Past year: ▼ 26%(88.0c – 1.96 USD)
Each one in plain English, with the numbers worked through for a shareholder.
19 Sept 2014dividend declaration● Neutral
FX Energy declared a quarterly dividend of $0.481771 per share on its 9.25% Series B Cumulative Convertible Preferred Stock, covering July 17 to September 30, 2014, payable October 31, 2014 to holders of record on September 30. This is the first mention of this preferred stock in our history here, so it is a new class of security alongside the common shares; the dividend applies only to preferred holders.
16 July 2014listing compliance notice▲ GoodMajor
Nasdaq certified FX ENERGY INC's securities for listing, clearing them to begin trading.
10 Sept 2013auditor change● Neutral
On September 5, 2013 FX Energy dismissed PricewaterhouseCoopers as its auditor and hired Grant Thornton to audit the year ending December 31, 2013. The filing says PwC's reports for 2012 and 2011 were clean and there were no disagreements or reportable events, and the audit committee unanimously approved the change.
17 July 2013material agreement▲ GoodMajor
On July 12, 2013 FX Energy finalized a five-year facility of up to $100 million with BNP Paribas (Suisse) and ING Bank, borrowed by its Polish subsidiary, with an initial borrowing base of $65 million. It repays the $55 million Royal Bank of Scotland facility from 2010 and funds production facilities in Poland. Interest is LIBOR plus 3.75% before June 30, 2016 and plus 4% after, with principal reductions starting June 2016. It is secured on the Polish producing properties and guaranteed by the company.
24 Aug 2012material agreement● Neutral
On August 24, 2012 FX Energy amended its December 2010 at-the-market sales agreement with MLV & Co. (formerly McNicoll, Lewis & Vlak) so it works under the current shelf registration. The program stays at up to $50 million of stock, with MLV paid up to 3% of the sale price. The filing does not say any shares have been sold.
20 Sept 2011material agreement termination● Neutral
Shareholders approved the 2011 Incentive Plan on September 15, 2011, and on September 16 the board granted initial awards (636,507 options and 318,254 restricted shares in total). This ends the early-2010 executive royalty plan and rescinds all grants under it, resolving the August relinquishment agreements. The plan covers up to 3,900,000 shares plus shares available under prior plans, and the company intends annual awards of 1.82% of outstanding shares.
10 Aug 2011material agreement● Neutral
On August 9, 2011 FX Energy had its eight executive royalty plan participants sign agreements to give up their interests in the plan adopted in early 2010. This takes effect once shareholders approve a new 2011 Incentive Plan (vote set for September 15, 2011) and initial options are granted by December 31, 2011. The aim is to replace the royalty-based pay with equity awards.
10 Mar 2011material agreement● NeutralMajor
On March 10, 2011 FX Energy priced a public offering of 6,000,000 shares at $7.00 with Macquarie Capital, plus a 30-day option for 900,000 more. Net proceeds are expected to be about $39.3 million ($45.3 million with the option), to fund part of the 2011 and 2012 capital budget, Polish development and working capital. This is a larger raise than the December 2010 $6.00 offering, and it dilutes existing shareholders. Closing is expected March 15, 2011.
23 Dec 2010material agreement● NeutralMajor
FX Energy set up an at-the-market sales program with McNicoll, Lewis & Vlak (MLV) on December 23, 2010, allowing it to sell up to $50 million of common stock over time at market prices on Nasdaq. MLV's fee is 3% of proceeds up to $30 million and 2% above that. No shares are stated as sold yet, so any dilution depends on how much the company actually sells.
9 Dec 2010material agreement● NeutralMajor
FX Energy agreed on December 8, 2010 to sell up to 1,500,000 new shares at $6.00 each through Pritchard Capital Partners, which takes a 5% fee. Gross proceeds are about $9.0 million (about $8.45 million net), to be used for working capital and to speed up exploration, development and production facilities in Poland. This follows the December 7 prospectus filings, and new shares dilute existing holders. Closing is expected December 13, 2010.
