17 Feb 2009substantial holder notice● Neutral
William Leland Edwards, Anthony Joonkyoo Yun, MD, Palo Alto Investors reported a GASTAR EXPLORATION, INC. shareholding of 31,006,812 shares (14.80% of votes) in a periodic institutional filing.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
17 Feb 2009substantial holder notice● Neutral
William Leland Edwards, Anthony Joonkyoo Yun, MD, Palo Alto Investors reported a GASTAR EXPLORATION, INC. shareholding of 31,006,812 shares (14.80% of votes) in a periodic institutional filing.
17 Feb 2009substantial holder notice● Neutral
The Ospraie Portfolio Ltd., Ospraie Special Opportunities Master Holdings Ltd., Ospraie Management, LLC, Ospraie Holding I, L.P., Ospraie Management, Inc., Ospraie Advisors, L.P., Ospraie Advisors, LLC, Dwight Anderson, John Duryea reported no remaining GASTAR EXPLORATION, INC. shareholding in its periodic institutional filing.
13 Jan 2009substantial holder notice● Neutral
Chesapeake Energy Corporation reported a GASTAR EXPLORATION, INC. shareholding of 33,908,836 shares (16.15% of votes) in a periodic institutional filing.
3 Oct 2008director interest notice● Neutral
GASTAR EXPLORATION, INC. Chief Financial Officer & VP Michael A Gerlich bought 5,000 shares on the open market at $1.08.
3 Oct 2008director interest notice● Neutral
GASTAR EXPLORATION, INC. Chief Executive Officer & Pres J Russell Porter bought 50,000 shares on the open market at $1.51.
23 Sept 2008director interest notice● Neutral
GASTAR EXPLORATION, INC. Chief Executive Officer & Pres J Russell Porter bought 50,000 shares on the open market at $1.51.
27 June 2008substantial holder notice● Neutral
GeoStar Corporation reported a GASTAR EXPLORATION, INC. shareholding of 5,571,228 shares (2.70% of votes) in a periodic institutional filing.
13 June 2008capital raising announcement▲ GoodMajor
On June 12, 2008 Gastar settled all disputes and litigation with GeoStar, the seller of its East Texas properties, which had claimed 1.7 billion new Gastar shares under 'look back' provisions. Gastar pays about $25.7 million in cash from existing balances and issues a warrant for 10 million shares ($2.75 if East Texas is sold for over $500 million by June 11, 2011; otherwise $3.00 in a six-month window from that date). GeoStar assigns its West Virginia and Pennsylvania interests to Gastar, while Gastar gives up EL 4416 and EL 4968 in Australia's Gippsland Basin and keeps its 35% of PEL 238. The company's press release says this removes uncertainty about potential dilution of existing shareholders.
11 June 2008material agreement● Neutral
On June 6, 2008 Gastar signed a waiver and first amendment to its Amegy Bank credit agreement (effective April 1, 2008). It widens how much the company can hedge by counting all proved developed reserves in the 75% cap, plus other administrative changes. It is a modest tweak to the November 2007 bank facility.
14 Feb 2008substantial holder notice● Neutral
The Ospraie Portfolio Ltd., Ospraie Special Opportunities Master Holdings Ltd., Ospraie Management, LLC, Ospraie Holding I, L.P., Ospraie Management, Inc., Ospraie Advisors, L.P., Ospraie Advisors, LLC, Dwight Anderson, John Duryea reported a GASTAR EXPLORATION, INC. shareholding of 18,308,100 shares (8.79% of votes) in a periodic institutional filing.
23 Jan 2008substantial holder notice● Neutral
Chesapeake Energy Corporation reported a GASTAR EXPLORATION, INC. shareholding of 33,908,836 shares (16.29% of votes) in a periodic institutional filing.
19 Dec 2007director interest notice● Neutral
GASTAR EXPLORATION, INC. Chief Financial Officer & VP Michael A Gerlich bought 20,000 shares on the open market at $0.92.
