1 July 2008securities registration● Neutral
T-REX OIL, INC. filed the final prospectus for a registered offering.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
7 Apr 2008substantial holder notice● Neutral
THE BESSEMER GROUP, INCORPORATED*, BESSEMER TRUST COMPANY, N.A.*, BESSEMER INVESTMENT MANAGEMENT LLC*, OLD WESTBURY REAL RETURN FUND disclosed a new substantial T-REX OIL, INC. shareholding (9.90% of votes).
13 Mar 2008director interest notice● Neutral
T-REX OIL, INC. President and CEO John Works gifted 25,000 shares.
14 Feb 2008material agreement▲ GoodMajor
On February 14, 2008 Rancher signed a CO2 purchase agreement with ExxonMobil for at least 70 MMcf per day over a ten-year primary term (extendable by ten more), on a take-or-pay basis, with the CO2 to come from the LaBarge field and be used at its three Powder River Basin fields. The term starts about 30 days after ExxonMobil finishes expanding its delivery facilities, and delivery does not begin until Rancher provides a surety bond equal to four months' supply; ExxonMobil can also ask for further financial assurances and terminate if they are not given within 30 days. Rancher says it intends to build a pipeline to the source. This is a second CO2 supply deal alongside the Anadarko contract from December 2006.
14 Feb 2008substantial holder notice● Neutral
Passport Global Master Fund SPC Ltd for and on behalf of Portfolio A &#, Passport Holdings, LLC, Passport Management, LLC, Passport Capital, LLC, John Burbank reported a T-REX OIL, INC. shareholding of 2,296,630 shares (1.98% of votes) in a periodic institutional filing.
14 Feb 2008substantial holder notice● Neutral
JANA PARTNERS LLC reported a T-REX OIL, INC. shareholding of 5,333,333 shares (4.70% of votes) in a periodic institutional filing.
11 Feb 2008securities registration● Neutral
T-REX OIL, INC. filed the final prospectus for a registered offering.
31 Dec 2007securities registration● Neutral
T-REX OIL, INC. filed the final prospectus for a registered offering.
31 Dec 2007director interest notice● Neutral
T-REX OIL, INC. 10%+ owner Hound Partners, LLC bought 20,000 shares on the open market.
28 Dec 2007director interest notice● Neutral
T-REX OIL, INC. 10%+ owner Hound Partners, LLC bought 494,500 shares on the open market.
20 Dec 2007director interest notice● Neutral
Hound Partners, LLC became a T-REX OIL, INC. 10%+ owner and company insider (initial ownership filing).
20 Dec 2007director interest notice● Neutral
T-REX OIL, INC. 10%+ owner Hound Partners, LLC bought 450,000 shares on the open market.
20 Dec 2007substantial holder notice● Neutral
Hound Partners, LLC, Hound Performance, LLC, Jonathan Auerbach, Hound Partners, LP, Hound Partners Offshore Fund, LP disclosed a new substantial T-REX OIL, INC. shareholding (10.90% of votes).
9 Nov 2007securities registration● Neutral
T-REX OIL, INC. filed the final prospectus for a registered offering.
6 Nov 2007capital raising announcement▲ GoodMajor
Rancher issued 861,085 shares on October 31, 2007 as another $794,000 registration-delay payment, priced at about $0.43 per share. The same day it announced that its resale registration statement was declared effective by the SEC, covering 160,419,830 shares (86,410,449 existing shares and 74,009,382 shares underlying warrants). Effectiveness resolves the open thread behind the monthly penalty payments, so the filing does not show further payments being due; Rancher receives no proceeds from resales under it.
2 Nov 2007securities registration● Neutral
T-REX OIL, INC. filed the final prospectus for a registered offering.
23 Oct 2007securities registration● Neutral
T-REX OIL, INC. amended a filing by which it registered a securities offering with the SEC.
23 Oct 2007capital raising announcement▼ Bad
Rancher issued 1,443,712 shares on October 17, 2007 as the monthly $794,000 registration-delay payment to investors in its December 2006 and January 2007 placement, priced at about $0.55 per share. This continues the series of share payments, and the count is lower than September's 2,467,484 because the price used rose from about $0.32.
