26 Jan 2012substantial holder notice● Neutral
Empery Asset Management, LP, Ryan M. Lane, Martin D. Hoe reported a GASCO ENERGY INC shareholding of 998,418 shares (4.99% of votes) in a periodic institutional filing.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
2 Nov 2011quarterly activities report▼ Bad
GASCO ENERGY INC reported a quarterly net loss of $1.3 million for the period ended 2011-09-30.
1 Nov 2011quarterly activities report▼ Bad
GASCO ENERGY INC reported a quarterly net loss of $1.3 million for the period ended 2011-09-30.
26 Sept 2011material agreement● NeutralMajor
On September 21, 2011 Gasco signed a ten-year gas processing agreement with Chipeta Processing LLC for some of its Utah gas, reserving 25,000 Mcf/d of capacity at a 300 MMcf/d cryogenic plant Chipeta is to build; it is void if the plant and a Questar pipeline conversion are not completed by December 31, 2012. Gasco will pay processing fees and may owe deficiency payments if it falls short of minimum volumes. Monarch, which took over the gathering system in 2010, agreed to release processing rights on the first 30,000 MMBtu/d in return for a process sharing fee, and keeps gathering all the gas.
31 Aug 2011securities registration● Neutral
GASCO ENERGY INC registered a securities offering with the SEC using its shelf eligibility.
10 Aug 2011quarterly activities report● Neutral
GASCO ENERGY INC reported quarterly revenue of $5.8 million and net income of $30 thousand for the period ended 2011-06-30.
9 Aug 2011quarterly activities report● Neutral
GASCO ENERGY INC reported quarterly revenue of $5.8 million and net income of $30 thousand for the period ended 2011-06-30.
1 Aug 2011substantial holder notice● Neutral
Empery Asset Management, LP, Ryan M. Lane, Martin D. Hoe disclosed a new substantial GASCO ENERGY INC shareholding (9.12% of votes).
29 July 2011material agreement▼ BadMajor
On July 28, 2011 Gasco priced a second Lazard-led offering of 16,000,000 units at $0.25 each, each with one common share and a warrant for 0.71875 share at $0.35 for sixty months. Gross proceeds are $4.0 million and net about $3.6 million, with closing expected around August 3, 2011. This follows the June 2011 offering and adds further dilution, including warrants for up to 11,500,000 more shares.
29 July 2011securities registration● Neutral
GASCO ENERGY INC filed a prospectus supplement for an offering off its existing shelf.
28 July 2011securities registration● Neutral
GASCO ENERGY INC filed a prospectus supplement for an offering off its existing shelf.
10 June 2011material agreement▼ BadMajor
On June 10, 2011 Gasco priced a public offering of 25,000,000 units at $0.24 each, each unit being one common share plus a warrant for 0.75 share at $0.35 for sixty months, via Lazard Capital Markets. Gross proceeds are $6.0 million and net about $5.3 million, with closing expected around June 15, 2011. Shareholders face dilution from the new shares and from warrants for up to 18,750,000 more shares; the stated uses include capex, working capital, acquisitions, debt repayment or general purposes.
10 June 2011securities registration● Neutral
GASCO ENERGY INC filed a prospectus supplement for an offering off its existing shelf.
9 June 2011securities registration● Neutral
GASCO ENERGY INC filed a prospectus supplement for an offering off its existing shelf.
11 May 2011quarterly activities report▼ Bad
GASCO ENERGY INC reported a quarterly net loss of $1.6 million for the period ended 2011-03-31.
10 May 2011quarterly activities report▼ Bad
GASCO ENERGY INC reported a quarterly net loss of $1.6 million for the period ended 2011-03-31.
9 Nov 2010material agreement▲ Good
On November 3, 2010 Gasco signed an Eleventh Amendment to its JPMorgan credit agreement at the November redetermination, reaffirming the borrowing base at $16,000,000 until the next redetermination (scheduled May 2011) or an earlier reduction. The facility's termination was extended by one year to March 26, 2012. The base stays at the level set in February 2010 and maturity is pushed out.
3 Nov 2010quarterly activities report▼ Bad
GASCO ENERGY INC reported a quarterly net loss of $5.3 million for the period ended 2010-09-30.
2 Nov 2010quarterly activities report▼ Bad
GASCO ENERGY INC reported a quarterly net loss of $5.3 million for the period ended 2010-09-30.
