8 Nov 2011quarterly activities report● Neutral
SARATOGA RESOURCES INC /TX reported quarterly revenue of $19.8 million and net income of $6.2 million for the period ended 2011-09-30.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
1 Nov 2011director interest notice● Neutral
Michael O Aldridge became a SARATOGA RESOURCES INC /TX Chief Financial Officer and company insider (initial ownership filing).
20 Oct 2011securities registration● Neutral
SARATOGA RESOURCES INC /TX filed the final prospectus for a registered offering.
18 Oct 2011business combination● Neutral
An amendment to the note exchange registration statement filed only to list the subsidiary guarantors (Harvest Oil & Gas, The Harvest Group, Lobo Resources, Lobo Operating) as registrants and to add updated legal opinion and auditor/reserve-engineer consents. No changes were made to the main prospectus terms.
26 Sept 2011business combination● Neutral
The company filed a registration statement for an offer to swap the $127.5 million of 12.5% Senior Secured Notes due 2016 issued in July 2011 for registered notes with substantially identical terms, as promised in the registration rights agreement. The company receives no proceeds, and it is a preliminary draft, not yet effective.
22 Sept 2011director interest notice● Neutral
SARATOGA RESOURCES INC /TX director Kevin Smith sold 200 shares at $5.50.
2 Sept 2011director interest notice● Neutral
SARATOGA RESOURCES INC /TX director Kevin Smith sold 24,370 shares.
30 Aug 2011director interest notice● Neutral
SARATOGA RESOURCES INC /TX director Kevin Smith sold 9,600 shares.
11 Aug 2011quarterly activities report● Neutral
SARATOGA RESOURCES INC /TX reported quarterly revenue of $21.1 million and net income of $2.1 million for the period ended 2011-06-30.
11 Aug 2011quarterly activities report● Neutral
SARATOGA RESOURCES INC /TX reported quarterly revenue of $21.1 million and net income of $2.1 million for the period ended 2011-06-30.
21 July 2011director interest notice● Neutral
Blackstone Group L.P. became a SARATOGA RESOURCES INC /TX 10%+ owner and company insider (initial ownership filing).
19 July 2011listing compliance notice▲ GoodMajor
the New York Stock Exchange certified SARATOGA RESOURCES INC /TX's securities for listing, clearing them to begin trading.
19 July 2011securities registration● Neutral
SARATOGA RESOURCES INC /TX filed notice of an exempt private placement.
15 July 2011capital raising announcement● NeutralMajor
The company closed a $127.5 million issue of 12.5% Senior Secured Notes due July 1, 2016 (sold at 98.221% of par, guaranteed by its subsidiaries) and a sale of 5,650,000 shares at $5.00 for about $27.3 million net. It used the proceeds, among other things, to repay Wayzata in full on July 12, 2011, ending the credit agreements from the 2010 bankruptcy exit and cancelling Wayzata's 2,000,000-share warrant. This replaces the 11.25% Wayzata debt due 2012 with longer-dated, higher-rate notes; the new shares dilute existing holders, and two Blackstone funds get board observer rights while holding 1,000,000+ shares.
11 July 2011capital raising announcement● NeutralMajor
On July 7, 2011 the company announced the pricing of a private placement of $127.5 million of 12.5% notes due 2016. The filing only furnishes the press release and gives no further terms or use of proceeds.
9 May 2011quarterly activities report● Neutral
SARATOGA RESOURCES INC /TX reported quarterly revenue of $16.9 million and net income of $358 thousand for the period ended 2011-03-31.
9 May 2011quarterly activities report● Neutral
SARATOGA RESOURCES INC /TX reported quarterly revenue of $16.9 million and net income of $358 thousand for the period ended 2011-03-31.
2 May 2011securities registration● Neutral
SARATOGA RESOURCES INC /TX filed notice of an exempt private placement.
2 May 2011capital raising announcement● NeutralMajor
The April 2011 private placement closed on April 29, 2011 with a final tranche of 545,313 shares and warrants for 272,657 shares. In total the company issued 2,481,316 shares and warrants for 1,240,658 shares (exercisable at $5.00 for two years) for $7,443,948, plus 84,600 shares and 42,300 warrants to the placement agent for non-U.S. investors. No cash commissions were paid; this completes the offering and dilutes existing holders.
28 Apr 2011capital raising announcement● Neutral
An amendment to the April 27 filing whose only change is the number of units issued to placement agent Prosdocimi Limited, corrected from 845,990 to 33,417. The $7,443,948 offering terms are otherwise unchanged.
27 Apr 2011capital raising announcement● NeutralMajor
Between April 21 and April 27, 2011 the company agreed to sell 1,240,658 units, each of two common shares plus one warrant at $5.00 for two years, to accredited investors for $7,443,948. Existing shareholders are diluted by the new shares; the filing states Prosdocimi Limited was placement agent for non-U.S. investors, though the unit count given for it (845,990) was later corrected.
14 Mar 2011director interest notice● Neutral
John William Rhea IV became a SARATOGA RESOURCES INC /TX director and company insider (initial ownership filing).
9 Mar 2011director interest notice● Neutral
SARATOGA RESOURCES INC /TX director Kevin Smith received a stock option grant for 35,000 shares.
9 Mar 2011director interest notice● Neutral
SARATOGA RESOURCES INC /TX director Rex H White Jr. received a stock option grant for 35,000 shares.
16 Nov 2010quarterly activities report▼ Bad
SARATOGA RESOURCES INC /TX reported quarterly revenue of $13.7 million and a net loss of $3.5 million for the period ended 2010-09-30.
15 Nov 2010quarterly activities report▼ Bad
SARATOGA RESOURCES INC /TX reported quarterly revenue of $13.7 million and a net loss of $3.5 million for the period ended 2010-09-30.
16 Aug 2010quarterly activities report▼ Bad
SARATOGA RESOURCES INC /TX reported quarterly revenue of $13.7 million and a net loss of $8.4 million for the period ended 2010-06-30.
19 July 2010director interest notice● Neutral
SARATOGA RESOURCES INC /TX Vice President - Finance Eddie J Hebert received a stock option grant for 100,000 shares.
6 July 2010director interest notice● Neutral
Brian P Daigle became a SARATOGA RESOURCES INC /TX Vice President - Operations and company insider (initial ownership filing).
18 May 2010capital raising announcement● NeutralMajor
The plan took effect on May 14, 2010 and the company emerged from Chapter 11, resolving the bankruptcy that began March 31, 2009. The restated debt terms were signed: the Wayzata term loan fixed at $127.5 million at 11.25% and the revolver fixed at $18 million (including letters of credit), both maturing April 30, 2012. The revolver was assigned from Macquarie to Wayzata funds on February 11, 2010. Wayzata received warrants for up to 2,000,000 shares at $0.01, vesting over time, and 483,310 new shares went to creditors. Shareholders keep their holdings, but the restated certificate bars dividends or distributions until all allowed claims are paid in full.