Each one in plain English, with the numbers worked through for a shareholder.
3 Feb 2014substantial holder notice● Neutral
CrossCap Management, Inc, H. Mark Crosswell, CrossCap Energy SSF, L.P, CrossCap General Partners, L.P, CrossCap Energy QP SSF, L.P, CrossCap Enhanced GP, L.P disclosed a new substantial Escalera Resources Co. shareholding (7.50% of votes).
On August 16, 2012 the company agreed to buy Anadarko's gas producing assets in the Atlantic Rim area of the Eastern Washakie Basin, adding to its Catalina Unit and Spy Glass Hill Unit interests. The price is expected to be roughly $6 million to $17 million depending on whether other owners use preferential purchase rights, with closing expected in September 2012. It also agreed to buy WGR Asset Holding's 50% interest in gas gathering pipelines in Spy Glass Hill for up to $4 million, which will not happen if the other pipeline owner exercises its 60-day purchase right; closing is expected in Q4 2012.
Effective October 24, 2011 a third amendment extended the credit facility's maturity to October 24, 2016 and doubled the total facility from $75 million to $150 million. The borrowing base stays at $60 million, interest margin tiers are lowered, and a $260,000 structuring fee was paid. This pushes out the earlier January 2013 maturity.
On August 23, 2011 the company signed an agreement with McNicoll, Lewis & Vlak LLC (MLV) allowing it to sell up to $20 million of new common stock on the market over time, with MLV paid a 3% commission. The company is not obliged to sell any shares, so any sales would dilute existing holders only if made (inference).
Effective March 7, 2011 a second amendment raised the borrowing base from $55 million to $60 million, added U.S. Bank as a lender, and removed the 4.5% interest rate floor. Maturity remains January 31, 2013. This adds capacity and drops the interest floor set in February 2010.
Effective August 6, 2010 the company amended its February 2010 credit agreement, raising the borrowing base from $45 million to $55 million. The maturity stays January 31, 2013. This gives more borrowing capacity under the same facility.
On February 5, 2010 Double Eagle signed an Amended and Restated Credit Agreement with Bank of Oklahoma and other lenders, extending the credit facility's maturity from July 31, 2010 to January 31, 2013. The facility stays at $75 million with a $45 million current credit line (borrowing base). This replaces the 2009 agreement, and Petrosearch Energy (acquired in August 2009) now guarantees the loans alongside Eastern Washakie Midstream. A $450,000 structuring fee was paid, and interest has a 4.50% floor. Key covenants: current ratio 1:1, EBITDAX to interest plus dividends 1.5:1, and funded debt to EBITDAX 3.5:1.