31 Aug 2001securities registration● Neutral
MISSION RESOURCES CORP filed a prospectus supplement for an offering off its existing shelf.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
29 Aug 2001business combination● Neutral
A further refiling of the report on the May 16, 2001 Bargo merger and the $125.0 million notes sale, now with pro forma figures for the six months ended June 30, 2001. The pro forma combined result is revenue of $109.2 million and net income from continuing operations of $2.5 million ($0.11 per share), versus $0.4 million for Mission alone as reported. These are illustrative as if the merger and notes had happened at the start of the period, not actual results. The pro forma also includes Bargo's earlier sales of its Coles Levee California properties and a February 2001 auction of non-core properties.
29 Aug 2001business combination● Neutral
Amendment No. 1 to the note exchange registration keeps the same terms: up to $225.0 million of new Series C 10 7/8% notes due 2007 for the Series A and Series B notes, expiry still October 3, 2001, and no proceeds to the company. It adds updated figures: pro forma reserves of 78.5 MMBOE at December 31, 2000, average production of 22,000 barrels of oil equivalent per day as of June 2001, and revenue of $69.1 million and EBITDA of $42.3 million for the six months to June 30, 2001 (including 45 days of Bargo's results). Notes not tendered stay outstanding under their existing indentures. The text provided is cut off, so the rest of the amendment is not visible.
27 July 2001business combination● Neutral
Mission Resources registered an offer to swap up to $225.0 million of new, freely tradable 10 7/8% Series C senior subordinated notes due 2007 for its existing notes: the Series A notes from the April 1997 registered offering and the $125 million Series B notes sold privately on May 29, 2001. The company gets no proceeds, the draft expiry is October 3, 2001, and subsidiaries Bargo Petroleum, Black Hawk Oil and Pan American Energy Finance guarantee the new notes. This follows through on the notes sold in May.
13 July 2001asset acquisition disposition● NeutralMajor
This refiled report on the May 16 merger closing adds two things. First, a May 29, 2001 press release announcing a $125 million private sale (Rule 144A) of 10 7/8% senior subordinated notes; the filing says 'due April 2001', which looks like a typo since the related notes are due 2007. Second, unaudited pro forma figures treating the merger and notes as if they had happened earlier: combined revenue of $226.3 million and net income of $41.8 million for 2000, and $62.9 million and $9.7 million for Q1 2001. These are illustrative, not actual results.
26 June 2001substantial holder notice● Neutral
BancAmerica Capital Investors SBIC I, L.P, BancAmerica Capital Investors SBIC I, LLC, BancAmerica Capital Management I, L.P, BACM I GP, LLC, Walter W. Walker, Jr reported a MISSION RESOURCES CORP shareholding of 5.00% of votes in a periodic institutional filing.
24 May 2001asset acquisition disposition● NeutralMajor
The Bargo merger closed on May 16, 2001, after Bellwether's stockholders approved it at the annual meeting and Bargo's shareholders approved by written consent. The purchase price was about $220 million including assumed debt, and about $139 million went to Bargo's common holders ($1.26 per share: $0.45 cash plus $0.81 in stock). The cash part was paid with borrowings under the Chase Manhattan Bank credit facility, and the company is now Mission Resources, trading as MSSN. This resolves the earlier open questions on the votes, closing and rename.
23 May 2001substantial holder notice● Neutral
ENCAP INVESTMENTS L.L.C disclosed a new substantial MISSION RESOURCES CORP shareholding (6.90% of votes).
18 May 2001substantial holder notice● Neutral
BancAmerica Capital Investors SBIC I, L.P, BancAmerica Capital Investors SBIC I, LLC, BancAmerica Capital Management I, L.P, BACM I GP, LLC, Walter W. Walker, Jr disclosed a new substantial MISSION RESOURCES CORP shareholding (5.00% of votes).
25 Apr 2001securities registration● Neutral
MISSION RESOURCES CORP filed the final prospectus for a registered offering.
24 Apr 2001business combination● Neutral
Amendment No. 4 to the Bellwether-Bargo merger registration keeps the same terms ($200.2 million total, Mission Resources name, Nasdaq symbol MSSN) and finally sets the vote: Bellwether's annual meeting is on May 16, 2001 in Houston, with materials first mailed around April 26. Stockholders will vote on the merger, raising authorized shares from 31.0 million to 65.0 million, adding 2.0 million shares to the 1996 incentive plan (500,000 if the merger fails), eight directors and KPMG as auditor. Bargo holders of about 80.9% of its common and 94.6% of its preferred have agreed to consent, and Bargo holders may have dissenters' rights while Bellwether holders have none.
18 Apr 2001business combination● Neutral
Amendment No. 3 to the merger registration keeps the same deal terms and adds that the combined company's shares will trade on Nasdaq under the symbol "MSSN" after the merger. The document now also serves as Bellwether's annual report for the year ended December 31, 2000. The meeting date is still blank, so the votes had not yet taken place.
6 Apr 2001business combination● Neutral
Amendment No. 2 to the merger registration keeps the same terms ($200.2 million total, the Mission Resources name, 78.5 million barrels of oil equivalent pro forma reserves). It fills in dates: Bellwether's record date is March 30, 2001 and Bargo's is April 10, 2001. No change to the deal terms is shown in the text provided.
19 Mar 2001business combination● NeutralMajor
Amendment No. 1 to the Bellwether-Bargo merger registration firms up terms. The combined company will be renamed Mission Resources Corporation. Total consideration is estimated at $200.2 million: $139.3 million for Bargo common stock, options and warrants (about $0.45 cash and $0.81 in Bellwether stock per share, or $59.3 million cash and about $80 million stock), and $50.0 million plus an estimated $10.9 million accrued dividends for the preferred. Pro forma reserves are now stated as 78.5 million barrels of oil equivalent and production as 23.0 thousand barrels of oil equivalent per day, down from over 85 million and 25.0 thousand in the first filing. Bargo holders of about 80.9% of its common and 94.6% of its preferred have agreed to consent.
1 Feb 2001business combination● NeutralMajor
Bellwether Exploration (the company that later became Mission Resources) filed its first registration for a merger with Bargo Energy Company, under an agreement dated January 24, 2001. Bargo would merge into Bellwether; Bargo common holders would get about $1.26 per share in cash and Bellwether stock (if Bellwether's 20-day average price is $7.00-$9.00), and Bargo preferred holders would get $50 million plus accrued dividends. Up to 11,428,571 new Bellwether shares are registered; Bargo holders would own roughly 31.9%-41.1% of the combined company on a fully diluted basis. Bellwether holders keep their shares, which would represent 58.9%-68.1% of the combined company, but they vote on the deal and on raising authorized shares from 31.0 million to 65.0 million.
7 Apr 1997securities registration● Neutral
MISSION RESOURCES CORP filed the final prospectus for a registered offering.
3 Apr 1997securities registration● Neutral
MISSION RESOURCES CORP amended a filing by which it registered a securities offering with the SEC.
14 Mar 1997securities registration● Neutral
MISSION RESOURCES CORP amended a filing by which it registered a securities offering with the SEC.
14 Feb 1997securities registration● Neutral
MISSION RESOURCES CORP registered a securities offering with the SEC.