25 May 2016director interest notice● Neutral
Cathleen M Osborn became a SRC Energy Inc. Vice President/General Counsel and company insider (initial ownership filing).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
23 May 2016director interest notice● Neutral
SRC Energy Inc. director Robert W Noffsinger III sold 50,000 shares at $5.82.
19 May 2016director interest notice● Neutral
Jared Grenzenbach became a SRC Energy Inc. Chief Accounting Officer and company insider (initial ownership filing).
10 May 2016material agreement● NeutralMajor
On May 4, 2016 the company agreed to sell 45,000,000 new shares to underwriters led by Credit Suisse at $5.597 per share to the company, with an option for 6,750,000 more; the offering completed May 10. It follows the April offering at $7.3535 per share, so the new shares were priced lower. The filing notes Credit Suisse and others also acted as placement agents for the 9% senior notes. It does not state the use of proceeds; the timing alongside the Noble purchase is an inference, not stated.
5 May 2016securities registration● Neutral
SRC Energy Inc. filed a prospectus supplement for an offering off its existing shelf.
3 May 2016debt financing● NeutralMajor
On May 2, 2016 the company agreed to buy Wattenberg Field oil and gas properties from Noble Energy for about $505 million in cash, in two closings: about $487.2 million in June 2016 and about $17.8 million later, once a government consent decree on some properties is released. A $50.5 million deposit is in escrow. To help fund it, the company amended its bank credit agreement (eighth amendment) to allow senior unsecured notes, and got a commitment from MTP Energy Master Fund and GSO Capital Partners to buy $80 million of 9% five-year senior notes. The same filing furnished first-quarter 2016 results: revenue $18.3 million, net loss $51.4 million including a $45.6 million impairment, production up 65% to 1,047 MBOE, and total liquidity of $195.9 million at March 31, 2016.
3 May 2016securities registration● Neutral
SRC Energy Inc. filed a prospectus supplement for an offering off its existing shelf.
3 May 2016quarterly activities report▼ Bad
SRC Energy Inc. reported quarterly revenue of $18.3 million and a net loss of $51.4 million for the period ended 2016-03-31.
14 Apr 2016material agreement● NeutralMajor
The company sold 19,500,000 new shares to underwriters led by Credit Suisse at $7.3535 per share on April 11, 2016. The underwriters then used their option on April 12 to buy 2,925,000 more, so 22,425,000 shares were issued and the offering closed April 14. This adds to the share count and continues the string of share offerings since the January 2016 prospectus supplements; the filing does not say what the money is for.
13 Apr 2016securities registration● Neutral
SRC Energy Inc. filed a prospectus supplement for an offering off its existing shelf.
11 Apr 2016securities registration● Neutral
SRC Energy Inc. filed a prospectus supplement for an offering off its existing shelf.
11 Apr 2016quarterly activities report▼ Bad
SRC Energy Inc. reported quarterly revenue of $18.3 million and a net loss of $51.4 million for the period ended 2016-03-31.
16 Feb 2016substantial holder notice● Neutral
Citadel Advisors LLC, Citadel Advisors Holdings II LP, Citadel GP LLC, Kenneth Griffin reported a SRC Energy Inc. shareholding of 0.10% of votes in a periodic institutional filing.
12 Feb 2016substantial holder notice● Neutral
Victory Capital Management Inc disclosed a new substantial SRC Energy Inc. shareholding (9.33% of votes).
27 Jan 2016substantial holder notice● Neutral
BlackRock, Inc reported a SRC Energy Inc. shareholding of 9,668,876 shares (9.20% of votes) in a periodic institutional filing.
25 Jan 2016securities registration● Neutral
SRC Energy Inc. filed a prospectus supplement for an offering off its existing shelf.
21 Jan 2016securities registration● Neutral
SRC Energy Inc. filed a prospectus supplement for an offering off its existing shelf.
8 Jan 2016quarterly activities report▼ Bad
SRC Energy Inc. reported quarterly revenue of $25.4 million and a net loss of $48.2 million for the period ended 2015-12-31.
