8 Aug 2012quarterly activities report▼ Bad
PostRock Energy Corp reported quarterly revenue of $11.1 million and a net loss of $18.5 million for the period ended 2012-06-30.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
8 Aug 2012substantial holder notice● Neutral
White Deer Energy L.P, White Deer Energy TE L.P, White Deer Energy FI L.P, Edelman & Guill Energy L.P, Edelman & Guill Energy Ltd, Thomas J. Edelman, Ben A. Guill reported a PostRock Energy Corp shareholding of 31,957,178 shares (75.76% of votes) in a periodic institutional filing.
5 July 2012substantial holder notice● Neutral
White Deer Energy L.P, White Deer Energy TE L.P, White Deer Energy FI L.P, Edelman & Guill Energy L.P, Edelman & Guill Energy Ltd, Thomas J. Edelman, Ben A. Guill reported a PostRock Energy Corp shareholding of 25,803,332 shares (71.62% of votes) in a periodic institutional filing.
1 June 2012material agreement▼ BadMajor
The lenders cut the borrowing base again, to $176 million against $166.5 million drawn, and tightened the screws: a 1.5% penalty rate on borrowings above a $120 million target, a $1 million monthly reduction in the base, and new liens on the KPC interstate pipeline and the Constellation units. The company had $0.3 million of cash. If it could not sign a sale agreement for the pipeline by a set date, White Deer was contractually on the hook for another $7.5 million of equity to pay the banks down.
22 May 2012substantial holder notice● Neutral
Libra Advisors, LLC, Libra Associates, LLC, Libra Fund, L.P, Ranjan Tandon reported a PostRock Energy Corp shareholding of 259,866 shares (2.10% of votes) in a periodic institutional filing.
11 May 2012quarterly activities report● Neutral
PostRock Energy Corp reported quarterly revenue of $14.3 million for the period ended 2012-03-31.
10 May 2012quarterly activities report● Neutral
PostRock Energy Corp reported quarterly revenue of $14.3 million for the period ended 2012-03-31.
4 Apr 2012substantial holder notice● Neutral
White Deer Energy L.P, White Deer Energy TE L.P, White Deer Energy FI L.P, Edelman & Guill Energy L.P, Edelman & Guill Energy Ltd, Thomas J. Edelman, Ben A. Guill reported a PostRock Energy Corp shareholding of 24,421,566 shares (71.08% of votes) in a periodic institutional filing.
15 Feb 2012capital raising announcement● NeutralMajor
White Deer put in a further $7.5 million for 2.2 million shares at $3.44, and the filing also records that the December preferred dividend was paid not in cash but in more warrants and voting preferred stock. Its 12% coupon was compounding into ever more of the company rather than leaving the building as cash, which is the mechanism by which its ownership climbs towards 70%.
What it means for a shareholder
2.2m new shares at US$3.44 to raise about US$7.5m. That's 18% dilution: every existing holder's slice gets 18% smaller. If you held US$1,000 of shares (291 at the issue price), your slice goes from 0.00293% to 0.0024% of the company. To keep it you'd need 64 more shares - about US$220 at the issue price.
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14 Feb 2012substantial holder notice● Neutral
Libra Advisors, LLC, Libra Associates, LLC, Libra Fund, L.P, Ranjan Tandon reported a PostRock Energy Corp shareholding of 553,091 shares (5.80% of votes) in a periodic institutional filing.
10 Feb 2012substantial holder notice● Neutral
White Deer Energy L.P, White Deer Energy TE L.P, White Deer Energy FI L.P, Edelman & Guill Energy L.P, Edelman & Guill Energy Ltd, Thomas J. Edelman, Ben A. Guill reported a PostRock Energy Corp shareholding of 23,746,478 shares (70.50% of votes) in a periodic institutional filing.
3 Feb 2012substantial holder notice● Neutral
White Deer Energy L.P, White Deer Energy TE L.P, White Deer Energy FI L.P, Edelman & Guill Energy L.P, Edelman & Guill Energy Ltd, Thomas J. Edelman, Ben A. Guill reported a PostRock Energy Corp shareholding of 21,566,245 shares (69.41% of votes) in a periodic institutional filing.
