Each one in plain English, with the numbers worked through for a shareholder.
9 Oct 2012material agreement▲ GoodMajor
Effective October 2, 2012 the company, Tauren (owned by CEO Wallen), EXCO and BG settled their dispute over the pre-paid drilling credits with mutual releases. EXCO and BG will apply the company's drilling credits as set out in the agreement, put it in consent status on specified wells, and pay $12,179,853.40 in cash, of which $9,134,890.05 goes to Wells Fargo to reduce the revolver, as the Fourth Amendment requires. This resolves the EXCO/BG dispute thread; the filing does not state the remaining credit value.
On September 12, 2012 the company replaced CEO Wallen's $2,000,000 subordinated note (Dec 2009) with a new one for the same principal plus accrued interest. Interest (prime+1%) now accrues instead of being paid monthly, and the due date is January 1, 2013 rather than August 31, 2012. It remains subordinated to Wells Fargo. This is a related-party loan with a changed schedule.
William Bruggeman Jr. Revocable Trust, William L. Bruggeman, Jr. and Ruth Bruggeman, Joint Tenants with Rights of Survi, Diversified Dynamics, Inc, Consumer Products Corporation, Diane M. Erickson & Phyllis K. Harding, Joint Tenants with Rights of Survivo, Phyllis K. Harding, Diane M. Erickson, Andre J. Erickson Trust, Paige E. Harding Trust, Katie J. Bruggeman Irrevocable Trust, Scott S. Bruggeman Irrevocable Trust, Steven S. Bruggeman & Jacqueline R. Bruggeman, Joint Tenants with Rights of, Steven Scott Bruggeman, Jacqueline R. Bruggeman, Kellie C. Bruggeman Irrevocable Trust, Robert T. Bruggeman Irrevocable Trust, Thomas W. Bruggeman, Nancee Jo Bruggeman, Gavin C. Bruggeman Irrevocable Trust, Justin R. Bruggeman Irrevocable Trust, Daniel J. Bruggeman, Robyn Kristine Bruggeman, Jamie S. Bruggeman Irrevocable Trust, Nicole P. Bruggeman Irrevocable Trust, Jon Joseph Bruggeman, Jon J. Bruggeman & Sally Ruth Bruggeman, Joint Tenants with Rights of Surviv, William L. Bruggeman IV Irrevocable Trust, Christine T. Bruggeman Irrevocable Trust, William Louis Bruggeman III, Katie Christine Bruggeman reported a HILLTOP ENERGY, LLC. shareholding of 17,853,978 shares (23.10% of votes) in a periodic institutional filing.
On June 18, 2012 Wells Fargo agreed in a Fourth Amendment to extend the required repayment date to December 31, 2012 (previously July 1, 2012). The borrowing base will be cut by 75% of any cash received from the arbitration award involving EXCO and BG, and the amendment limits some general and administrative spending and dividends. The debt is not refinanced, only deferred.
HILLTOP ENERGY, LLC. shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
HILLTOP ENERGY, LLC. shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
HILLTOP ENERGY, LLC. shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
On March 2, 2012 NYSE Amex accepted the company's compliance plan and gave it until June 27, 2013 to meet the equity and loss-history standards. In the same letter it added a new deficiency, saying it is questionable whether the company can continue operations or meet obligations as they mature, with a shorter deadline of July 31, 2012. Delisting proceedings remain possible if progress lags; the company can appeal.
On February 24, 2012 NYSE Amex flagged a further deficiency: equity under $2M with losses in two of the last three fiscal years. No new plan is required because the plan already submitted (under review) covers it. Delisting remains possible if the plan is rejected or not followed.
On December 27, 2011 NYSE Amex said the company fails two listing standards: equity under $6M with losses in five consecutive years, and equity under $4M with losses in three of the last four years. The company plans to submit a compliance plan by January 27, 2012 (up to 18 months to comply) or face delisting proceedings, and has hired Donohoe Advisory Associates. This reopens the listing problem the exchange had declared resolved in March 2010. The press release also mentions a dispute with EXCO and BG over the company's drilling credits, a new thread.
HILLTOP ENERGY, LLC. shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
HILLTOP ENERGY, LLC. shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