5 Aug 2010quarterly activities report● Neutral
GASCO ENERGY INC reported quarterly revenue of $4.9 million for the period ended 2010-06-30.
3 Aug 2010quarterly activities report● Neutral
GASCO ENERGY INC reported quarterly revenue of $4.9 million for the period ended 2010-06-30.
8 July 2010securities registration● Neutral
GASCO ENERGY INC filed notice of an exempt private placement.
3 Mar 2010asset acquisition disposition● NeutralMajor
On February 26, 2010 Gasco completed the sale of its Utah gathering system and two evaporation pits to Monarch Natural Gas for $23 million in cash, all used to repay credit facility borrowings; the borrowing base was cut to $16 million immediately. Gasco now pays Monarch to gather its Utah gas (initial rate $0.435 per MMBtu plus 5% of gas and liquids sale proceeds) under a dedicated agreement from March 1, 2010. This completes the January 29 sale and meets part of the Ninth Amendment's requirements; the filing does not mention the separate oil and gas property sale.
9 Feb 2010substantial holder notice● Neutral
Whitebox Advisors, LLC, Whitebox Combined Advisors, LLC, Whitebox Combined Partners, L.P, Whitebox Multi-Strategy Fund, L.P, Whitebox Multi-Strategy Fund, Ltd, Whitebox Intermarket Advisors, LLC, Whitebox Intermarket Partners LP, Whitebox Intermarket Fund LP, Whitebox Intermarket Fund Ltd reported a GASCO ENERGY INC shareholding of 2,971,877 shares (2.80% of votes) in a periodic institutional filing.
5 Feb 2010material agreement▼ BadMajor
On February 1, 2010 Gasco signed a Ninth Amendment to its credit agreement, cutting the borrowing base from $35 million to $16 million tied to the gathering system sale and the sale of an interest in certain oil and gas properties; it falls automatically to $16 million on April 1, 2010 regardless. Pricing rises 0.25% (Eurodollar margin now 2.75% to 3.75%), with a further 0.25% if the base is still above $16M on March 1. Failing to sell the assets by April 1, 2010 for a fixed minimum cash amount would be an Event of Default, which could let lenders demand repayment and could trigger default under the 5.50% convertible notes indenture. This follows the Monarch sale and sharpens the pressure on the credit facility.
3 Feb 2010material agreement● NeutralMajor
On January 29, 2010 Gasco and its subsidiary Riverbend Gas Gathering agreed to sell the Riverbend gas gathering system and two evaporative water-disposal facilities in Uintah County, Utah to Monarch Natural Gas for about $23 million in cash, subject to adjustments. Gasco would keep using the system under a gathering agreement, a salt water disposal agreement and a six-month transition services arrangement. The filing says closing is expected in the 'first quarter of 2009', which appears to be a typo for 2010 (inference). Closing is subject to conditions.
3 Dec 2009material agreement● Neutral
On December 1, 2009 Gasco signed an Eighth Amendment to its JPMorgan credit agreement. The scheduled borrowing base redetermination for 2009 stays at about May 1, removing the one planned for about November 30, 2009; for 2010 they are set for about January 30, May 1 and November 1, with 30 days to cure any deficiency after the January 30, 2010 one. Gasco may also end its financial consultant CoveView Advisors LLC effective November 29, 2009 for a $35,000 fee to the agent. This continues the string of amendments and removes the near-term (Nov 2009) redetermination, but a January 2010 one is now set.
1 Oct 2009material agreement● Neutral
On September 30, 2009 Gasco signed a Sixth Amendment to its credit agreement, delaying the special borrowing base redetermination indefinitely. The regular mid-year redetermination is set for about November 1, 2009, and any deficiency found would have 30 days to cure. This continues the string of amendments, so a possible borrowing base cut is still open.
18 Sept 2009listing compliance notice● NeutralMajor
On September 15, 2009 NYSE Amex accepted Gasco's compliance plan (submitted July 27, with added information on August 25) and extended its listing to December 27, 2010 to regain compliance. The listing continues subject to conditions and periodic review, and delisting procedures apply if progress or compliance falls short. This continues the June 2009 notice and does not yet resolve it.
31 Aug 2009material agreement▼ Bad
On August 28, 2009 Gasco signed a Fifth Amendment to its credit agreement. Pricing at 90%+ utilisation of the borrowing base rises by 0.25% (Eurodollar margin now 2.50% to 3.50%), and the special redetermination moves from about August 31 to about September 30, 2009, with 30 days to cure any deficiency.