2 Oct 2002listing compliance notice▼ BadMajor
KEY PRODUCTION CO INC's securities were notified for removal from listing and registration on its exchange.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
1 Oct 2002listing compliance notice▼ BadMajor
KEY PRODUCTION CO INC terminated the registration of a class of securities, ending its reporting obligation for them.
23 Sept 2002business combination▲ GoodMajor
Key stockholders voted at a special meeting on September 20, 2002 to approve the merger with Helmerich & Payne's oil and gas business, which resolves the shareholder-approval condition from the February 2002 agreement. Closing is expected September 30, 2002 subject to customary conditions, with Cimarex (symbol XEC) expected to begin NYSE trading October 1. Key holders are to receive about 14 million Cimarex shares, one per Key share, roughly 34.75% of the new company. The filing describes this as expected, not completed.
6 Mar 2002listing compliance notice▲ GoodMajor
the New York Stock Exchange certified KEY PRODUCTION CO INC's securities for listing, clearing them to begin trading.
25 Feb 2002business combination● NeutralMajor
On February 23, 2002, Key agreed to combine with Helmerich & Payne's oil and gas business: H&P would spin that business off into a new company (to be named Cimarex Energy Co.), and Key would merge into it. Key shareholders would get one Cimarex share per Key share and end up owning 34.75% of Cimarex, with H&P holders owning 65.25%. The deal needs Key stockholder approval, an IRS tax-free ruling for the spin-off and tax opinions. Key's chairman Mick Merelli is slated to be Cimarex's chairman, CEO and president. Key's board also declared a rights plan (a poison pill) with a $70 exercise price and a 15% trigger, which does not trigger on this merger.
17 Jan 2001auditor change● Neutral
Key engaged KPMG LLP on January 15, 2001 as its principal accountant to audit its financial statements. The filing does not say who the previous auditor was or give a reason for the change, and says Key had not consulted KPMG before on matters requiring disclosure.
10 Jan 2001asset acquisition disposition● Neutral
This is a second copy of the same 8-K about the completed Columbus Energy Corp. acquisition (December 29, 2000), with the same terms: 0.355 Key shares per Columbus share, up to 1.345 million new Key shares, $2.2 million of Columbus debt assumed, and about 13.8 million shares outstanding afterwards. It adds no new information beyond the first filing.
10 Jan 2001asset acquisition disposition● NeutralMajor
Key Production completed its acquisition of Columbus Energy Corp. on December 29, 2000, under the merger agreement dated August 28, 2000. Each Columbus share converts into 0.355 Key shares (up to 1.345 million new Key shares), Key assumes $2.2 million of Columbus debt, and the combined company had $44 million of debt at year-end 2000 and about 13.8 million shares outstanding. Existing Key shareholders keep their shares; the filing also attaches Columbus's historical financial statements.