Past year: ▼ 53%(15.5c – 77.0c USD)
Each one in plain English, with the numbers worked through for a shareholder.
17 Apr 2013debt financing▲ GoodMajor
On April 11, 2013 Triangle's subsidiary Triangle USA Petroleum replaced its April 2012 $300 million Wells Fargo credit facility with a $500 million secured revolver maturing April 11, 2018. The borrowing base, the amount the banks will actually lend, was set at $110 million, and it is to be reviewed several times through May 2014. The covenants are the same as before: a current ratio of at least 1.0 and debt to EBITDAX of no more than 4.0.
16 Apr 2013late filing notice▼ Bad
Triangle Petroleum Corp notified the SEC that its annual report would be filed late.
13 Mar 2013capital raising announcement● NeutralMajor
The NGP share sale announced on March 4 closed on March 8, 2013: Triangle issued 8,118,407 shares to NGP Natural Resources X and 1,181,593 to its Parallel Fund for $55.8 million total. The investment agreement and registration rights were amended as previously described, with two demand registrations per year and five in total. The rest of the filing is a corporate presentation posted to the website.
11 Mar 2013substantial holder notice● Neutral
NGP Triangle Holdings LLC, NGP Natural Resources X, L.P, G.F.W. Energy X, L.P, GFW X, L.L.C, Kenneth A. Hersh reported a Triangle Petroleum Corp shareholding of 24,614,062 shares (33.80% of votes) in a periodic institutional filing.
4 Mar 2013capital raising announcement● NeutralMajor
On March 2, 2013 Triangle agreed to sell 9,300,000 new shares at $6.00 each ($55.8 million) to NGP Triangle Holdings, which already holds the $120 million convertible note it bought in July 2012. The press release says the shares have a six-month trading restriction, add no extra board seats, and raise the share count by 19.9%; it also says the sale lifts the fiscal 2014 capex budget from $190 million to $245 million, and it announces the RockPile $20 million Wells Fargo credit facility. The deal is subject to closing conditions and also expands NGP's registration rights.
1 Mar 2013debt financing● NeutralMajor
On February 25, 2013, Triangle's subsidiary RockPile Energy Services signed a Wells Fargo credit agreement covering a $7.5 million revolver, a $10.5 million equipment term loan and a $2.0 million capex term loan, maturing February 25, 2016. The full $10.5 million term loan was drawn at signing. Triangle guarantees the debt, though the lender will consider releasing that guarantee after reviewing RockPile's audited statements for the year to January 31, 2014. This is the first debt of RockPile, which Triangle took full ownership of in December 2012.
12 Feb 2013substantial holder notice● Neutral
The Vanguard Group disclosed a new substantial Triangle Petroleum Corp shareholding (5.81% of votes).
9 Jan 2013substantial holder notice● Neutral
New Era Energy Fund LP, New Era SPV LP, New Era Investors, LLC, Mark Shamia, David Anderson disclosed a new substantial Triangle Petroleum Corp shareholding (5.22% of votes).
4 Jan 2013capital raising announcement● NeutralMajor
Triangle bought out the remaining minority owners of its pressure pumping subsidiary RockPile Energy Services, which it already held 83.33% of. It paid DCF Partners 1,900,000 new shares plus $609,000 cash for 3,500,000 units, and paid SourceRock 285,715 shares for 500,000 units. Triangle is now the sole holder of RockPile's Series A units. The filing also shows Triangle is now a Delaware company (previously Nevada); the filing does not explain the change.
18 Dec 2012securities registration● Neutral
Triangle Petroleum Corp amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
10 Dec 2012quarterly activities report▼ Bad
Triangle Petroleum Corp reported quarterly revenue of $21.3 million and a net loss of $599 thousand for the period ended 2012-10-31.
10 Dec 2012quarterly activities report▼ Bad
Triangle Petroleum Corp reported quarterly revenue of $21.3 million and a net loss of $599 thousand for the period ended 2012-10-31.
19 Oct 2012securities registration● Neutral
Triangle Petroleum Corp registered a securities offering with the SEC using its shelf eligibility.
