Key Developments: Lone Pine Resources Inc (LPR)
0.91USD
21 May 2013
$-0.01 (-0.71%)
$0.92
$0.90
$0.93
$0.90
104,665
589,628
$3.81
$0.89
Latest Key Developments (Source: Significant Developments)
Lone Pine Resources Inc Announces Appointment Of President And Chief Executive Officer
Lone Pine Resources Inc announced the appointment of Tim Granger to the position of President and Chief Executive Officer and as a Director of the Company effective April 22, 2013. Full Article
Lone Pine Resources Inc Issues H1 2013 Production Guidance
Lone Pine Resources Inc announced that it expects total average net sales volumes of approximately 45 - 47 MMcfe/d in the first half of 2013 which are expected to be comprised of 35% liquids and 65% natural gas. Full Article
Lone Pine Resources Inc Announces Management Changes
Lone Pine Resources Inc announced that its Board of Directors has appointed David M. Fitzpatrick to serve as Interim Chief Executive Officer, effective immediately. Lone Pine also announced that the Board of Directors has terminated the employment of David M. Anderson as President & Chief Executive Officer and Edward J. Bereznicki as Executive Vice President & Chief Financial Officer. The Board has initiated a search process for a permanent Chief Executive Officer, and has retained Korn/Ferry International, a leading executive recruiting firm, to assist in the process. Full Article
Lone Pine Resources Inc's Lone Pine Resources Canada Ltd Enters Into Definitive Agreement To Divest Non-Core Assets In Herronton Area Of Alberta
Lone Pine Resources Inc announced that its wholly owned subsidiary, Lone Pine Resources Canada Ltd., has entered into a definitive agreement with a private oil and gas company to divest of certain non-core assets in the Herronton area of Alberta for total gross cash proceeds of $14.0 million, subject to normal course closing adjustments. The transaction has an effective date of January 1, 2013 and is expected to close on February 25, 2013. The net proceeds of the sale will be used by Lone Pine to reduce indebtedness outstanding under its credit facility and there will be no change to the current borrowing base as a result of this transaction. Scotia Waterous acted as financial advisor to Lone Pine on this transaction. Full Article
Lone Pine Resources Inc Announces Disposal Of Non-Core Asset
Lone Pine Resources Inc announced that it has entered into two separate definitive agreements with private oil and gas companies to dispose of certain non-core assets in the Kaybob area of the Deep Basin for total gross cash proceeds of $19.0 million, subject to normal course closing adjustments. The two transactions each have an effective date of August 1, 2012. Lone Pine closed one of the transactions on September 25, 2012 and expects to close the other transaction in mid-October 2012. The net proceeds of the transactions will be used by Lone Pine to reduce indebtedness outstanding under its credit facility and there will be no change to the current borrowing base as a result of these transactions. Full Article
Faruqi & Faruqi, LLP Announces Investigation Of Potential Securities Violations At Lone Pine Resources, