31 Jan 2014director interest notice● Neutral
Craig Duane Rasmuson became a SRC Energy Inc. Chief Executive Office and company insider (initial ownership filing).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
29 Jan 2014securities registration● Neutral
SRC Energy Inc. filed the final prospectus for a registered offering.
17 Jan 2014director interest notice● Neutral
SRC Energy Inc. director George L Seward bought 34,415 shares on the open market.
9 Jan 2014quarterly activities report● Neutral
SRC Energy Inc. reported quarterly revenue of $19.3 million and net income of $6.1 million for the period ended 2013-11-30.
9 Jan 2014quarterly activities report● Neutral
SRC Energy Inc. reported quarterly revenue of $19.3 million and net income of $6.1 million for the period ended 2013-11-30.
3 Jan 2014capital raising announcement● Neutral
On December 30, 2013 Synergy issued 15,883 restricted shares to director George Seward and 14,201 to two other people for helping obtain oil and gas leases. This is a small further dilution and continues paying Seward in shares for leases.
2 Jan 2014director interest notice● Neutral
SRC Energy Inc. director Bill M Conrad gifted 5,000 shares.
26 Dec 2013debt financing▲ GoodMajor
On December 20, 2013 Synergy amended its credit facility, raising the borrowing base from $75 million (June 2013) to $90 million, with the maximum commitment raised from $150 million to $300 million. Texas Capital Bank, Suntrust and Key Bank join the lenders, due November 28, 2016, at prime +0-1% or LIBO +2.5-3.25%. The filing does not state how much is drawn. This follows the cash payments for the November acquisitions, though the filing does not link them.
18 Nov 2013asset acquisition disposition▲ GoodMajor
The September 2013 acquisition closed on November 12, 2013 for about $20,500,000: $17,800,000 cash plus 301,339 restricted shares valued at $2,700,000. Synergy holds 100% working interest (75% net revenue interest) in 21 producing Wattenberg wells and operates them. This resolves the pending deal as announced.
18 Nov 2013asset acquisition disposition▲ GoodMajor
The August 2013 Wattenberg acquisition closed on November 13, 2013 for about $17,000,000: $12,750,000 cash plus 550,518 restricted shares valued at $4,250,000. Synergy now holds about 27.5% working interest (22% net revenue interest) in 45 producing wells and operates 44 of them. The price and well count came in below the signing announcement ($17.5M; 47 wells), though the filing does not explain why. This resolves the pending deal.
5 Nov 2013director interest notice● Neutral
SRC Energy Inc. director George L Seward disposed of 20 shares via option/appreciation-right settlement.
19 Sept 2013material agreement▲ GoodMajor
On September 16, 2013 Synergy agreed to buy 21 producing Wattenberg wells and about 800 net acres from an unnamed independent company for $20,500,000 ($17,800,000 cash and $2,700,000 in restricted shares), giving it 100% working interest (75% net revenue interest) with Synergy as operator. Closing depends on title review and other normal conditions. This is a second pending acquisition alongside the August 2013 deal.
3 Sept 2013material agreement▲ GoodMajor
On August 27, 2013 Synergy agreed to buy Wattenberg oil and gas properties from an unnamed independent company for $17,500,000 ($13,125,000 cash and $4,375,000 in restricted shares). They include 38 wells operated by the seller, 9 non-operated wells, a disposal well and about 3,639 gross (1,000 net) acres, at an average ~27.5% working interest. Closing depends on title review and other normal conditions. This adds to the company's Wattenberg growth by acquisition and is partly paid in new shares.
23 Aug 2013director interest notice● Neutral
SRC Energy Inc. director Raymond E Mcelhaney bought 5,000 shares on the open market at $6.67.
23 Aug 2013director interest notice● Neutral
SRC Energy Inc. director Rick Wilber bought 8,096 shares on the open market at $6.67.
26 July 2013material agreement▲ GoodMajor
On July 24, 2013 Synergy amended its April 19, 2013 drilling contract with Ensign United States Drilling, adding 21 wells to the original four for a total of 25 wells at about $1,100,000 per well. The 21 added wells are all in the Wattenberg Field and are expected to be drilled over the next 12 months, which expands the drilling plan.
15 July 2013business combination● Neutral
Synergy filed a preliminary proxy for its August 20, 2013 annual meeting (record date July 1, 2013; 68,925,330 shares outstanding). Shareholders vote on electing directors, lowering the quorum to one-third, raising the option plan from 2,000,000 to 5,000,000 shares, issuing shares to director George Seward for helping acquire leases, and ratifying EKS&H as auditor; the board recommends voting for the proposals. This continues the practice of paying director Seward in shares for leases, now put to a shareholder vote, and the option increase could add dilution.
10 July 2013quarterly activities report● Neutral
SRC Energy Inc. reported quarterly revenue of $12.3 million and net income of $3.6 million for the period ended 2013-05-31.
26 June 2013securities registration● Neutral
SRC Energy Inc. filed the final prospectus for a registered offering.
19 June 2013material agreement▲ GoodMajor
The underwriters exercised their over-allotment option in full on June 14, 2013, and the offering of 13,225,000 shares at $6.25 closed June 19, 2013, with net proceeds of about $78,273,000. This completes the June offering and resolves the open over-allotment question; the full amount is dilutive.
14 June 2013material agreement● NeutralMajor
On June 13, 2013 Synergy agreed with Johnson Rice & Company and underwriters to sell 11,500,000 shares at $6.25, plus a 30-day option for 1,725,000 more. Expected net proceeds are about $68,031,000, with closing around June 19. It uses the shelf registration effective April 23, 2013. The filing does not state a use of proceeds. This is a second underwritten offering after December 2011 and is dilutive.
14 June 2013securities registration● Neutral
SRC Energy Inc. filed a free-writing prospectus - marketing material for an offering in progress.
14 June 2013securities registration● Neutral
SRC Energy Inc. filed a prospectus supplement for an offering off its existing shelf.
14 June 2013director interest notice● Neutral
SRC Energy Inc. director George L Seward bought 22,202 shares on the open market.
10 June 2013securities registration● Neutral
SRC Energy Inc. filed the final prospectus for a registered offering.
7 June 2013material agreement▲ Good
On June 3, 2013 the borrowing base under the $150 million credit facility led by Community Banks of Colorado rose from $47 million to $75 million. The facility matures November 2016 at a current rate of about 3.45%. The filing does not say how much is drawn. This increases available borrowing under the November 2012 facility.
6 June 2013capital raising announcement● Neutral
On May 31, 2013 Synergy issued restricted shares: 202,824 to 21 persons and 22,202 to director George Seward for leases, 101,512 to one person for producing properties, 100,000 to an oil and gas exploration company under the earlier agreement disclosed in an 8-K (apparently the Vecta deal), and 36,334 to employees under the Stock Bonus Plan. This adds modest dilution and continues paying for leases in stock, including to director Seward.
24 May 2013securities registration● Neutral
SRC Energy Inc. filed the final prospectus for a registered offering.
6 May 2013securities registration● Neutral
SRC Energy Inc. registered a securities offering with the SEC using its shelf eligibility.
17 Apr 2013securities registration● Neutral
SRC Energy Inc. amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.