CM - People & Companies - March 07, 2019Directors who have announced
they do not intend to stand for re-election
at their company’s next annual meeting
of shareholders: Mark C. McKinley
from Anadarko Petroleum, George
D. Lawrence from Apache, Martin S.
Craighead, vice chairman, from Baker
Hughes, a GE company, Charles
L. Fabrikant from Diamond Offshore
Drilling, Inc., B.Z. (Bill) Parker from
Laredo Petroleum, Inc., Gary L. Warren
from Newpark Resources, Inc. Berry Petroleum Corp. elected
Donald L. Paul to its board of...
Mar 07, 2019
Talara Capital helps start up Crescent Pass EnergyTalara Capital Management
provided $75 million in an equity credit line
to Crescent Pass Energy LLC, a newly
formed Spring, Texas-based E&P firm that
will focus on opportunities in East Texas
and Northern Louisiana, predominantly
in the “liquids-rich Cotton Valley trend.”
The Jan. 28 deal brings Talara’s current
portfolio companies to two, the other being
New Century Exploration, Inc., which
focuses on the Eagle Ford.
Crescent Pass is led by CEO Tracy
Price, who was formerly EVP of...
Feb 14, 2019
PetroQuest emerges from Ch. 11, signs for $50MM loanPetroQuest Energy Inc. announced that it emerged from Chapter 11 bankruptcy
protection on Feb. 8 with a balance sheet that is about $295 million lighter between
expunged debt and preferred equity obligations. The company’s post-restructuring
balance sheet includes $130 million of debt outstanding, consisting of $80 million
in aggregate principal amount of 10% senior secured PIK Notes due 2024 and a
$50 million first-lien term loan agreement. Current cash is estimated at about $23
million....
Feb 14, 2019
IS - People & Companies - January 31, 2019Alexander Krane, former CFO of
Aker BP, will take a position as investment
director at Aker ASA. David Torvik Tønne,
former VP, corporate control, is
the new CFO. Lene Landøy, VP,
Strategy Portolio and Analysis,
was named a director responsible for
strategy and business development. Both
will be a part of the company’s executive
management team and will report to CEO
Karl Johnny Hersvik. Aminex named Linda Beal as an
independent non-executive director and
chair the audit and risk...
Jan 31, 2019
Chapter 11 bankruptcies filed across the energy spectrumTwo upstream companies sought Chapter 11 bankruptcy protection in a Houston federal court within a week of each other, and a US-traded marine fuel logistics company petitioned the New York federal bankruptcy court. The two Houston filers follow a Q3 in which just three energy companies petitioned the Southern District of Texas, continuing a trend downward from previous quarters, according to law firm Haynes & Boone.Gastar Exploration filed for Chapter 11 bankruptcy protection on...
Nov 15, 2018
PetroQuest signs new $50 million term loanPetroQuest Energy, Inc. borrowed $50 million to help repay some of its existing debt and to fund working capital. The company signed the new 10% p.a. loan with affiliates of New York Life Investment Management and Corre Partners Management. Collateral for the loan is a first priority lien on substantially all the company’s assets, equipment and at least 90% of the total value of its oil and gas properties. PetroQuest drew down $32.5 million from the new loan to repay a previous loan and...
Sep 13, 2018
PetroQuest skipping interest on $284MM in loansPetroQuest Energy, Inc. elected not to make about $14.2 million in semi-annual interest payments on its nearly $284 million principal amount of notes that are outstanding, in order to “preserve liquidity.” The company had until Aug. 15 to make payments on $275 million of 10% second lien senior PIK notes due 2021 and on $9.4 million of 10% second lien senior secured notes due 2021. The independent Lafayette, Louisiana-based E&P will use a 30-day grace period to evaluate alternatives for...
Aug 23, 2018
PetroQuest shares trading under NYSE levelNYSE notified independent Louisiana
-based E&P PetroQuest Energy, Inc. it
was out of compliance with continued
listing standards. Its shares traded under a
$1.00 over a 30 day-trading period ended
April 9. PetroQuest had 10 business days
to tell the NYSE whether it plans to cure
the deficiency, and if so, then six months to
remedy while the shares remain...