5 Jan 2012substantial holder notice● Neutral
Robert E. Mead disclosed a new substantial PostRock Energy Corp shareholding (5.16% of votes).
23 Dec 2011material agreement● NeutralMajor
Spent another $6.0 million cash buying 2.79 million more Constellation Energy Partners units, lifting its stake to 26.4% of the votes. Having failed to buy control outright in August, it was accumulating towards it instead, in a partnership it did not operate, while its own credit facility was under pressure.
9 Nov 2011quarterly activities report● Neutral
PostRock Energy Corp reported quarterly revenue of $21.9 million and net income of $7.0 million for the period ended 2011-09-30.
9 Nov 2011quarterly activities report● Neutral
PostRock Energy Corp reported quarterly revenue of $21.9 million and net income of $7.0 million for the period ended 2011-09-30.
6 Sept 2011substantial holder notice● Neutral
Libra Advisors, LLC, Libra Associates, LLC, Libra Fund, L.P, Ranjan Tandon disclosed a new substantial PostRock Energy Corp shareholding (6.40% of votes).
24 Aug 2011securities registration● Neutral
PostRock Energy Corp filed the final prospectus for a registered offering.
24 Aug 2011material agreement● Neutral
Opened an at-the-market programme with broker McNicoll, Lewis & Vlak to sell shares gradually into the Nasdaq market at 3% commission. Routine plumbing, but it marks the point where common shareholders start absorbing steady dilution alongside White Deer's preferred dividends.
18 Aug 2011substantial holder notice● Neutral
Constellation Energy Commodities Group, Inc disclosed a new substantial PostRock Energy Corp shareholding (16.56% of votes).
12 Aug 2011asset acquisition disposition▼ BadMajor
The June deal collapsed on a legal technicality and was replaced with a smaller one. Constellation Energy Partners' own board said Delaware takeover law barred it from even discussing approval while the agreement stood, so the parties tore it up and PostRock instead bought the management company holding 14.9% of the votes for $6.6 million cash and a million shares. Less than half the original stake, and no termination fees paid.
10 Aug 2011quarterly activities report● Neutral
PostRock Energy Corp reported quarterly revenue of $23.1 million and net income of $7.5 million for the period ended 2011-06-30.
10 Aug 2011quarterly activities report● Neutral
PostRock Energy Corp reported quarterly revenue of $23.1 million and net income of $7.5 million for the period ended 2011-06-30.
23 June 2011asset acquisition disposition● NeutralMajor
Agreed to buy Constellation Energy's entire stake in Constellation Energy Partners, a listed gas partnership, for $11.25 million cash plus $11.25 million in stock and warrants. The attraction was control: the package included every Class A, C and D interest, which carried the management rights, alongside 24.5% of the ordinary units.
12 May 2011securities registration● Neutral
PostRock Energy Corp amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
11 May 2011quarterly activities report● Neutral
PostRock Energy Corp reported quarterly revenue of $21.6 million for the period ended 2011-03-31.
11 May 2011quarterly activities report● Neutral
PostRock Energy Corp reported quarterly revenue of $21.6 million for the period ended 2011-03-31.
4 May 2011securities registration● Neutral
PostRock Energy Corp registered a securities offering with the SEC using its shelf eligibility.
21 Jan 2011asset acquisition disposition● NeutralMajor
Completed the Magnum Hunter sale for $39.6 million after adjustments, and $12.1 million of the cash plus 3.0 million of the Magnum Hunter shares went straight to Royal Bank of Canada to release its liens, cutting that term loan to $13.3 million. The asset sale was in substance a debt repayment; the company kept very little of the proceeds.
30 Dec 2010material agreement▲ GoodMajor
Agreed to sell its West Virginia oil and gas properties to Magnum Hunter's Triad Hunter subsidiary for $39.75 million, half cash and half in 3.2 million Magnum Hunter shares, in two closings. Retreating from the Appalachian assets the Quest group had bought in 2008 to concentrate on the Cherokee Basin gas business.