21 Nov 2006securities registration● Neutral
TXCO Resources Inc filed the final prospectus for a registered offering.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
24 Aug 2006securities registration● Neutral
TXCO Resources Inc filed the final prospectus for a registered offering.
10 Aug 2006substantial holder notice● Neutral
Wellington Management Company, LLP reported a TXCO Resources Inc shareholding of 2,146,100 shares (6.52% of votes) in a periodic institutional filing.
10 Aug 2006listing compliance notice▲ Good
The company's common stock moves from the Nasdaq Capital Market to the Nasdaq Global Select Market, with trading there starting August 14, 2006. The ticker stays TXCO. The filing is a listing upgrade, not a compliance problem, despite being filed under the delisting/listing-standard item.
25 May 2006securities registration● Neutral
TXCO Resources Inc filed the final prospectus for a registered offering.
19 May 2006securities registration● Neutral
TXCO Resources Inc amended a filing by which it registered a securities offering with the SEC.
28 Apr 2006securities registration● Neutral
TXCO Resources Inc registered a securities offering with the SEC.
6 Apr 2006capital raising announcement● Neutral
The company confirms it closed the private placement of common stock on April 4, 2006, continuing the April 5 report of the signing. Net proceeds of about $29.9 million are for Glen Rose Porosity and San Miguel tar sand drilling in the Maverick Basin, Marfa Basin drilling, and its recent drilling rig purchase. It must file a resale registration within 30 days and seek effectiveness within 150 days, or pay 1% a month up to 10%. No new terms beyond the prior filing.
5 Apr 2006capital raising announcement● NeutralMajor
The company sold 3.0 million new common shares to institutional investors in a private placement at $10.50 per share, $31.5 million total, closing April 4, 2006, with A.G. Edwards and Harris Nesbitt as placement agents. Net proceeds of about $29.9 million are for Maverick Basin drilling, Marfa Basin drilling and a recent drilling rig purchase. This adds shares, bringing the count to about 32.9 million per the press release, and the company must file a resale registration within 30 days or pay penalties of 1% a month up to 10%.
14 Feb 2006substantial holder notice● Neutral
Wellington Management Company, LLP reported a TXCO Resources Inc shareholding of 3,892,000 shares (13.48% of votes) in a periodic institutional filing.
1 Feb 2006material agreement● Neutral
The board set 2006 base salaries: COO James Bookout $160,000, CFO P. Mark Stark $175,000, and Roberto Thomae $160,000. It also approved restricted stock grants: 10,000 shares each to four continuing directors vesting January 27, 2007, 40,000 each to Dennis Fitzpatrick and Jon Michael Muckleroy (the two directors added in December 2005) vesting over three years, 30,000 each to Stark, Bookout and Thomae, and 6,000 to Sartor.
31 Jan 2006securities registration● Neutral
TXCO Resources Inc filed the final prospectus for a registered offering.
17 Jan 2006material agreement● Neutral
Controller Richard A. Sartor's 2006 base salary was raised from $107,220 to $120,000. Raises for other named officers (except CEO Sigmon, already disclosed) were not yet approved.
5 Jan 2006material agreement● Neutral
The company signed a third amendment to its credit agreement with Guaranty Bank, FSB on December 30, 2005. Tranche A is reduced from $24.5 million to $24.0 million while Tranche B stays at $5.0 million (total $29.0 million), hedging requirements are removed, and maturity is extended from June 30, 2007 to June 30, 2008.
30 Dec 2005material agreement● Neutral
The board approved higher pay effective for 2006: director retainer rises from $15,000 to $20,000, with restricted share grants replacing the old 75,000-option grants. CEO Jim Sigmon's salary rises from $210,000 to $260,000 with a $50,000 bonus; the COO and CFO each get $25,000 and the corporate secretary $15,000, recognising the strategic alternatives review completed in September.
14 Dec 2005asset acquisition disposition● Neutral
This amendment only adds unaudited pro forma income statements for 2004 and the first nine months of 2005 showing the effect of the completed $80 million EnCana sale. No new transaction terms are given in the text, and no pro forma balance sheet is included because the Q3 2005 10-Q already reflects the sale.