Apr 19, 2018
PetroScout - What the Analysts are Saying About E&P - January 12, 2017Abraxas Petroleum (AXAS; $2.88-Jan. 4; Buy; PT: $3.25) Raising price target on solid first Wolfcamp result. While the stock has done very well, having more than quadrupled from its Q1/16 lows, we see further upside, especially with several expected catalysts on the horizon, particularly the company’s first Delaware Basin result that we highlight below. Some recent Delaware Basin deals in the Permian have transacted north of $40k/acre; we are valuing AXAS’s position at ~half that. We are...
Jan 12, 2017
What the Analysts are Saying About - June 18, 2015Gulfport Energy Corp. (GPOR; $45.37–April 9; Outperform; Range: $56-$60)Dry gas Utica acquisition—Round 2. GPOR consolidation in dry gas window continues with second acreage acquisition announced this quarter—this time from American Energy-Utica, LLC (AEU). GPOR purchasing 50,113 gross, 35,325 net acres for $407MM which translates to $9,500/acre after adjusting for production and infrastructure. Acreage in a good area of the dry gas window, surrounded by Gulfport’s existing footprint, is...
Jun 18, 2015
CM - Midstream Briefs - October 26, 2018Crestwood Midstream Partners
LP announced on Oct. 16 that it had
amended its five-year $1.25 billion
revolving credit facility. The facility has a
$350 million accordion feature,
a same-day swingline sublimit
of $25 million and a letter of
credit sublimit of $350 million. Crestwood
is subject to maintaining certain ratios
via covenants, including a consolidated
total leverage ratio of not more than
5.5x, a minimum interest coverage ratio
of 2.5x and a senior secured leverage
ratio cap of 3.75x....
Oct 26, 2018
People Briefs - December 15, 2015Atlas Energy Group and Atlas Resource Partners named Matthew Skelly investor relations VP. Skelly served in the same role for Atlas Pipeline Partners from 2010 until this year’s merger with Targa Resources. He previously worked in the bank and thrift sector at JP Morgan and on cross-border IR consulting and capital markets intelligence at Taylor Rafferty. He replaces Brian Begley, who has served as IR VP at Atlas Energy and its predecessors since 2006 and is now joining an investment management...
Dec 15, 2015
People & Companies Briefs - December 03, 2015Atlas Energy Group and Atlas Resource Partners named Matthew Skelly as investor relations VP. Skelly served in the same role for Atlas Pipeline Partners from 2010 until its merger with Targa Resources earlier this year. He previously worked in the bank and thrift sector at JP Morgan and on cross-border IR consulting and capital markets intelligence at Taylor Rafferty. He replaces Brian Begley, who has served as IR VP at Atlas Energy and its predecessors since 2006 and is now joining an...
Dec 03, 2015
A&D News Briefs - March 04, 2015American Impact Energy acquired 18,000 acres with six horizontal Wolfcamp wells in Crockett County, Texas. The company estimates the leasehold in the southern Midland Basin to contain more than 100 drilling locations targeting the Wolfcamp and other prolific Permian plays, providing opportunities for both short-term and long-term development even at low oil prices.Antero Resources announced plans to spend $150 million on core acreage acquisitions this year, heralding a significant...
Mar 04, 2015
People & Company Briefs - August 28, 2014• Apache hired Gary Clark as investor relations VP. He joins Apache from Chesapeake Energy, where he was investor relations and research VP.• Bennu Oil & Gas hired Michael Aldridge to CFO. He previously was CFO and EVP at Saratoga Resources.• BP hired David Lawler as CEO of its US onshore business. Lawler is a former CEO at an independent oil company.• Chesapeake Energy hired Brad Sylvester as investor relations and communications VP. He comes to Chesapeake from...
Aug 28, 2014