Each one in plain English, with the numbers worked through for a shareholder.
16 May 2014substantial holder notice● Neutral
SANCHEZ ENERGY PARTNERS I, LP, SEP MANAGEMENT I, LLC, SANCHEZ OIL & GAS CORPORATION, ANTONIO R. SANCHEZ, III, A. R. SANCHEZ, JR reported a Evolve Transition Infrastructure LP shareholding of 5,139,345 shares (18.06% of votes) in a periodic institutional filing.
The partnership handed its entire operation to SP Holdings, a Sanchez Oil & Gas affiliate, under a shared services agreement paying a quarterly fee based on asset value - the same external-management structure Sanchez Energy uses. The partnership no longer runs itself, and the manager is paid on size rather than returns.
SANCHEZ ENERGY PARTNERS I, LP, SEP MANAGEMENT I, LLC, SANCHEZ OIL & GAS CORPORATION, ANTONIO R. SANCHEZ, III, A. R. SANCHEZ, JR reported a Evolve Transition Infrastructure LP shareholding of 5,139,345 shares (18.10% of votes) in a periodic institutional filing.
PostRock Energy Corporation, Constellation Energy Partners Management, LLC, White Deer Energy L.P, White Deer Energy TE L.P, White Deer Energy FI L.P, Edelman & Guill Energy L.P, Edelman & Guill Energy Ltd, Thomas J. Edelman, Ben A. Guill reported a Evolve Transition Infrastructure LP shareholding of 5,503,956 shares (19.38% of votes) in a periodic institutional filing.
Bradley Louis Radoff reported a Evolve Transition Infrastructure LP shareholding of 2,360,000 shares (8.30% of votes) in a periodic institutional filing.
SANCHEZ ENERGY PARTNERS I, LP, SEP MANAGEMENT I, LLC, SANCHEZ OIL & GAS CORPORATION, ANTONIO R. SANCHEZ, III, A. R. SANCHEZ, JR disclosed a new substantial Evolve Transition Infrastructure LP shareholding (19.90% of votes).
9 Aug 2013director officer appointment● NeutralMajor
Control passed to the Sanchez family: Sanchez Energy Partners I contributed Texas and Louisiana oil and gas properties for common units, Class A units and the controlling Class Z unit, then immediately removed the two existing Class A managers and installed Antonio R. Sanchez III and Gary Wellinger. The Constellation-sponsored gas partnership became a Sanchez vehicle in a single filing.
PostRock Energy Corporation, Constellation Energy Partners Management, LLC, White Deer Energy L.P, White Deer Energy TE L.P, White Deer Energy FI L.P, Edelman & Guill Energy L.P, Edelman & Guill Energy Ltd, Thomas J. Edelman, Ben A. Guill reported a Evolve Transition Infrastructure LP shareholding of 5,918,894 shares (24.90% of votes) in a periodic institutional filing.
Investment Partners Asset Management, Inc. reported a Evolve Transition Infrastructure LP shareholding of 1,268,442 shares (5.34% of votes) in a periodic institutional filing.
The credit facility was refinanced with Société Générale as agent, again with a $350 million maximum commitment and a 2017 maturity. Put in place three months before the partnership changed hands.
The partnership replaced PricewaterhouseCoopers with KPMG as auditor, a cost-conscious change for a business a fraction of the size it had been a year earlier.
The Robinson's Bend sale closed at $63 million plus adjustments. The partnership is now a Cherokee Basin and Woodford gas producer with cash and a much smaller borrowing base, and no obvious reason for anyone to own it.
Richmond Hill Investments, LLC*, Richmond Hill Investment Co., LP, Richmond Hill Capital Management, LLC, Richmond Hill Advisors, LLC, Ryan P. Taylor reported a Evolve Transition Infrastructure LP shareholding of 2,179,515 shares (9.20% of votes) in a periodic institutional filing.
Richmond Hill Investments, LLC*, Richmond Hill Investment Co., LP, Richmond Hill Capital Management, LLC, Richmond Hill Advisors, LLC, Ryan P. Taylor reported a Evolve Transition Infrastructure LP shareholding of 2,179,515 shares (9.20% of votes) in a periodic institutional filing.
The lenders consented to the Robinson's Bend sale and released their security over it, with the borrowing base to be cut when it closed. Selling collateral shrinks the credit line - the cash raised does not stay available.
The partnership agreed to sell Robinson's Bend - the Alabama coalbed methane field it was built around - to Castleton Commodities for $63 million. Selling the founding asset is the clearest statement that the original business no longer worked at prevailing gas prices.
Investment Partners Asset Management, Inc. reported a Evolve Transition Infrastructure LP shareholding of 1,194,193 shares (5.04% of votes) in a periodic institutional filing.