17 Oct 2007debt financing● NeutralMajor
On October 16, 2007 Rancher borrowed $12,240,000 from GasRock Capital under a term loan, receiving $11,622,800 net after GasRock's fees, expenses and three months of interest held in escrow, plus about $390,000 of its own transaction costs. The loan is due October 31, 2008, pays the greater of 12% or LIBOR plus 6%, and is secured by a first-priority lien on all assets including the three Powder River Basin fields. GasRock also received a 2% overriding royalty on all three fields (and on any new working interests acquired while the loan is outstanding), and Rancher entered a BP collar hedge (floor $65/bbl on 75% of scheduled production, ceiling $83.50 on 45%) as the loan required. The press release says the money is for waterflood work on the three fields ahead of CO2 recovery and that more financing is needed to start waterflood at Big Muddy. This is the first debt of this size in the story, and it follows the equity raised in the 2006-07 placements.
10 Oct 2007securities registration● Neutral
T-REX OIL, INC. amended a filing by which it registered a securities offering with the SEC.
18 Sept 2007capital raising announcement▼ Bad
Rancher issued 2,467,484 shares on September 17, 2007 as another $794,000 registration-delay payment to investors in its December 2006 and January 2007 placement, priced at about $0.32 per share. This is the largest share issue of the series so far (up from 1,757,212 in August), and the registration statement is still not effective, per the filing. Shareholders face growing dilution while the delay continues.
7 Sept 2007securities registration● Neutral
T-REX OIL, INC. amended a filing by which it registered a securities offering with the SEC.
30 Aug 2007director interest notice● Neutral
Richard E Kurtenbach became a T-REX OIL, INC. Chief Accounting Officer and company insider (initial ownership filing).
17 Aug 2007capital raising announcement▼ Bad
Rancher issued 1,757,212 shares on August 17, 2007 as another $794,000 registration-delay payment to investors in its December 2006 and January 2007 placement, priced at about $0.45 per share. Together with the May, June and July payments, that is four share payments; the share count per payment keeps rising as the price used falls. The registration statement is still not effective, per the filing.
23 July 2007capital raising announcement▼ Bad
Rancher issued 1,321,799 shares on July 19, 2007 as the monthly $794,000 payment to investors in its December 2006 and January 2007 placement, because the resale registration statement is still not effective. The price used was about $0.60 per share, so more shares are needed than in May (933,458) and June (946,819). This continues the dilution from the registration penalty.
19 July 2007securities registration● Neutral
T-REX OIL, INC. amended a filing by which it registered a securities offering with the SEC.
2 July 2007asset acquisition disposition● Neutral
This second amendment responds to SEC comments on the March 2007 filing about the Powder River Basin purchases. It replaces the earlier statements for Cole Creek South and South Glenrock with full audited carve-out financials, since these fields are treated as a predecessor, and restates Big Muddy revenues and production taxes to show Rancher's share rather than gross amounts. Pro forma information is also revised. Closing costs are now given as about $400,000 (Nielson fields) and about $700,000 (Big Muddy). No new transaction; the Nielson carve-out shows a net loss of $577,740 for January 1 to December 21, 2006.
25 June 2007capital raising announcement▼ Bad
Rancher issued 946,819 shares on June 19, 2007 to investors from its December 2006 and January 2007 placement because its resale registration statement was still not effective 150 days after closing. The payment is $794,000 (1% of the purchase price), paid in shares at about $0.84 each; a similar 933,458-share payment was made May 18, 2007. This is the penalty the placement terms required if registration was not effective in time, and it is a recurring cost that dilutes shareholders.
15 June 2007late filing notice▼ Bad
T-REX OIL, INC. notified the SEC that its annual report would be filed late.
6 June 2007substantial holder notice● Neutral
Persistency disclosed a new substantial T-REX OIL, INC. shareholding (6.33% of votes).