Item 5.02 Departure of Directors and Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(e) Robert L.G. Watson, Abraxas’ Chairman of the Board, President and CEO, voluntarily proposed, and the Compensation Committee accepted, a 20% reduction in his salary effective September 1, 2015.
Mr. Watson commented, “We take great pride in aligning our interests with shareholder interests. As our shareholders continue to suffer from a difficult environment caused by falling commodity prices, the Compensation Committee and I felt the right thing to do was adjust my salary to a level more reflective of the current environment.”
Contemporaneous with this agreement, Anfield, Uranium One and U.S. Energy have entered into an Amended Assignment and Assumption Agreement whereby Anfield will assume the obligations of Uranium One relative to Uranium One’s agreements with U.S. Energy under revised terms negotiated between Anfield and US Energy. These terms state that: 1) Anfield will, upon Closing, issue US$2.5 million in Anfield shares to US Energy, to be held in escrow and released over a period of 36 months from Closing; 2) Anfield will make cash payments of US$5 million in two tranches of US$2.5 million, with the first following 18 months of Commercial Production and the second following 36 months of Commercial Production.
Message # 3879....Investor Village Message Board..
VANCOUVER, BRITISH COLUMBIA / August 26, 2015 — Anfield Resources Inc. (TSX.V: ARY)(FRANKFURT: 0AD)(“Anfield” or “the Company”) is pleased to announce that it has received TSX Venture Exchange approval for the Uranium One transaction (“Transaction”) which entails the acquisition of Uranium One’s US conventional uranium assets. In addition, the TSX Venture Exchange has approved the recently announced $1,050,000 financing through both the private placement and the debenture. With these approvals, Anfield now expects the closing of the Transaction to take place by August 31.
Corey Dias, Anfield CEO, stated, “We are very pleased to have received TSX Venture Exchange approval for the Uranium One transaction. We now look forward to closing the transaction in the coming days”.
As a reminder, Anfield is acquiring the following key assets from Uranium One:
-The Shootaring Canyon mill, located in Garfield County, Utah;
-The Velvet-Wood uranium project, located in San Juan County, Utah;
-Surface stockpiles containing uranium mineralized material;
-A 50% interest in a joint venture on the Wate breccia pipe project in northern Arizona, with the joint venture partner being Energy Fuels Inc.;
-The Frank M uranium project, located in Garfield County, Utah;
-Royalty interests in four uranium development projects; and
-Additional uranium exploration targets in Utah, Arizona and South Dakota.
On behalf of the Board of Directors
ANFIELD RESOURCES INC.
Corey Dias, Chief Executive Officer
Reuters: U.S. set to approve landmark crude oil export swaps with Mexico
The Obama administration will allow limited sales of crude oil to Mexico for the first time, Reuters reports, citing a senior administration official who says the U.S. Commerce Department is "acting favorably on a number of applications" to export U.S. crude in exchange for imported Mexican oil.
The shipments, likely to be lighter, high-quality shale oil, would help Mexico's aging refineries produce more premium fuels, while U.S. refiners would continue to get Mexican heavy oil, a better match for them than the light oil coming from Texas and North Dakota.
Although limited in scope, the move toward freeing up trade will please U.S. oil producers such as Pioneer Natural Resources (NYSE:PXD) and ConocoPhillips (NYSE:COP), which say the restrictions force them to sell oil at below global market rates, and may add momentum to efforts mostly to repeal what advocates see as a relic of the 1970s.
Among relevant oil stocks: XOM, CVX, BP, RDS.A, RDS.B, OAS, NOG, CLR, WLL, EOX, SM, SFY, PVA, GST, SN, CRK, BBG, CWEI
Relevant refining stocks: VLO, HFC, MPC, TSO, WNR, ALJ, PSX, PBF, DK, NTI, ALDW
ETFs: XLE, XOP, XES, IEO, IEZ, PXE, NDP
| 12:47 PM |
It's possible...but if not , there are other larger players in the wings...
For details..read post #3886 on the Investor Village Board...
S McKnight #1222H..Dimmit..Ageron Energy
Location 4.0 miles SW of Carrizo Springs
Primary Field..Austin Chalk
Spud August 9 2015
CML Exploration Newly Pooled Acreage
Richard #1..Zavala..CML Exploration...USEG Interest 9.87% NRI
Location 9.8 miles E of Crystal City
Dual Lateral Well Spud March 18 2015
Amended to add 3rd Lateral May 5 2015
24-hour flow back rate...820 BOE/D
Apr.........470 Oil..0 Gas (Partial Month)
May..19,993 Oil..0 Gas
Jun..18,203 Oil..0 Gas
Also..Possible $1.5 million to USEG...
In May 2015, a subsidiary of the Company and several working interest partners successfully settled a lawsuit with a mineral interest owner and a third-party operator in Dimmit County, Texas, resulting in the Company and its working interest partners receiving $5.0 million ($2.5 million net to Contango). The suit involved a challenge from the mineral interest owner to the validity of an oil and gas lease and various other claims relating to the property subject to the lease.
