4 Feb 2009director interest notice● Neutral
Lorne Phillips became a PIONEER ENERGY SERVICES LLC Chief Financial Officer and company insider (initial ownership filing).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
27 Jan 2009substantial holder notice● Neutral
Royce & Associates, LLC disclosed a new substantial PIONEER ENERGY SERVICES LLC shareholding (5.09% of votes).
15 Dec 2008director interest notice● Neutral
Joseph Brooks Eustace became a PIONEER ENERGY SERVICES LLC Pres PPS Div of PDC and company insider (initial ownership filing).
18 Nov 2008director interest notice● Neutral
PIONEER ENERGY SERVICES LLC director Dean A Burkhardt bought 5,000 shares on the open market at $6.50.
29 Oct 2008director interest notice● Neutral
Carlos R Pena became a PIONEER ENERGY SERVICES LLC VP & General Counsel and company insider (initial ownership filing).
14 Oct 2008director interest notice● Neutral
PIONEER ENERGY SERVICES LLC Pres/CEO Stacy Locke exercised stock options for 17,000 shares and disposed of 17,000 shares.
7 Oct 2008director interest notice● Neutral
PIONEER ENERGY SERVICES LLC director John M Rauh received a stock option grant for 10,000 shares.
7 Oct 2008director interest notice● Neutral
John M Rauh became a PIONEER ENERGY SERVICES LLC director and company insider (initial ownership filing).
7 Oct 2008director interest notice● Neutral
Scott D Urban became a PIONEER ENERGY SERVICES LLC director and company insider (initial ownership filing).
7 Oct 2008director interest notice● Neutral
PIONEER ENERGY SERVICES LLC director Scott D Urban received a stock option grant for 10,000 shares.
19 Sept 2008director interest notice● Neutral
PIONEER ENERGY SERVICES LLC CFO William D Hibbetts had 10,108 shares withheld for taxes on vesting stock.
28 Aug 2008listing compliance notice▼ Bad
Director C. Robert Bunch resigned on August 19, 2008, leaving Pioneer with fewer than three independent audit committee members, which breaches AMEX rules. AMEX gave Pioneer until the earlier of its next annual meeting or August 21, 2009 to fix this, and Pioneer expects to comply. This is a new listing issue separate from the late 10-Q; the filing does not say whether the August 13 deadline was met. William Hibbetts signed as Interim CFO, which suggests Joyce Schuldt is no longer CFO (inference).
27 June 2008listing compliance notice● NeutralMajor
AMEX accepted Pioneer's plan and continued its listing through an extension ending August 13, 2008. Failing to make progress or to regain compliance by then could lead to delisting. This continues the late 10-Q listing issue from May.
11 June 2008material agreement● NeutralMajor
Effective June 11, 2008 the lenders signed the waiver for the credit agreement default, on the terms negotiated: certified financial statements due by August 13, 2008, borrowings capped at $350 million until then, margins up to 2.50% (Eurodollar) and 1.50% (base rate), plus a 0.02% fee on commitments. This resolves the immediate risk of an Event of Default after June 29, but the August 13 deadline remains.
5 June 2008debt financing▼ BadMajor
Pioneer is in default under its February 2008 Wells Fargo credit agreement because no financial officer has certified the Q1 2008 financial statements while the audit subcommittee's investigation continues. It is negotiating a waiver with the lenders: certified statements due by August 13, 2008, borrowings capped at $350 million, higher interest margins and an $80,000 fee. If no certified statements or waiver by June 29, 2008, an Event of Default occurs and lenders could demand full repayment of about $282.5 million outstanding. Pioneer had about $20.2 million cash and $16.6 million auction rate preferred securities as of June 5. The waiver is not yet signed.
21 May 2008listing compliance notice▼ BadMajor
On May 16, 2008 the American Stock Exchange told Pioneer it was out of compliance with listing standards because it failed to file its Q1 2008 Form 10-Q on time. Pioneer must submit a plan by May 30 and regain compliance by August 13, 2008. The filing does not itself state the cause of the late filing; an earlier May 12 filing referenced in a later report describes an audit committee investigation into possible internal control weaknesses.
12 May 2008late filing notice▼ Bad
PIONEER ENERGY SERVICES LLC notified the SEC that its quarterly report would be filed late.
7 Mar 2008director interest notice● Neutral
PIONEER ENERGY SERVICES LLC Sr. VP Donald G Lacombe exercised stock options for 20,000 shares and disposed of 40,000 shares.
5 Mar 2008director interest notice● Neutral
Joseph Brooks Eustace became a PIONEER ENERGY SERVICES LLC Pres PPS Div of PDC and company insider (initial ownership filing).
5 Mar 2008director interest notice● Neutral
PIONEER ENERGY SERVICES LLC Pres PPS Div of PDC Joseph Brooks Eustace received a stock option grant for 85,000 shares.
3 Mar 2008asset acquisition disposition● NeutralMajor
Effective March 1, 2008 Pioneer completed the WEDGE acquisition for about $311 million in cash (subject to post-closing adjustments), up from the $303 million originally announced. It was funded by existing cash and a new five-year $400 million Wells Fargo-led credit agreement dated February 29, 2008, maturing February 28, 2013, which replaces the October 2004 Frost National Bank facility. Interest starts at the Eurodollar rate plus 2.25%. Loans outstanding were $311.5 million at February 29, 2008, covering WEDGE and the purchase of Prairie Investors (Competition Wireline). Pioneer reported about $44.5 million in cash and securities on March 1, 2008. The credit facility is larger than the originally proposed $350 million.
14 Feb 2008substantial holder notice● Neutral
Keeley Asset Management Corp. and 2 others disclosed a new substantial PIONEER ENERGY SERVICES LLC shareholding (5.60% of votes).
14 Feb 2008substantial holder notice● Neutral
Met Investors Advisory, LLC, Met Investors Series Trust disclosed a new substantial PIONEER ENERGY SERVICES LLC shareholding (9.00% of votes).
6 Feb 2008substantial holder notice● Neutral
BARCLAYS GLOBAL INVESTORS, NA. and 1 other disclosed a new substantial PIONEER ENERGY SERVICES LLC shareholding (3.13% of votes).
1 Feb 2008material agreement● NeutralMajor
On January 31, 2008 Pioneer agreed to buy three WEDGE companies (wireline, fishing and rental tools, and workover rig services) for $303 million in cash, subject to closing adjustments. This would add well-servicing businesses to a company that until now has been a land driller. It plans to pay with existing cash plus a new five-year secured revolving credit facility of up to $350 million led by Wells Fargo and Fortis, to be syndicated before closing. Closing depends on financing, regulatory approvals and customary conditions. The press release expects closing before the end of Q1 2008.
20 July 2007director interest notice● Neutral
PIONEER ENERGY SERVICES LLC CFO, Secretary Joyce M Schuldt exercised stock options for 125,000 shares.
19 July 2007director interest notice● Neutral
Joyce M Schuldt became a PIONEER ENERGY SERVICES LLC CFO, Secretary and company insider (initial ownership filing).
15 May 2007director interest notice● Neutral
PIONEER ENERGY SERVICES LLC Sr. VP Donald G Lacombe exercised stock options for 50,000 shares.
15 May 2007director interest notice● Neutral
PIONEER ENERGY SERVICES LLC Pres/CEO Stacy Locke exercised stock options for 200,000 shares.
15 May 2007director interest notice● Neutral
PIONEER ENERGY SERVICES LLC CFO William D Hibbetts exercised stock options for 20,000 shares.