4 Dec 2007debt financing● NeutralMajor
On November 29, 2007 Gastar's subsidiary Gastar USA closed a $100 million private offering of 12¾% senior secured notes due 2012 (issued at 99.50) and entered a new bank credit facility of up to $250 million with an initial borrowing base of $19.375 million (Amegy Bank, maturing Oct 15, 2009). It used the proceeds to fully repay the 2005 senior secured notes: $78.0 million in total ($73.0 million principal, $3.6 million prepayment penalty, $1.4 million interest), which resolves the amendment from earlier in November. The new notes carry a second lien behind the bank, and the press release says about $76.7 million of the $92.8 million net proceeds went to repaying existing debt.
13 Nov 2007material agreement▼ BadMajor
On November 7, 2007 Gastar amended its 2005 senior secured notes due 2010 held by Field Point, SPF CDO, Cyrus and Wayzata funds. The interest margin rises to LIBOR plus 6.5% (from 6.0%; 11.73% at Oct 1, 2007), a 1.5% premium is added at maturity, and an amendment fee of about $821,000 is payable. In return the reserve-coverage covenants are replaced with a 1.5:1.0 proved-reserves PV(10) test, Gastar may keep the first $40.0 million of non-Texas property sale proceeds, and it may invest an extra $50.0 million in Australia.
27 Aug 2007director interest notice● Neutral
Jeffrey Charles Pettit became a GASTAR EXPLORATION, INC. Chief Operating Officer and company insider (initial ownership filing).
6 July 2007director interest notice● Neutral
GASTAR EXPLORATION, INC. director John Michael Sr Selser received a stock option grant for 100,000 shares.
6 July 2007director interest notice● Neutral
GASTAR EXPLORATION, INC. director Abdel F Badwi received a stock option grant for 150,000 shares.
6 July 2007director interest notice● Neutral
GASTAR EXPLORATION, INC. director Thomas L Crow received a stock option grant for 100,000 shares.
29 May 2007capital raising announcement● Neutral
Gastar closed the sale of 1,757,195 new shares at $2.00 each ($3,514,390) to Chesapeake Energy on May 23, 2007. Chesapeake used its right to buy shares to keep its percentage after the Navasota share issue in the East Texas sale; it now owns 16.4% of 207,098,570 basic shares. This follows Chesapeake's open-market purchase reported on May 25 (the filing itself describes it as a preemptive-rights purchase from the company).
What it means for a shareholder
1.8m new shares at $2.00 to raise about $3.5m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
25 May 2007director interest notice● Neutral
GASTAR EXPLORATION, INC. 10%+ owner Chesapeake Energy Corp bought 1,757,195 shares on the open market at $2.00.
15 May 2007asset acquisition disposition▲ GoodMajor
On May 9, 2007, Gastar closed the sale of part of its undeveloped East Texas leasehold to Navasota Resources, L.P. for $92.2 million before costs, including Navasota buying 10 million newly issued Gastar shares at $2.00 ($20.0 million). About $88.2 million was funded at closing and about $4.0 million is due by July 9, 2007 if title work is completed. Navasota exercised rights of first refusal; the sold interests had no proved reserves or historical revenues. Gastar says it will use proceeds for East Texas deep Bossier drilling and Australian coal bed methane development, and Navasota holds about 4.9% of the shares.
13 Apr 2007securities registration● Neutral
GASTAR EXPLORATION, INC. filed the final prospectus for a registered offering.
13 Apr 2007securities registration● Neutral
GASTAR EXPLORATION, INC. filed the final prospectus for a registered offering.
13 Apr 2007securities registration● Neutral
GASTAR EXPLORATION, INC. registered a securities offering with the SEC using its shelf eligibility.
11 Apr 2007director interest notice● Neutral
John Michael Sr Selser became a GASTAR EXPLORATION, INC. director and company insider (initial ownership filing).
4 Apr 2007securities registration● Neutral
GASTAR EXPLORATION, INC. filed the final prospectus for a registered offering.
3 Apr 2007securities registration● Neutral
GASTAR EXPLORATION, INC. amended an already-effective registration statement.
28 Mar 2007securities registration● Neutral
GASTAR EXPLORATION, INC. amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
16 Mar 2007listing compliance notice▼ Bad
Gastar told the American Stock Exchange on March 15, 2007 that it does not meet the rule requiring an audit committee of at least three independent members, because one independent member did not stand for reelection at the 2006 annual meeting, leaving two. The company says it had no warning notice from the exchange, is searching for a new director and expects to fill the seat before its annual meeting expected in June 2007.