4 Feb 2011substantial holder notice● Neutral
BlackRock, Inc disclosed a new substantial GEOKINETICS INC shareholding (7.60% of votes).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
3 Feb 2011director interest notice● Neutral
Moore Diana S. became a GEOKINETICS INC Vice President and CAO and company insider (initial ownership filing).
28 Jan 2011material agreement● Neutral
On January 24, 2011 the board approved a standard form of indemnification agreement, under which the company will cover directors and executive officers for expenses, judgments, fines and settlements from their service, to the extent the law allows. It is a governance housekeeping item with no financial figures.
16 Dec 2010director interest notice● Neutral
GEOKINETICS INC director Steven A Webster bought 210,875 shares on the open market.
16 Dec 2010director interest notice● Neutral
GEOKINETICS INC director William R Ziegler bought 120,500 shares on the open market.
16 Dec 2010director interest notice● Neutral
GEOKINETICS INC 10%+ owner Geo Services Asa Petroleum bought 1,205,000 shares on the open market.
15 Dec 2010capital raising announcement▼ BadMajor
On December 14, 2010, Geokinetics closed a $30M private placement of 120,000 Series D junior preferred shares plus warrants over 3,495,000 common shares (exercise price $9.64, expiring December 2016). Buyers were Avista, PGS, Levant and other existing holders, including directors Webster, Ziegler and a trust affiliated with Harte. The preferred pays 10.50% cash or 11.50% if accrued and must be redeemed December 15, 2016. The press release says proceeds will repay debt and fund general corporate purposes. A special committee of independent directors approved it after receiving a fairness opinion. Separately, Amendment No. 3 to the RBC credit agreement waived the November 2010 EBITDA test and all covenants at December 31, 2010. It sets new monthly tests through 2011, caps 2011 capital spending at $40M, and ties revolver availability to a borrowing base, with $29M outstanding of a $40M limit. A registration rights amendment lets warrant holders demand repurchase on a public common stock offering. This continues the covenant problems flagged in October; the new preferred and warrants add dilution potential for common holders.
10 Nov 2010quarterly activities report▼ Bad
GEOKINETICS INC reported quarterly revenue of $134.0 million and a net loss of $36.2 million for the period ended 2010-09-30.
9 Nov 2010quarterly activities report▼ Bad
GEOKINETICS INC reported quarterly revenue of $134.0 million and a net loss of $36.2 million for the period ended 2010-09-30.
8 Nov 2010director interest notice● Neutral
GEOKINETICS INC Executive Vice President Parker Lee received a stock option grant for 30,000 shares.
8 Nov 2010director interest notice● Neutral
Gilbert Gerald M. became a GEOKINETICS INC Senior Vice President and company insider (initial ownership filing).
8 Nov 2010director interest notice● Neutral
GEOKINETICS INC VP, Gen. Counsel & Secretary Moll William Leo Jr. received a stock option grant for 9,000 shares.
8 Nov 2010director interest notice● Neutral
GEOKINETICS INC President and CEO Miles Richard F received a stock option grant for 42,000 shares.
8 Nov 2010director interest notice● Neutral
GEOKINETICS INC Senior Vice President Gilbert Gerald M. received a stock option grant for 30,000 shares.
15 Oct 2010director interest notice● Neutral
Gary L Pittman became a GEOKINETICS INC Executive V.P. and CFO and company insider (initial ownership filing).
15 Oct 2010director interest notice● Neutral
GEOKINETICS INC Executive V.P. and CFO Gary L Pittman received a stock option grant for 50,000 shares.
5 Oct 2010material agreement▼ BadMajor
On September 30, 2010, the RBC lenders waived the leverage, interest coverage and fixed charge covenant defaults that would otherwise have occurred for the September 2010 quarter. In exchange, new monthly minimum revenue ($50M, $60M, $60M) and cumulative adjusted EBITDA ($7.9M, $17.6M, $30.1M) tests apply through November 30, 2010. The revolver limit stays at $40M with $26M outstanding (up from $9M at June 30). The filing says covenants beyond November 2010 are not set and the company is in talks with lenders about the likelihood of non-compliance in future periods. This continues the June 2010 covenant relief, and the problem is now a waiver rather than a loosening.
8 Sept 2010securities registration● Neutral
GEOKINETICS INC filed the final prospectus for a registered offering.
27 Aug 2010director interest notice● Neutral
Cayon Ronald D. became a GEOKINETICS INC Interim Chief Financial Office and company insider (initial ownership filing).
24 Aug 2010business combination● Neutral
Geokinetics Holdings USA filed the registration statement for the exchange offer on its $300 million 9.75% senior secured notes due 2014, offering registered notes in exchange for the unregistered ones issued December 23, 2009. The new notes have substantially identical terms and the company receives no proceeds. This continues the open exchange offer obligation from the December 2009 notes, and the filing also references the 10-K/A and 10-Q/A filed August 9, 2010 following the restatement.
10 Aug 2010quarterly activities report▼ Bad
GEOKINETICS INC reported quarterly revenue of $134.0 million and a net loss of $36.2 million for the period ended 2010-09-30.
9 Aug 2010quarterly activities report▼ Bad
GEOKINETICS INC reported quarterly revenue of $134.0 million and a net loss of $36.2 million for the period ended 2010-09-30.
9 Aug 2010quarterly activities report▼ Bad
GEOKINETICS INC reported quarterly revenue of $134.0 million and a net loss of $36.2 million for the period ended 2010-09-30.
5 Aug 2010financial restatement▼ BadMajor
The company said its 2009 quarterly and annual results and its first-quarter 2010 results cannot be relied on, because it did not correctly account for the conversion feature of its Series B-1 and B-2 preferred stock and the warrants tied to Series B-2. These should have been recorded as liabilities at fair value, with value changes flowing through earnings. The company says the corrections are non-cash and do not affect cash or EBITDA, and it will file amended 10-K and 10-Q reports.
23 July 2010substantial holder notice● Neutral
Andreeff Equity Advisors, L.L.C, Dane Andreeff, Maple Leaf Capital I, L.L.C, Maple Leaf Partners, L.P, Maple Leaf Partners I, L.P, Maple Leaf Offshore, Ltd reported a GEOKINETICS INC shareholding of 1,260,342 shares (7.08% of votes) in a periodic institutional filing.
23 July 2010substantial holder notice● Neutral
Andreeff Equity Advisors, L.L.C, Dane Andreeff, Maple Leaf Capital I, L.L.C, Maple Leaf Partners, L.P, Maple Leaf Partners I, L.P, Maple Leaf Offshore, Ltd reported a GEOKINETICS INC shareholding of 440,000 shares (2.47% of votes) in a periodic institutional filing.
20 July 2010director interest notice● Neutral
Ironman Energy Master Fund became a GEOKINETICS INC 10%+ owner and company insider (initial ownership filing).
2 July 2010material agreement▼ BadMajor
On June 30, 2010 Geokinetics amended the $50M RBC revolving credit facility it took on with the PGS deal. Lenders loosened the leverage, interest coverage and fixed charge covenants for the June and September 2010 quarters, but the interest rate rises by 1.0% and the maximum borrowing drops from $50 million to $40 million; $9 million was drawn at June 30. The need for covenant relief shortly after the acquisition is an inference; the filing itself presents it as added flexibility.
16 June 2010director interest notice● Neutral
GEOKINETICS INC director William R Ziegler bought 32,300 shares on the open market.
11 June 2010director interest notice● Neutral
GEOKINETICS INC director William R Ziegler bought 67,700 shares on the open market.