Each one in plain English, with the numbers worked through for a shareholder.
13 Oct 2004asset acquisition disposition▲ GoodMajor
On October 12, 2004, the operating subsidiary Daugherty Petroleum completed buying substantially all the oil and gas assets of Stone Mountain Energy Company in Bell, Harlan and Leslie Counties, Kentucky, and Lee County, Virginia, for $27 million. It was paid for with working capital, $15 million drawn on the secured credit facility and part of the 7% convertible note proceeds from earlier in the month; this completes the deal under the agreement dated August 18, 2004.
NGAS Resources completed a private placement of a $6.1 million 7% convertible note, with related stock purchase warrants, to one institutional investor on October 4, 2004. This adds debt that can convert into shares; the filing does not give the conversion price or warrant terms in its text.
Daugherty Resources (the company's name at this point, trading on Nasdaq SmallCap as "NGAS") filed to move its legal home from British Columbia to Delaware. Each existing common share would automatically become one Delaware share ($.001 par value), the ticker would stay the same, and the plan needs two-thirds approval at a special meeting in 2004 (date left blank), with dissent rights for objecting holders; the same meeting would also vote on a new stock award and option plan. The filing registers 9,932,102 shares, priced at $4.19 (the Oct 30, 2003 price) for fee purposes.
