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Stock Market & Financial Investment News

News Breaks
March 5, 2014
10:37 EDTEGY, EPM, MPO, SFYMidstates Petroleum rises after earnings delayed for 'positive' developments
Shares of Midstates Petroleum (MPO) are increasing after the company rescheduled its fourth quarter earnings release, citing positive developments in its discussions with its banks. WHAT'S NEW: Midstates Petroleum announced last night that the company has rescheduled its fourth quarter earnings release to Tuesday, March 11 after the close of trading from Tuesday, March 4. Midstates noted that, as previously disclosed, the company is pursuing "a number of different options to streamline its portfolio," including sales of assets, joint ventures, and other possible farm-out arrangements. The company said it is in discussions with its commercial banking group to modify its debt structure to facilitate implementing such actions and Midstates added that it will discuss these "positive developments" during its rescheduled conference call. The actions currently in progress do not include additional equity or long-term debt issuance, Midstates noted. PRICE ACTION: During mid-morning trading, shares of Midstates Petroleum rose 49c, or 10.77%, to $5.04. OTHERS TO WATCH: Oil and gas exploration and production companies with market capitalization similar to Midstates Petroleum include Evolution Petroleum (EPM), Swift Energy (SFY), and VAALCO Energy (EGY).
News For MPO;EPM;SFY;EGY From The Last 14 Days
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November 24, 2015
09:21 EDTEGYGroup 42, Radoff committed to replacing majority of VAALCO Energy board
09:19 EDTEGYGroup 42, Radoff reiterates willingness to meet with VAALCO Energy board
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November 20, 2015
16:09 EDTEGYGroup 42, Bradley Radoff to replace four members of VAALCO Energy board
Group 42 and Bradley Radoff, together the beneficial owners of approximately 11.1% of the outstanding shares of VAALCO Energy, and the company's largest stockholder, issued the following statement: "We have reviewed VAALCO's claims regarding the legality of our consent solicitation with legal counsel in Delaware and we remain fully confident that our intended consent solicitation is legal and proper under established Delaware law and that the Charter provision on which the Company purports to rely is invalid because it conflicts with Delaware law. As a result, we are proceeding with our consent solicitation to replace four members of the VAALCO Board and reverse the tide of operational, financial and governance missteps that have led to the destruction of significant shareholder value under the oversight of the current Board of Directors. We also view VAALCO's suggestion of a December "Special Meeting" as a transparent tactic to confuse shareholders and delay their voices being heard. If the Board is truly committed to "shareholder democracy" as they claim, then they can simply take all necessary steps to enforce the shareholders' will for Board change should a majority of the shareholders consent to our solicitation. This is the simplest and most genuine way for the Board to comply with their fiduciary duties and show respect for their shareholders' wishes. It is also the view of Group 42 and Bradley Radoff that the public offer from VAALCO to add one director representative of our Group on the Board without any of the incumbents taking responsibility and stepping down is woefully insufficient to effect the real, meaningful transformation that is immediately needed on the Board. We have made every effort over the past four months, including several private communications, to reach a mutually-agreeable resolution but so far the Board has only continued to repeat the same deeply inadequate offer. We do not see this as a good faith attempt to resolve our differences nor do we think shareholders deserve so little input in the boardroom. We are very disappointed that this Board is choosing to resort to unsubstantiated challenges to our consent solicitation and pushes for complicated special meeting procedures instead of simply taking responsibility for the destruction of shareholder value on their watch and willingly replacing some discredited incumbents to make room for fresh ideas in the boardroom and the shareholder democracy they claim to support. With these facts in mind, we urge VAALCO's Board of Directors to comply with their fiduciary duty and immediately set a record date for the consent solicitation in order to resolve this matter as expeditiously as possible for the benefit of all shareholders."
06:01 EDTSFYSwift Energy adopts right plan to protect net operating loss carryforwards
Swift Energy announced that its board has adopted a net operating loss rights plan in an effort to prevent the imposition of significant limitations under Section 382 of the Internal Revenue Code on its ability to utilize its current NOLs to reduce its future tax liabilities. Swift Energy estimates that its NOLs for federal tax purposes totals approximately $718M as of September 30, 2015, which can be used in certain circumstances to offset future taxable income and reduce federal income taxes. Swift Energy's ability to use these tax assets could be substantially limited if the Company experiences an "ownership change". In general, an ownership change occurs if there is a cumulative change in a company's ownership by "5% percent shareholders" that increases by more than 50 percentage points over the lowest percentage owned by such shareholders at any time during the prior three years on a rolling basis.
November 16, 2015
16:55 EDTEGYVAALCO Energy responds to Group 42, Bradley Radoff consent materials
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