11 Aug 2010material agreement● NeutralMajor
FX Energy entered a new $55 million senior lending facility with The Royal Bank of Scotland, ING Bank and KBC Bank, borrowed by its Polish subsidiary and guaranteed by the company. It repays the earlier $25 million RBS facility and funds production facilities, starting with facilities and pipelines for the three KSK wells. Interest is LIBOR plus 4% before June 30, 2013 and 5% after; $40 million can be drawn until the KSK wells have produced for 30 days, then the full $55 million, with principal repayments beginning June 2013. This replaces the 2006 facility and secures the debt on its Polish producing properties.
11 Feb 2010other● Neutral
Notice that the chief executive would present at an investor conference. No operational or financial content.
10 Oct 2008debt financing● NeutralMajor
FX Energy drew another $14 million on its Royal Bank of Scotland credit facility, bringing the amount outstanding to $25 million, the full amount currently available. It now has about $24 million in liquid assets, and the press release says the main long-term use is developing its Polish gas properties, including processing facilities for the Roszkow-1 well, with first production expected in the first quarter of 2009. This fully draws the $25 million facility signed in November 2006.
5 July 2007material agreement● NeutralMajor
FX Energy agreed to sell 1,500,000 shares at $8.63 each to institutional investors in a registered direct offering, for gross proceeds of $12,945,000 before expenses, with C.K. Cooper & Company as placement agent. The press release says proceeds are meant for general corporate purposes including expanding and accelerating its Poland exploration program; this adds new shares for existing holders.
6 Apr 2007security holder rights change● Neutral
The board adopted a new shareholder rights agreement (a poison pill) on April 4, 2007, when the previous one expired; it keeps the same substantive terms and was not a response to any takeover proposal. One right is attached to each share; if anyone acquires 20% or more, other holders can buy shares at half their market price. The agreement runs to April 4, 2017.
20 Nov 2006material agreement▲ GoodMajor
FX Energy signed a Senior Facility Agreement for up to $25 million with The Royal Bank of Scotland to fund infrastructure and development for its Polish gas and oil projects. It is secured by the Polish producing properties, repayable by the end of 2012, and the first drawdown is expected in early 2007. The press release says it would cover the first stage of development costs at Sroda.
30 Dec 2004material agreement● Neutral
FX Energy adopted a restated 401(k) stock bonus plan, effective January 1, 2004, with company matching of up to 25% of a participant's contribution. It also contributed 21,893 shares of common stock to participants' accounts on December 24, 2004, when the stock was about $10.69, including 1,918 shares to David Pierce and 1,768 each to four other executives.
19 Nov 2004material agreement● Neutral
FX Energy signed 18-month employment agreements (to May 15, 2006) with five executives, including David Pierce, Thomas Lovejoy, Andrew Pierce, Scott Duncan and Jerzy Maciolek, plus separate change-in-control agreements. If terminated without cause (or by the employee for cause), each gets two times salary or salary plus bonus, whichever is greater, and after a change in control all their options and awards vest. These terms mean a takeover would cost the company more; that is an inference, not stated in the filing.
7 Sept 2004drilling progress report▲ GoodMajor
Drilling is underway on Sroda-4, the first FX Energy well in Fences II (POGC operates with 51%, FX Energy 49%), and the Rusocin-1 well in Fences I is projected to spud in early October. FX Energy pays 100% of the costs of both wells, after which it will have fully earned its 49% interest in about 900,000 acres. The filing also names five new prospects, plans three Nevada wells costing no more than $250,000 in total, and puts cash at about $35 million after the April 2004 European offering. The Zaniemysl-3 well is described as a successful discovery announced earlier in 2004, following the Zaniemysl prospect approved for drilling in the April 2003 filing.
22 Apr 2003drilling progress report▲ GoodMajor
Poland's Minister of Environment formally approved the Fences III lease, which was enlarged by 230,000 acres to about 760,000 acres, all held 100% by FX Energy (excluding six already-discovered gas fields). The filing also says the operating committee approved the Zaniemysl prospect in Fences I for drilling, with the Polish Oil and Gas Company operating and FX Energy's share carried by CalEnergy Gas under the farmout; no spud date is given yet.