1 Oct 2012material agreement▲ GoodMajor
On October 1, 2012, Triangle formed Caliber Midstream Partners, a Williston Basin pipeline and water-handling joint venture, with First Reserve's energy infrastructure fund (FREIF). Triangle contributes rights-of-way plus cash worth $30.0 million for 30% of the limited partner units, 4,000,000 trigger units and a 50% stake in the general partner; FREIF contributes $70.0 million for 70%. Triangle's units can rise to a 50% interest if operating targets are met, and the press release says Triangle has no required contributions beyond the initial $30 million, with $20 million reserved in the budget for the year to January 2013.
12 Sept 2012quarterly activities report▼ Bad
Triangle Petroleum Corp reported quarterly revenue of $10.1 million and a net loss of $1.1 million for the period ended 2012-07-31.
10 Sept 2012quarterly activities report▼ Bad
Triangle Petroleum Corp reported quarterly revenue of $10.1 million and a net loss of $1.1 million for the period ended 2012-07-31.
6 Sept 2012quarterly activities report▼ Bad
Triangle Petroleum Corp reported quarterly revenue of $10.1 million and a net loss of $1.1 million for the period ended 2012-07-31.
10 Aug 2012substantial holder notice● Neutral
NGP Triangle Holdings, LLC, NGP Natural Resources X, L.P, G.F.W. Energy X, L.P, GFW X, L.L.C, Kenneth A. Hersh disclosed a new substantial Triangle Petroleum Corp shareholding (16.60% of votes).
14 June 2012quarterly activities report▼ Bad
Triangle Petroleum Corp reported quarterly revenue of $5.2 million and a net loss of $3.0 million for the period ended 2012-04-30.
11 June 2012quarterly activities report▼ Bad
Triangle Petroleum Corp reported quarterly revenue of $5.2 million and a net loss of $3.0 million for the period ended 2012-04-30.
16 Apr 2012debt financing● NeutralMajor
On April 12, 2012, Triangle's subsidiary Triangle USA Petroleum signed a $300.0 million senior secured revolving credit agreement with Wells Fargo as agent, maturing April 12, 2017. The initial borrowing base is only $10.0 million and nothing was drawn at signing. It is secured by the subsidiary's assets and guaranteed by Triangle, and it requires a debt to EBITDAX ratio of no more than 4.0 to 1.0. This is the company's first bank facility in this history, after the earlier note that it was debt free.
14 Feb 2012substantial holder notice● Neutral
Mackenzie Financial Corporation disclosed a new substantial Triangle Petroleum Corp shareholding (0.00% of votes).
13 Feb 2012substantial holder notice● Neutral
Palo Alto Investors, LLC, Palo Alto Investors, Inc, William Leland Edwards, Anthony Joonkyoo Yun, MD reported a Triangle Petroleum Corp shareholding of 0.10% of votes in a periodic institutional filing.
12 Jan 2012auditor change● Neutral
Triangle switched its auditor on January 10, 2012, from the Canadian member firm of KPMG (KPMG Canada) to the U.S. member firm (KPMG USA). The filing says KPMG Canada's reports for fiscal years ended January 31, 2011 and 2010 were clean, with no disagreements. The audit committee approved the change.
14 Dec 2011quarterly activities report▼ Bad
Triangle Petroleum Corp reported quarterly revenue of $3 thousand and a net loss of $2 thousand for the period ended 2011-10-31.
8 Sept 2011quarterly activities report▼ Bad
Triangle Petroleum Corp reported quarterly revenue of $625 and a net loss of $6 thousand for the period ended 2011-07-31.
7 Sept 2011quarterly activities report▼ Bad
Triangle Petroleum Corp reported quarterly revenue of $625 and a net loss of $6 thousand for the period ended 2011-07-31.
29 July 2011material agreement● Neutral
Triangle signed an employment agreement with Jeremy Wagers as Senior Vice President, General Counsel and Secretary, effective June 1, 2011, at a $195,000 annual base salary with a one-year auto-renewing term. Severance is 12 months of salary (6 months if the company does not renew), and the same applies if he leaves within 60 days of a change in control. This is a routine executive hire.
14 June 2011quarterly activities report▼ Bad
Triangle Petroleum Corp reported quarterly revenue of $513 and a net loss of $872 for the period ended 2011-04-30.
29 Apr 2011securities registration● Neutral
Triangle Petroleum Corp amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
