22 Nov 2016director interest notice● Neutral
Escalera Resources Co. Chief Financial Officer Adam Fenster sold 9,945 shares at $0.04.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
24 Nov 2015listing compliance notice● NeutralMajor
Escalera Resources Co.'s exchange filed to remove a class of its securities from listing.
23 Nov 2015quarterly activities report▼ Bad
Escalera Resources Co. reported quarterly revenue of $5.1 million and a net loss of $2.3 million for the period ended 2015-09-30.
17 Nov 2015late filing notice▼ Bad
Escalera Resources Co. notified the SEC that its quarterly report would be filed late.
9 Nov 2015bankruptcy or receivership▼ BadMajor
On November 5, 2015 the company filed for Chapter 11 bankruptcy in the District of Colorado (Case No. 15-22395-TBM) and will keep operating as debtor-in-possession. It says it has an agreement on use of cash collateral and wants flexibility to pursue asset sales or other alternatives to maximise value. This follows the lender default and negotiation agreement. Separately, Nasdaq notified it on November 2 of an equity shortfall for the Series A Preferred, which it expects to be delisted without contesting. The filing gives no plan or outcome for common or preferred shareholders yet.
19 Oct 2015listing compliance notice▼ BadMajor
Escalera Resources Co.'s securities were notified for removal from listing and registration on its exchange.
14 Oct 2015listing compliance notice▼ BadMajor
On October 7, 2015 the company said it would voluntarily delist its common stock from the Nasdaq Capital Market, planning to file Form 25 around October 19 with delisting about 10 days later, and expects trading on OTC Pink. It cited Nasdaq non-compliance letters, its stockholders' equity and share price, and the likelihood of continued non-compliance given its lack of capital raising opportunities and current liquidity position. It chose not to submit the compliance plan, ending the Nasdaq listing problems described in earlier notices. It will keep filing SEC reports.
28 Sept 2015material agreement▼ BadMajor
On September 22, 2015 the company signed a Negotiation Agreement with its credit facility lenders to hold detailed talks on liquidity, cash flows and insolvency, and nothing discussed is binding until a written agreement is signed. The company acknowledged several events of default under the credit facility, and the lenders are released from any further lending. The lenders will introduce potential partners, investors or lenders, and the company must advance $50,000 for the lenders' financial advisor. The forbearance period set out in the July 31 agreement ran to September 1, 2015 and this filing does not say what happened to it.
3 Sept 2015material agreement● Neutral
On August 28, 2015 the company and Warren Resources amended the June 16, 2015 agreements for the company to buy Warren's coalbed methane and midstream assets in the Atlantic Rim, plus a 30% share of Warren's deep rights. Either side can now terminate if the deal has not closed by September 17, 2015, and the deep rights deal must close at the same time. The filing gives no price and does not say the company has the money to close.
26 Aug 2015listing compliance notice▼ BadMajor
On August 20, 2015 Nasdaq told the company it fell short of the $2.5 million minimum stockholders' equity rule, after the June 30 quarterly report showed a stockholders' deficit of $7.97 million. The company has until October 5, 2015 to submit a compliance plan (up to February 16, 2016 if accepted). The filing also says the stock moved to the Nasdaq Capital Market on July 23, 2015 over the $1.00 bid price rule, with until January 17, 2016 to comply. This adds to the earlier bid-price and public float notices; delisting is possible if none is resolved.
14 Aug 2015quarterly activities report▼ Bad
Escalera Resources Co. reported quarterly revenue of $4.0 million and a net loss of $26.0 million for the period ended 2015-06-30.
6 Aug 2015asset acquisition disposition▼ BadMajor
On July 31, 2015 the company completed the $12.0 million sale of its Mesa Units interests to Vanguard, resolving the July 16 agreement, and used $10.5 million to repay credit facility borrowings. That did not materially reduce a borrowing base deficiency of about $3.5 million after the base was cut from $50 million to $44 million. The same day it signed a forbearance agreement under which lenders will hold off on accelerating debt, enforcing security or filing an involuntary bankruptcy until the earlier of September 1, 2015 or a termination event. The covered defaults include a March 31, 2015 covenant violation and a going-concern paragraph in the 2014 10-K. Conditions include more mortgages on Wyoming properties and midstream assets and unwinding some 2015 hedges.