2 Dec 2005substantial holder notice● Neutral
RICHARD A. KAYNE - ###-##-####, KAYNE ANDERSON CAPITAL ADVISORS, L.P., KAYNE ANDERSON ENERGY FUND II, L.P. reported no remaining TXCO Resources Inc shareholding in its periodic institutional filing.
30 Nov 2005securities registration● Neutral
TXCO Resources Inc filed the final prospectus for a registered offering.
30 Nov 2005capital raising announcement▲ GoodMajor
The company reports that an October 4, 2005 participation agreement with Peacock Oil & Gas Properties and Elton Smith closed October 21, 2005. It acquired working interests in about 135,000 gross acres (about 128,000 net) in Presidio and Brewster Counties, Texas, paying cash plus 450,000 unregistered common shares. The cash amount is not stated in the filing.
17 Oct 2005asset acquisition disposition● NeutralMajor
The company reports that the $80 million Maverick Basin sale to EnCana closed on September 30, 2005; the earlier filing had listed it under the wrong item. Separately, Nasdaq notified the company on October 12, 2005 that director Thomas Gose's resignation left its audit committee out of compliance with the independence rule. The board named Stephen M. Gose, Jr. to the audit committee, which the company says restores compliance.
27 Sept 2005material agreement● NeutralMajor
The company agreed to sell selected Maverick Basin interests to EnCana Oil & Gas (USA) Inc. for US$80 million, effective Sept. 1, 2005 and subject to due diligence and other conditions. The buyer gets about 3% of estimated proved reserves and about 20% of current production; the company keeps about 670,000 gross acres and expects to use proceeds to repay bank debt and redeemable preferred stock in full. The filing also says the strategic alternatives review begun in December 2004 has concluded, ending that thread with an asset sale.
16 Feb 2005asset acquisition disposition▲ GoodMajor
The company agreed to an asset swap with Arrow River Energy LP and CMR Energy LP. It gets a 50% working interest in 174,460 gross acres (68,545 net) in Maverick, Dimmit and Zavala counties, Texas, plus 3-D seismic data, and will operate. In return, Arrow River and CMR get a 50% interest in 106,500 acres of tracts within the company's existing block. Arrow River keeps a net-profits interest on new wells, payable until it has received $6,250,000 plus interest.
10 Jan 2005substantial holder notice● Neutral
Wellington Management Company, LLP disclosed a new substantial TXCO Resources Inc shareholding (10.87% of votes).
17 Dec 2004material agreement termination● NeutralMajor
The company offered employees amended change-in-control agreements dated December 15, 2004 with enhanced payout guarantees, replacing the November 11, 2003 agreements once accepted. It also announced a 2005 capital spending plan and hired Raymond James & Associates to pursue strategic alternatives to enhance shareholder value.
18 June 2004securities registration● Neutral
TXCO Resources Inc registered a securities offering with the SEC using its shelf eligibility.
6 Apr 2004business combination● Neutral
The company (then named The Exploration Company of Delaware) filed draft proxy materials for its May 14, 2004 annual meeting. Shareholders will vote on electing two Class C directors, amending the charter to allow preemptive rights to be granted by contract to investors, and ratifying Akin, Doherty, Klein & Feuge, P.C. as auditors. 23,381,145 common shares were outstanding on the April 1, 2004 record date.
29 Sept 2003substantial holder notice● Neutral
RICHARD A. KAYNE - ###-##-####, KAYNE ANDERSON CAPITAL ADVISORS, L.P., KAYNE ANDERSON ENERGY FUND II, L.P. disclosed a new substantial TXCO Resources Inc shareholding (8.40% of votes).
20 Aug 2002securities registration● Neutral
TXCO Resources Inc filed the final prospectus for a registered offering.
6 June 2002securities registration● Neutral
TXCO Resources Inc registered a securities offering with the SEC using its shelf eligibility.