Past year: ▼ 92%(1.60c – 31.5c USD)
Each one in plain English, with the numbers worked through for a shareholder.
11 Aug 2005material agreement● Neutral
On August 5, 2005 the board adopted an annual cash bonus plan for fiscal 2006 and an Executive Severance Plan. The severance plan pays Level A executives 100% of base salary on involuntary termination, or 300% of salary plus maximum bonus within two years after a change in control. CEO Stacy Locke's employment agreement was terminated because the severance plan superseded its main remaining terms. No dollar amounts for bonuses are given.
10 June 2005director interest notice● Neutral
PIONEER ENERGY SERVICES LLC Exec. VP/COO Franklin C West exercised stock options for 39,100 shares and disposed of 78,200 shares.
9 June 2005director interest notice● Neutral
PIONEER ENERGY SERVICES LLC director Michael E Little sold 66,382 shares.
6 June 2005director interest notice● Neutral
PIONEER ENERGY SERVICES LLC Exec. VP/COO Franklin C West exercised stock options for 95,000 shares and disposed of 190,000 shares.
3 June 2005director interest notice● Neutral
PIONEER ENERGY SERVICES LLC Exec. VP/COO Franklin C West exercised stock options for 35,900 shares and disposed of 71,800 shares.
3 June 2005director interest notice● Neutral
PIONEER ENERGY SERVICES LLC CFO William D Hibbetts disposed of 19,998 shares via option/appreciation-right settlement.
2 June 2005director interest notice● Neutral
PIONEER ENERGY SERVICES LLC Sr. VP Donald G Lacombe disposed of 60,000 shares via option/appreciation-right settlement.
2 June 2005director interest notice● Neutral
PIONEER ENERGY SERVICES LLC Pres/CEO Stacy Locke disposed of 345,093 shares via option/appreciation-right settlement.
17 May 2005director interest notice● Neutral
PIONEER ENERGY SERVICES LLC CFO William D Hibbetts had 23,336 shares withheld for taxes on vesting stock.
13 May 2005debt financing● Neutral
On May 11, 2005 Pioneer amended its $47 million credit facility to restore $20 million of availability under the $40 million acquisition facility, which the Frost-led banks lend against rigs and receivables. Interest stays at Frost's prime rate (6.00%), draws are allowed through October 29, 2006, and the dividend ban and covenants are unchanged. It gives Pioneer room to borrow for more rig purchases, though the filing does not say what it will buy.
30 Mar 2005director interest notice● Neutral
PIONEER ENERGY SERVICES LLC director Michael E Little sold 600,000 shares at $12.25.
30 Mar 2005director interest notice● Neutral
PIONEER ENERGY SERVICES LLC 10%+ owner Chesapeake Energy Corp bought 1,165,769 shares on the open market at $12.25.
29 Mar 2005director interest notice● Neutral
PIONEER ENERGY SERVICES LLC 10%+ owner Issam M Fares sold 6,945,000 shares at $12.25.
29 Mar 2005director interest notice● Neutral
PIONEER ENERGY SERVICES LLC 10%+ owner Wedge Energy Services LLC sold 6,945,000 shares at $12.25.
29 Mar 2005director interest notice● Neutral
PIONEER ENERGY SERVICES LLC director Michael E Little sold 600,000,000 shares at $12.25.
24 Mar 2005material agreement● NeutralMajor
On March 23, 2005 Pioneer and selling shareholders WEDGE Energy Services and Michael Little signed an underwriting agreement for a public offering of up to 6,945,000 new Pioneer shares and up to 7,545,000 shares from the sellers (each including 945,000 over-allotment shares). Chesapeake said it will use its preemptive rights to buy about 1,007,144 shares. This is the offering registered in February 2005, so it adds new shares for existing holders; the filing gives no price or proceeds.
24 Mar 2005securities registration● Neutral
PIONEER ENERGY SERVICES LLC filed the final prospectus for a registered offering.
23 Mar 2005securities registration● Neutral
PIONEER ENERGY SERVICES LLC registered additional securities for an offering already underway.
7 Mar 2005securities registration● Neutral
PIONEER ENERGY SERVICES LLC amended a filing by which it registered a securities offering with the SEC.
18 Feb 2005asset acquisition disposition● Neutral
This amendment supplies the Allen Drilling financial statements and pro forma combined figures promised in the January filing for the completed December 15, 2004 purchase of five rigs for $7,200,000 cash. Allen's audited year to September 30, 2004 shows revenue of $14,441,975 and net income of $1,291,543, up from $9,814,502 and $443,707 the year before. This closes the open item about Allen's financial statements due by Feb 28, 2005.
7 Feb 2005securities registration● Neutral
PIONEER ENERGY SERVICES LLC registered a securities offering with the SEC.
27 Jan 2005asset acquisition disposition● Neutral
This amendment restates the completed Wolverine acquisition, now giving the price as $28,000,000 in cash (previously $27,950,000) and confirming the acquisition of the 4.73-acre Kenmare property, used as the North Dakota yard. It adds Wolverine's audited 2003 statements (revenue $10,673,644, net earnings $764,820) and pro forma combined financials, which were promised in the earlier filing.
13 Jan 2005asset acquisition disposition▲ GoodMajor
Pioneer completed the Wolverine Drilling acquisition on November 30, 2004, paying $27,950,000 in cash for the seven rigs and related assets, funded by a borrowing under the new acquisition credit facility. Mr. Blackford signed a two-year employment agreement. Financial statements were promised by February 13, 2005.
13 Jan 2005asset acquisition disposition▲ GoodMajor
Pioneer completed the Allen Drilling acquisition on December 15, 2004, paying $7,200,000 in cash (below the $7,400,000 first announced) for the five rigs and related assets, funded by a borrowing under the new Frost/Bank of Scotland/Zions acquisition facility. It also owes $100,000 a year for five years from December 15, 2005 under a noncompetition agreement with Dixon Allen. Required financial statements were promised by February 28, 2005.
11 Jan 2005director interest notice● Neutral
PIONEER ENERGY SERVICES LLC Exec. VP/COO Franklin C West exercised stock options for 300,000 shares.
6 Jan 2005director interest notice● Neutral
PIONEER ENERGY SERVICES LLC Pres/CEO Stacy Locke exercised stock options for 400,000 shares.
14 Dec 2004director interest notice● Neutral
PIONEER ENERGY SERVICES LLC Sr. VP Donald G Lacombe had 20,000 shares withheld for taxes on vesting stock.
14 Dec 2004director interest notice● Neutral
PIONEER ENERGY SERVICES LLC Exec. VP/COO Franklin C West sold 18,500 shares.
13 Dec 2004director interest notice● Neutral
PIONEER ENERGY SERVICES LLC Sr. VP Donald G Lacombe sold 500 shares at $9.02.
9 Dec 2004director interest notice● Neutral
PIONEER ENERGY SERVICES LLC CFO William D Hibbetts had 10,000 shares withheld for taxes on vesting stock.