23 July 2015material agreement● NeutralMajor
On July 16, 2015 the company agreed to sell its interests in the Mesa Units on the Pinedale Anticline in southwestern Wyoming to Vanguard Operating, LLC for $12.0 million cash, subject to adjustments. Closing was expected July 31, 2015, with proceeds to reduce debt under its credit agreement.
15 May 2015quarterly activities report▼ Bad
Escalera Resources Co. reported quarterly revenue of $7.8 million and a net loss of $3.2 million for the period ended 2015-03-31.
6 May 2015listing compliance notice▼ BadMajor
On April 30, 2015 Nasdaq notified the company that the market value of its publicly held shares had been below the $5 million minimum for 30 consecutive business days for the Global Select Market. It has until October 27, 2015 to regain compliance, after which delisting could follow with a right to appeal. The filing says moving to another market such as the Nasdaq Capital Market could remedy it. This is a second listing problem alongside the January bid-price notice.
20 Apr 2015quarterly activities report▼ Bad
Escalera Resources Co. reported quarterly revenue of $7.8 million and a net loss of $3.2 million for the period ended 2015-03-31.
31 Mar 2015late filing notice▼ Bad
Escalera Resources Co. notified the SEC that its annual report would be filed late.
26 Jan 2015listing compliance notice▼ BadMajor
On January 20, 2015 Nasdaq notified the company that its shares closed below the $1.00 minimum bid price for 30 consecutive business days. It has until July 20, 2015 to regain compliance, by closing at $1.00 or more for 10 straight business days, with a possible further 180 days to January 17, 2016 if it meets other standards. This is a delisting risk for shareholders.
20 Nov 2014quarterly activities report▼ Bad
Escalera Resources Co. reported quarterly revenue of $10.0 million and a net loss of $2.5 million for the period ended 2014-09-30.
14 Nov 2014quarterly activities report▼ Bad
Escalera Resources Co. reported quarterly revenue of $10.0 million and a net loss of $2.5 million for the period ended 2014-09-30.
10 Oct 2014securities registration● Neutral
Escalera Resources Co. amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
12 Sept 2014securities registration● Neutral
Escalera Resources Co. amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
5 Sept 2014debt financing▲ GoodMajor
Effective August 29, 2014 the company signed a new credit agreement with Societe Generale: a $250 million commitment, $50 million initial borrowing base secured on its gas and oil properties, maturing August 28, 2017. It terminated the Bank of Oklahoma agreement, which resolves the April 2014 borrowing base squeeze, and settled hedges for $1.0 million net proceeds. Structuring fees were $875,000, and covenants include a net leverage ratio below 4.0:1. The press release says the refinancing is meant to support acquiring more producing gas properties.
19 Aug 2014quarterly activities report▼ Bad
Escalera Resources Co. reported quarterly revenue of $9.6 million and a net loss of $3.1 million for the period ended 2014-06-30.
14 Aug 2014quarterly activities report▼ Bad
Escalera Resources Co. reported quarterly revenue of $9.6 million and a net loss of $3.1 million for the period ended 2014-06-30.
14 July 2014securities registration● Neutral
Escalera Resources Co. registered a securities offering with the SEC using its shelf eligibility.
19 May 2014quarterly activities report▼ Bad
Escalera Resources Co. reported quarterly revenue of $9.2 million and a net loss of $4.4 million for the period ended 2014-03-31.
15 May 2014quarterly activities report▼ Bad
Escalera Resources Co. reported quarterly revenue of $9.2 million and a net loss of $4.4 million for the period ended 2014-03-31.
30 Apr 2014material agreement▼ BadMajor
On April 24, 2014 (now filing as Escalera Resources Co.) the company agreed a sixth amendment to its credit agreement cutting the borrowing base to $48.5 million, with $1 million monthly reductions until the October 1, 2014 redetermination, when it will be $42.5 million. On April 25 it also received a non-binding term sheet from an international financial institution for a credit facility of up to $70 million, $55 million of it committed, with no assurance it will be obtained.
4 Apr 2014securities registration● Neutral
Escalera Resources Co. filed notice of an exempt private placement.