With all due respect..the name is Richard...although Ed Pocilujko has tutored me extensively to interpret NDIC and TRRC reports with a number of issues we both follow...
All the best...
Bob Watson, Abraxas' President and CEO, commented, “Despite continued commodity price weakness and significant production downtime in the second quarter, Abraxas continues to generate excellent cash flow. Financially, our focus in the back half of 2015 will be on cost control, where we feel we can continue to trim expenses to further benefit our margins. After a very busy second quarter with nine gross completions, our capital expenditures are set to significantly decline with three gross Bakken completions remaining in 2015.
“We remain focused on generating a strong rate of return on each well we drill. Should commodity prices continue to fall, Abraxas has the ability to quickly curtail expenditures and preserve this high quality inventory for the future. This will allow us to further protect our balance sheet, positioning our Company to benefit during this distress. If it becomes cheaper on an F&D basis to buy quality flowing barrels in our core areas than to drill for them, we endeavor to be in a position to transact. In analyzing any opportunity, our foremost priority will be maintaining or enhancing our currently advantageous leverage position.”
Financial and Operating Results for the Three Months Ended June 30, 2015
The three months ended June 30, 2015 resulted in:
Production of 498 MBoe (5,471 Boepd)
Revenue of $20.5 million inclusive of realized hedge settlements
Adjusted EBITDA(a) of $11.9 million inclusive of Raven Drilling
For the purposes of our bank covenants, monetized hedge contracts are included in our EBITDA calculation. With these adjustments EBITDA was $15.3 million (excluding Raven Drilling's EBITDA).
Adjusted discretionary cash flow(a) of $11.1 million inclusive of Raven Drilling
Net loss of $6.6 million, or $0.06 per share
Adjusted net loss(a), excluding certain non-cash items and inclusive of Raven Drilling of $0.07 million, or $0.00 per share
Thanks for your concern...but Unkie Clovis is doing just fine with yesterday's re-entry...always with a stop in place...
All the best..and good trading...
Emerald recently completed and produced the Greg Marmalard 3-28-33H and Dagny Taggart 3-21-16H wells. These are Emerald's southernmost wells in McKenzie County, and now substantially derisk the largest percentage of our undeveloped acreage position.
Emerald's Greg Marmalard 3-28-33H (77% WI) well in McKenzie County, which was completed with an approximate 10,000 foot lateral and was fracked with the new 50 stage equivalent enhanced completion design, achieved a peak 24-hour average production rate of 1,597 barrels of oil equivalent ("BOE") per day and a 30 day cumulative production rate of 20,139 BOE on a 28/64 inch choke.
Emerald's Dagny Taggart 3-21-16H (100% WI) well in McKenzie County, which was completed with an approximate 10,000 foot lateral and was fracked with the new 50 stage equivalent enhanced completion design, achieved a peak 24-hour average production rate of 1,089 BOE per day and a 30 day cumulative production rate of 16,178 barrels of oil equivalent BOE on a 28/64 inch choke.
The Marmalard and Taggart wells initially track the type curve of multiple Emerald operated oil wells approximately 20 miles to the north in McKenzie County. These two wells confirm Emerald's geologic thesis in southern McKenzie County and provide two modern control points for further development of our southern acreage.
Emerald has entered into a purchase and sale agreement and other related agreements with Koch Exploration, a wholly-owned subsidiary of Koch Industries, Inc. Subject to customary closing conditions, Koch Exploration will acquire a 30% working interest from Emerald in all of its undeveloped southern drilling spacing units in McKenzie County, North Dakota, for $16.6Mln (~25,000 net acres). Separately Koch Exploration has agreed to acquire a portion of Emerald's undeveloped leasehold in Richland County, Montana, for $0.9Mln (~4,500 net acres). Koch Exploration will reimburse Emerald for their proportionate 30% share of the existing AFEs of recently drilled and uncompleted wells in southern McKenzie County. The total size of the transaction is approximately $24.4Mln and all proceeds will be used to repay outstanding borrowings on the revolving line of credit.
In conjunction with the transaction, Emerald and Koch Exploration have entered into a drilling agreement whereby the companies have agreed to drill two wells in 2016 in southern McKenzie County, on two undeveloped drilling spacing units to further delineate the acreage position. An area of mutual interest ("AMI") was established as part of the deal so that when acreage is acquired by either company in the future, leasehold and costs will be split 50/50 between them.
John Mueller, president of Koch Exploration stated "We are pleased to co-invest with McAndrew and his team at Emerald Oil. Koch Exploration comprehensively analyzed the technical attributes of the acquired acreage and is excited about working with Emerald's operating team to develop the play."
Excellent post...their most important CC coming up since they became an Operator, for many reasons...mostly perception vs reality..
Never a recommendation to buy or sell EOX...only an opinion..
All the best..