells over the next two years (estimated $2 million), unless it elects to terminate. The partner can later take a 40% interest, and the contract still needs approval from China's Ministry of Commerce.
24 Oct 2007director interest notice● Neutral
Frank C Ingriselli became a Erin Energy Corp. CEO, President & Secretary and company insider (initial ownership filing).
23 Oct 2007director interest notice● Neutral
Elizabeth Patience Smith became a Erin Energy Corp. director and company insider (initial ownership filing).
22 Oct 2007director interest notice● Neutral
Jamie Tseng became a Erin Energy Corp. Executive Vice President and company insider (initial ownership filing).
17 Oct 2007director interest notice● Neutral
Stephen F Groth became a Erin Energy Corp. VP and Chief Financial Officer and company insider (initial ownership filing).
16 Oct 2007director interest notice● Neutral
Laird Q Cagan became a Erin Energy Corp. director and company insider (initial ownership filing).