17 July 2002listing compliance notice● NeutralMajor
Filed Form 15-12G to deregister, reporting just one holder of record - confirming the Plantation Petroleum merger had closed and cashed out all public shareholders at $17.00/share.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
29 Apr 2002annual report● Neutral
Amendment No. 1 to the FY2001 10-K, filed to add the required Part III director/executive-officer disclosure (founder James G. Maynard, CEO/Chairman since the company's 1971 incorporation, led a four-person board) - the filing states plainly that adding Part III is the amendment's only purpose.
26 Apr 2002business combination▲ GoodMajor
Signed a definitive Agreement and Plan of Merger with Plantation Petroleum Holdings, LLC (a privately-owned E&P company) under which Maynard Oil's 4,880,368 shares would be cashed out at $17.00/share (~$83 million total) - above the price floated in the April 1 update, unanimously approved by both boards, with holders of about 56% of Maynard's stock already committed to vote in favor.
2 Apr 2002other material event● NeutralMajor
Alongside its FY2001 earnings release, disclosed that discussions with potential acquirors were continuing - but cautioned the proposals on the table valued the stock below its recent trading range, with no guarantee any sale would happen.
1 Apr 2002annual report▼ Bad
FY2001 10-K405: full-year net income fell to $7,954,000 ($1.63/share) from 2000's $14,103,000, including a fourth-quarter net loss of $2,527,000 as oil prices dropped sharply late in the year and the company took an impairment charge against proved properties; spent $12.9 million acquiring additional interests in the Tex-Mex Field (Gaines County, TX) and another $12.9 million drilling 49 new wells during the year.
24 July 2001other material event● NeutralMajor
Announced it was exploring strategic alternatives, including a potential merger or sale of the company, and retained William Blair & Company as financial advisor and McDermott, Will & Emery as legal counsel.
30 Mar 2001annual report▲ GoodMajor
FY2000 10-K405: a banner year - net income more than tripled to $14,103,000 ($2.89/share) on revenue of $52,739,000, as crude oil prices spiked through the year.
30 Mar 2000annual report▲ Good
FY1999 10-K405: net income recovered to $4,355,000 ($0.89/share) on revenue of $23,392,000, as oil prices and production from the year's two large Permian Basin purchases (Phillips and Questar) offset the prior year's loss.
25 Jan 2000asset acquisition disposition● Neutral
Follow-up 8-K/A supplying the audited financial statements and pro forma financials required for the Questar acquisition.
23 Nov 1999asset acquisition disposition▲ GoodMajor
Closed the purchase of interests in ~170 producing properties in the Permian Basin (southeastern New Mexico/West Texas) from Questar Exploration and Production Company on November 12, 1999 for $32,000,000, funded entirely by a Bank One, Texas secured loan - the deal previewed in October.
21 Oct 1999other material event▲ GoodMajor
Announced it had agreed to buy interests in 170 producing oil and gas properties in southeastern New Mexico and West Texas, estimated to add 1,000 net barrels/day of oil and 3,000 net mcf/day of gas, with the purchase scheduled to close November 15, 1999 - the seller was not yet named in this preliminary notice (identified as Questar Exploration and Production Company in the follow-up 8-K a month later).
4 Aug 1999asset acquisition disposition▲ GoodMajor
Bought interests in 15 producing wells across Hardeman, Webb and Duval Counties, Texas at a Houston auction from Phillips Petroleum Company for $10,400,000 cash, funded entirely from the company's own accumulated funds - no new bank debt this time.
30 Mar 1999annual report▼ BadMajor
FY1998 10-K405: swung to a net loss of $7,816,000 (-$1.60/share) on revenue that fell to $16,166,000, as the 1998 global oil price collapse drove an $8,754,846 impairment charge against the company's proved oil and gas properties.
31 Mar 1998annual report● Neutral
FY1997 10-K405: net income $4,455,000 ($0.91/share) on revenue of $26,477,000.
31 Mar 1997annual report▲ Good
FY1996 10-K405: net income more than tripled to $9,953,783 ($2.04/share), mostly from a $6.2 million gain on the year's property sales rather than higher operating income - the company opted to sell properties it judged a poor fit with its Oklahoma/West Texas core while it looked, unsuccessfully in 1996, for a better acquisition; ended the year with over 26% of assets in cash.
15 Oct 1996asset acquisition disposition▲ GoodMajor
Sold its interests in ~130 producing wells across Texas and Oklahoma in three separate transactions during 1996 for combined cash of $8,043,657: to ROC Energy/Byrd Operating Company (Crockett County, TX, $1,380,000), to BMC Ltd./Chatham Oil Company/Javelina Energy (Grayson County, TX and Carter County, OK, $934,439), and to Enron Oil and Gas (Ellis, Roger Mills, Stephens and Woodward Counties, OK, $5,729,218) - a deliberate portfolio-rationalization program, not a distress sale.
1 Apr 1996annual report▲ Good
FY1995 10-K405: net income $3,023,000 ($0.62/share), driven by the year's two big Permian Basin acquisitions (Pennzoil and Energy Development Corp) which lifted oil production sharply, funded with $6.75 million cash plus $22.5 million in new bank borrowings.
28 Feb 1996asset acquisition disposition● Neutral
Follow-up 8-K/A supplying the audited financial statements and pro forma financials required for the Energy Development Corporation acquisition.
4 Jan 1996asset acquisition disposition▲ GoodMajor
Closed the purchase of interests in ~250 producing wells in the Garza Field (Garza County, Texas) from Energy Development Corporation for $18,750,000 ($5,750,000 cash plus a $13,000,000 Bank One, Texas secured loan) - the second major Permian-area acquisition in a year, taking total bank debt to $26.1 million.
12 June 1995asset acquisition disposition● Neutral
Follow-up 8-K/A supplying the audited financial statements and pro forma financials required for the Pennzoil property acquisition.
13 Apr 1995asset acquisition disposition▲ GoodMajor
Closed the purchase of interests in ~200 producing wells across seven West Texas counties from Pennzoil Exploration & Production Company for $10,500,000 ($1,000,000 cash plus a $9,500,000 Bank One, Texas secured loan).