Past year: ▼ 51%(3.35 – 7.21 USD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Apr 2005material agreement● Neutral
The board paid Chairman Kenneth L. Agee a $250,000 cash bonus on April 1, 2005, citing his individual performance and contribution to strategic and financial objectives. The company also posted 2005 projections showing total revenues of $16.18 million, a net loss of $23.5 million and a year-end cash balance of $63.7 million, plus Aje Field economics based on its net interest (these are company projections, not results).
21 Mar 2005material agreement● NeutralMajor
On March 17, 2005 the company signed a Stock Purchase Agreement with Legg Mason Opportunity Trust to sell up to 7,000,000 shares of common stock under its existing Form S-3 registration. The filing itself was made to file the agreement, a Baker Botts legal opinion and a Grant Thornton consent as exhibits; the price and proceeds are not stated, and the sale would add shares for existing holders.
8 Mar 2005material agreement▲ GoodMajor
On March 4, 2005 the company and Marathon Oil extended the maturity of two secured promissory notes ($19.0 million from May 2002 and $2.3 million from February 2003) from June 30, 2005 to June 30, 2006. The notes funded the company's demonstration plant at the Tulsa Port of Catoosa under a U.S. Department of Energy project, so repayment is pushed back a year.
17 Feb 2005material agreement● Neutral
On February 14, 2005 the board approved a $500,000 cash bonus for John B. Holmes, Jr., President and CEO, citing his individual performance and contribution to strategic and certain financial objectives. This is a routine pay item with no effect on the company's assets or debt.
19 Jan 2005debt financing▲ GoodMajor
On January 12, 2005 Syntroleum Nigeria signed a Participation Agreement with Lundin Petroleum, Palace Exploration, Challenger Minerals, Providence Resources and Howard Energy, letting them earn 67.5% of Syntroleum's interest in the OML 113 joint venture; this follows the earlier YFP deal. Syntroleum's share of the initial well cost (estimated at about $20.9 million total) is capped at 10% under a turnkey contract, and on January 14, 2005 it posted the $10 million letter of credit to YFP, with the Participants agreeing to reimburse 90% of it. The Participants will pay a signature bonus once Nigerian approvals arrive and a development bonus after commercial production begins.
28 Oct 2004security holder rights change● NeutralMajor
On October 24, 2004 the company adopted a Second Amended and Restated Rights Agreement (a shareholder rights plan) with American Stock Transfer & Trust, running to October 24, 2014. The rights trigger if someone acquires 20% or more of the stock (35% for Robert Day and his family and affiliates), letting other holders buy shares at a discount. Separately, a consulting letter agreement with TI Capital Management (principal Ziad Ghandour, a director) was amended so he would be paid shares or cash equal to 1% of net proceeds of a financing with a Chinese company represented by Bear Stearns, at $5.79 per share, if it closes by February 1, 2006.
14 Oct 2004debt financing● NeutralMajor
This amendment updates the Nigerian OML 113 deal: on October 7, 2004 Syntroleum and YFP signed a Joint Venture Agreement under the earlier Heads of Agreement. The filing sets new dates: an international operator by January 15, 2005 (or Syntroleum commits to drill alone), a letter of credit by January 15, 2005 (or the JV agreement terminates), and the first well to start by February 15, 2006, subject to extensions.
2 Sept 2004debt financing● NeutralMajor
On August 27, 2004, Syntroleum's subsidiary signed a Heads of Agreement with Yinka Folawiyo Petroleum (YFP) to appraise and possibly develop the Aje Field discovery on Oil Mining Lease 113 offshore Nigeria. Syntroleum must drill an appraisal well, estimated at about $10 million, within 12 months of getting an interest in the lease, backed by a letter of credit that YFP could draw as liquidated damages if drilling does not start; it must also bring in an experienced international operator, and its final share depends on terms still to be negotiated.
23 July 2002auditor change● Neutral
The company, which files under the name Syntroleum Corporation (Tulsa, Oklahoma), dismissed its auditor Arthur Andersen LLP on July 16, 2002 and hired Grant Thornton LLP for the fiscal year ending December 31, 2002. The filing says Andersen's reports for the two most recent years had no adverse opinion and there were no disagreements. Note: the filing is under the Syntroleum name, while earlier history in this record is labelled Sooner Holdings, so the link between the two names is not explained in the text.
