Key Developments: Emerald Oil Inc (EOX.A)

EOX.A on American Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Emerald Oil Inc Announces Completion Of Private Placement
Tuesday, 4 Jun 2013 04:05pm EDT 

Emerald Oil Inc announced that it has completed the sale of 2,785,600 shares of its common stock to affiliates of White Deer Energy (White Deer), an energy private equity firm, for approximately $16.2 million after deducting placement agent fees. The Company plans to use the net proceeds from the private placement, along with cash on hand, proceeds from its recently completed public offering, cash flow from operations, proceeds from sales of assets and additional borrowings under its credit facility, to fund the Company's 2013 capital budget.  Full Article

Emerald Oil Inc Announces Completion Of Common Stock Offering And Exercise Of Over-Allotment Option
Wednesday, 22 May 2013 12:01pm EDT 

Emerald Oil Inc announced that it has completed the sale of 12,000,000 shares of its common stock and that the underwriters have exercised their over-allotment option of an additional 1,800,000 shares of the Company's common stock in full. All shares of common stock were sold to the public at an offering price of $6.10 per share. The resulting net proceeds to the Company, after deducting underwriting discounts, commissions and other expenses, were approximately $79.7 million. In connection with the common stock offering, Canaccord Genuity Inc. and Johnson Rice & Company L.L.C. acted as joint book-running managers and SunTrust Robinson Humphrey, Inc and Global Hunter Securities, LLC acted as co-managers.  Full Article

Emerald Oil Inc Announces Pricing Of Upsized Public Offering Of Common Stock
Friday, 17 May 2013 08:30am EDT 

Emerald Oil Inc announced that it has priced an underwritten public offering of 12,000,000 shares of the Company's common stock at $6.10 per share. The Company has granted the underwriters a 30-day option to purchase up to an additional 1,800,000 shares of common stock. The Company intends to use the net proceeds from this offering, along with cash on hand and the proceeds from its recently announced private placement with White Deer Energy, cash flow from operations, proceeds from the sale of assets and additional borrowings under the credit facility, to fund its capital budget in 2013. Any remaining net proceeds will be used for general corporate purposes, including working capital. The offering is expected to settle on May 22, 2013, subject to the satisfaction of customary closing conditions. In connection with the common stock offering, Canaccord Genuity Inc. and Johnson Rice & Company L.L.C. are acting as joint book-running managers and Global Hunter Securities, LLC and SunTrust Robinson Humphrey, Inc. are acting as co-managers.  Full Article

Emerald Oil Inc Receives Commitment From White Deer To Acquire Common Stock
Monday, 13 May 2013 08:05am EDT 

Emerald Oil Inc announced it has signed a definitive agreement with affiliates of White Deer Energy (White Deer), an energy private equity firm, to issue and sell a number of the Company's shares of common stock that, inclusive of the warrants held by White Deer, equals 19.9% of the Company's common stock outstanding immediately after the closing of the Company's previously announced proposed public offering at a purchase price per share equal to the net price per share of the proposed public offering, plus 0.95% of the gross price per share of the proposed public offering. The closing of this private placement is scheduled to occur within ten days business following the closing of the Company's proposed public offering. The Company intends to use the net proceeds from this private placement, along with the net proceeds from the proposed public offering, cash on hand, cash flow from operations, proceeds from the sale of assets and additional borrowings under the Company's credit facility, to fund the Company's capital budget in 2013 and for general corporate purposes, including working capital.  Full Article

Emerald Oil Inc Announces Offering Of Common Stock
Monday, 13 May 2013 08:00am EDT 

Emerald Oil Inc announced it intends to commence an underwritten public offering of 10,000,000 shares of the Company's common stock. The Company intends to use the net proceeds from this offering, along with cash on hand, cash flow from operations, proceeds from the sale of assets and additional borrowings under the credit facility, to fund the capital budget in 2013 and for general corporate purposes, including working capital. The Company has granted the underwriters a 30-day option to purchase up to an additional 1,500,000 shares of common stock. Canaccord Genuity and Johnson Rice & Company are acting as joint book-running managers of the offering.  Full Article

Emerald Oil Inc Issues Q2 2013 Production Guidance
Wednesday, 8 May 2013 04:05pm EDT 

