18 Jan 2012director interest notice● Neutral
Harvest Oil & Gas Corp. director Gary R Petersen exercised stock options for 1,749 shares and disposed of 1,749 shares.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
17 Jan 2012director interest notice● Neutral
Harvest Oil & Gas Corp. director Burk Victor exercised stock options for 2,125 shares and disposed of 2,125 shares.
17 Jan 2012director interest notice● Neutral
Harvest Oil & Gas Corp. Senior VP Acquisitions Gajdica Ronald J exercised stock options for 17,000 shares and disposed of 17,600 shares.
17 Jan 2012director interest notice● Neutral
Harvest Oil & Gas Corp. Chief Financial Officer Mercer Michael E exercised stock options for 38,750 shares and disposed of 44,700 shares.
17 Jan 2012director interest notice● Neutral
Harvest Oil & Gas Corp. President and CEO Houser Mark A exercised stock options for 41,375 shares and disposed of 46,625 shares.
17 Jan 2012director interest notice● Neutral
Harvest Oil & Gas Corp. VP and Chief Acctng Officer Frederick Dwyer exercised stock options for 4,500 shares and disposed of 4,500 shares.
17 Jan 2012director interest notice● Neutral
Harvest Oil & Gas Corp. director James R Larson exercised stock options for 2,125 shares and disposed of 2,125 shares.
17 Jan 2012director interest notice● Neutral
Harvest Oil & Gas Corp. director Lindahl III George exercised stock options for 2,125 shares and disposed of 2,125 shares.
27 Dec 2011asset acquisition disposition● NeutralMajor
On December 21, 2011 the partnership closed the Encana Barnett Shale purchase, taking a 31.633% interest for an adjusted $269.85 million rather than the $300 million announced, because some properties were not acquired due to remaining closing conditions (they will be bought if those conditions are met). The press release says both Barnett deals closed for a combined adjusted $345.6 million, with 364.2 Bcfe of proved reserves net to the partnership. The credit facility's borrowing base was raised to up to $800 million, with $660 million outstanding after funding, and new swaps were added for 2012-2014. This resolves the November agreements in reduced form.
14 Dec 2011director interest notice● Neutral
Harvest Oil & Gas Corp. director Burk Victor received a stock option grant for 2,625 shares.
14 Dec 2011director interest notice● Neutral
Harvest Oil & Gas Corp. director Lindahl III George received a stock option grant for 2,625 shares.
14 Dec 2011capital raising announcement● NeutralMajor
The general partner, which holds the incentive distribution rights, elected to reset them effective December 12, 2011, and was issued 3,873,357 Class B units. The minimum quarterly distribution rose from $0.40 to $0.7615 and the levels at which the incentive rights participate were reset higher. Class B units get the same distributions and votes as common units and become convertible into common units after one year, so this adds units that share in distributions; the general partner's 2% interest is unchanged and it makes no extra capital contribution.
14 Dec 2011director interest notice● Neutral
Harvest Oil & Gas Corp. director James R Larson received a stock option grant for 2,625 shares.
8 Nov 2011quarterly activities report● Neutral
Harvest Oil & Gas Corp. reported quarterly revenue of $66.8 million and net income of $9.7 million for the period ended 2011-12-31.
8 Nov 2011material agreement● NeutralMajor
On November 2, 2011 the partnership, with EnerVest-managed partnerships, agreed to buy Barnett Shale properties from Encana Oil & Gas (USA) Inc.; the partnership's share is a 31% interest for $300 million cash, funded from its revolving credit facility. It also agreed to buy a ~31% interest in other Barnett assets from an unrelated, undisclosed private seller for $72.3 million, and said it closed three bolt-on deals (Mid-Continent, Ohio excluding Utica, and Barnett reversionary interests) for $116 million in total. The company calls the Encana deal its largest ever, adding to the Barnett position first built with the December 2010 Talon purchase; closing was expected by end of December 2011.
6 Oct 2011securities registration● Neutral
Harvest Oil & Gas Corp. filed the final prospectus for a registered offering.
23 Sept 2011business combination● Neutral
The partnership and EV Energy Finance Corp. filed a registration statement offering to swap up to $300 million of new registered 8.0% Senior Notes due 2019 for the unregistered notes issued March 22, 2011. This fulfils the exchange-offer promise made with that issue; terms are substantially identical apart from the removal of transfer restrictions, and the partnership receives no proceeds. Offer expiry date and effective date are left blank in the filing.
13 Sept 2011director interest notice● Neutral
Harvest Oil & Gas Corp. Controlr and Prin, Acct. Ofc. Frederick Dwyer received a stock option grant for 6,000 shares.
13 Sept 2011director interest notice● Neutral
Harvest Oil & Gas Corp. President and COO Houser Mark A received a stock option grant for 30,000 shares.
13 Sept 2011director interest notice● Neutral
Harvest Oil & Gas Corp. Chief Executive Officer Walker John B received a stock option grant for 45,000 shares.
13 Sept 2011director interest notice● Neutral
Harvest Oil & Gas Corp. Senior VP Acquisitions Gajdica Ronald J received a stock option grant for 24,000 shares.
13 Sept 2011director interest notice● Neutral
Harvest Oil & Gas Corp. Chief Financial Officer Mercer Michael E received a stock option grant for 24,000 shares.
9 Aug 2011quarterly activities report● Neutral
Harvest Oil & Gas Corp. reported quarterly revenue of $69.6 million and net income of $87.8 million for the period ended 2011-06-30.
21 June 2011quarterly activities report● Neutral
Harvest Oil & Gas Corp. reported quarterly revenue of $69.6 million and net income of $39.2 million for the period ended 2011-06-30.
18 May 2011director interest notice● Neutral
Harvest Oil & Gas Corp. President and COO Houser Mark A bought 1,000 shares on the open market at $49.76.
17 May 2011director interest notice● Neutral
Harvest Oil & Gas Corp. Chief Executive Officer Walker John B bought 1,300 shares on the open market.
9 May 2011quarterly activities report● Neutral
Harvest Oil & Gas Corp. reported quarterly revenue of $69.6 million and net income of $39.2 million for the period ended 2011-06-30.
29 Apr 2011debt financing▲ GoodMajor
On April 26, 2011 the partnership entered a second amended and restated five-year $1 billion secured revolving credit facility maturing April 26, 2016, with the initial borrowing base set at $600 million (redetermined every six months from Oct 1, 2011). It used initial borrowings to pay off the Oct 2007 facility; the press release shows $187.5 million outstanding and $412.5 million of borrowing capacity. The LIBOR margin is 1.75%-2.75% (0.25%-0.50% lower), and the maximum Total Debt to EBITDAX ratio was raised to 4.25x from 4.0x, with more hedging flexibility. This replaces the facility amended in the earlier records.
22 Mar 2011debt financing● NeutralMajor
The partnership and EV Energy Finance Corp. sold $300 million of 8.0% senior notes due April 15, 2019 in a private placement (issued March 22, 2011), with interest paid April and October starting Oct 15, 2011. It used $291.5 million of net proceeds to repay credit facility debt, and as the December amendment required, the borrowing base fell automatically from $700 million to $610 million. The notes carry covenants limiting things like paying distributions and taking on more debt, and the issuers must offer to swap them for registered notes. This is the first senior notes issue in this record.
10 Mar 2011material agreement● NeutralMajor
The partnership sold 3,000,000 common units at $44.42 each (agreement March 4, closed March 9, 2011), and underwriters exercised their 450,000-unit option in full. Net proceeds were about $149.9 million for the 3,450,000 units, to be used to repay revolving credit facility debt. This is the first offering in this record that repays debt rather than funding a specific named deal, though it follows the debt-funded Barnett purchase (inference); it adds to units outstanding.