8 Jan 2016quarterly activities report▼ Bad
SRC Energy Inc. reported quarterly revenue of $25.4 million and a net loss of $48.2 million for the period ended 2015-12-31.
21 Dec 2015asset acquisition disposition● Neutral
This is a repeat of the December 18, 2015 amendment, filed only to add the auditor EKS&H's consent as Exhibit 23.1. The explanatory note says no other changes were made; it carries no new substance.
18 Dec 2015asset acquisition disposition● Neutral
This amendment supplies the financial statements and pro forma figures for the Kauffman acquisition. It restates that the seller received $35.0 million cash and 4,418,413 shares valued at $49.8 million, and with assumed liabilities the preliminary price was $85.2 million, up from the original $78.0 million because the share value moved from $9.73 to $11.28. The acquired assets are described as interests in 29 non-operated horizontal wells and about 4,300 net acres. It fulfils the earlier commitment to file acquisition financials.
22 Oct 2015capital raising announcement● Neutral
The Kauffman acquisition closed on October 20, 2015, with 4,418,413 new shares issued to the seller as part of the payment. The filing describes about 4,100 net acres (the earlier announcement said about 4,300). The company's address has also changed, from Platteville to Denver. This resolves the pending Kauffman purchase.
15 Oct 2015quarterly activities report▼ Bad
SRC Energy Inc. reported quarterly revenue of $33.4 million and a net loss of $77.9 million for the period ended 2015-09-30.
16 Sept 2015capital raising announcement▲ GoodMajor
On September 14, 2015 the company agreed to buy about 4,300 net acres of DJ Basin leasehold and related assets from K.P. Kauffman Company for $35 million cash plus about 4.4 million shares (the press release puts the total at $78 million and notes non-operated interests in 25 gross horizontal wells producing about 1,200 BOED), with closing expected in October 2015. The same filing carries an operations update (fiscal 2015: 46 gross operated wells drilled; one rig under contract through calendar 2015, no long-term drilling commitments for fiscal 2016), a restatement of the articles with no substantive changes, and notice of an October 16 earnings call. The signer and call hosts are President Lynn Peterson, CFO James Henderson and COO Craig Rasmuson, so the leadership team differs from the Co-CEO/Jennings team in earlier filings (inference: a management change, not explained in this filing).
11 Sept 2015securities registration● Neutral
SRC Energy Inc. filed an automatic shelf registration, effective immediately as a well-known seasoned issuer.
3 Aug 2015quarterly activities report▼ Bad
SRC Energy Inc. reported quarterly revenue of $28.3 million and a net loss of $4.6 million for the period ended 2015-06-30.
10 July 2015quarterly activities report▼ Bad
SRC Energy Inc. reported quarterly revenue of $28.3 million and a net loss of $4.6 million for the period ended 2015-06-30.
8 June 2015debt financing● Neutral
On June 2, 2015 the company signed a sixth amendment to its credit agreement, setting the borrowing base at $175 million (down from $200 million after the January offering), with the maximum commitment staying at $500 million and maturity December 15, 2019. A minimum current ratio covenant was replaced by a minimum liquidity requirement of $25 million. The filing does not state the amount drawn.
26 May 2015material agreement▲ Good
On May 19, 2015 the company agreed to buy the remaining 35% working interest in the NE Wattenberg Extension Area (Greenhorn) AMI from Foreland Investments LP, for 323,745 restricted shares worth about $3.9 million ($250 per net acre); closing was scheduled before May 31. The press release says this brings it to a 100% working interest in the AMI, about 56,000 net acres in the Extension Area, and that the first Greenhorn well (Conrad 44-1GHZ) was about to be spudded. This follows the earlier Greenhorn partnership and the planned Greenhorn test well, though the filing doesn't link the two names.
1 May 2015asset acquisition disposition▲ Good
On April 27, 2015 the company bought an undivided 30% working interest in undeveloped leases (about 45,000 gross, 13,500 net acres) in the NE Wattenberg Extension Area from Vectra Oil & Gas, paying 287,642 restricted shares worth about $3.4 million ($250 per net acre) rather than cash. This continues the Extension Area leasehold build-up with the Vecta/Vectra partner (the filing spells it 'Vectra').