Emerald Oil Inc announced that the Company expects second quarter of 2013 production to average 1,400 BOEPD.  Full Article

Emerald Oil Inc Issues Q1 2013 Production Guidance; Reaffirms FY 2013 Production Guidance
Wednesday, 13 Mar 2013 04:05pm EDT 

Emerald Oil Inc announced that for the first quarter of 2013, Emerald estimates its average production to be approximately 1,000 BOEPD giving effect for the pending sale of non-operated acreage with attached AFEs (including wells that began production during the fourth quarter 2012). For fiscal 2013, Emerald maintains its previous production guidance with approximately 2,600 BOEPD, which will be driven by production from its operated wells.  Full Article

Emerald Oil Inc Announces Agreement to Sell Interests Sand Wash Basin
Tuesday, 8 Jan 2013 07:00am EST 

Emerald Oil Inc announced that it executed an agreement to sell its interests in approximately 30,902 net mineral acres in the Sand Wash Basin to a private oil and gas company for approximately $10.0 million cash at $325 per acre. Closing will occur during the first quarter of 2013, contingent on due diligence and other conditions precedent in the sales agreement. In a related transaction, the Company has agreed to assign its interests in its Fly Creek coal bed methane (CBM) operation and three Niobrara oil wells drilled in 2011 to the remaining working interest holder of the assets and to pay $500,000 for Emerald's share of abandonment costs. The assets subject to this transaction are located on the 30,902 acres being sold by Emerald. In connection with the transaction, Canaccord Genuity acted as financial advisors to Emerald and Davis Graham & Stubbs LLP acted as legal counsel.  Full Article

Emerald Oil Inc Announces Senior Credit Facility With Wells Fargo
Tuesday, 20 Nov 2012 07:00pm EST 

Emerald Oil Inc announced that it has closed on a Senior Credit Facility (Credit Facility) with Wells Fargo Bank, N.A. (Wells Fargo). The Credit Facility is a senior secured reserve based revolving credit facility with a maximum commitment of up to $400 million and an initial borrowing base of $27.5 million. On November 20, 2012, approximately $15.2 million was drawn to pay in full the approximately $15 million balance on the Macquarie Bank Limited credit facility and fees and expenses associated with the Credit Facility. Proceeds from the Credit Facility can be used to acquire oil and gas properties, finance ongoing working capital requirements, for general corporate purposes, or refinance existing debt. The annual interest cost, which is dependent upon the percentage of the borrowing base utilized, is the London Interbank Offer Rate (LIBOR) plus 1.75% to 2.75%. The current annual interest rate on the Credit Facility is LIBOR plus 2.25%. Redetermination of the borrowing base will be on a semi-annual basis, with an option to elect additional redeterminations every six months, which allows for redeterminations as frequent as every quarter. The Credit Facility is secured by first priority, perfected liens and security interests on substantially all assets of Emerald and its subsidiaries and terminates on the fifth anniversary of the closing date on November 20, 2017. The Company did not issue equity or provide royalty consideration in connection with the Credit Facility.  Full Article

Emerald Oil Inc Announces Pricing Of Public Offering Of Common Stock
Tuesday, 25 Sep 2012 07:46am EDT 

Emerald Oil Inc announced that it has priced a public offering of 93,750,000 shares of common stock to the public at $0.80 per share. The gross proceeds to Emerald from the offering are expected to be $75.0 million, and the net proceeds are expected to be approximately $69.1 million, after deducting underwriting discounts and commissions and other estimated offering expenses. Emerald expects to close the sale of the shares of common stock on September 28, 2012, subject to customary closing conditions. The underwriters will have a 30-day option to purchase up to an additional 15% of the offered amount of common stock from Emerald at the offering price, less underwriters' discounts and commissions, solely to cover over-allotments. Emerald expects to use the net proceeds from this offering, along with cash on hand, to repay a portion of outstanding indebtedness, fund drilling and development expenditures and leasehold acquisitions, including recently announced proposed leasehold acquisition, and for general corporate purposes, including working capital. Johnson Rice & Company L.L.C., Canaccord Genuity Inc. and Macquarie Capital (USA) Inc. are acting as the joint book-running managers and Global Hunter Securities, LLC and KLR Group are acting as co-managers for the offering.  Full Article

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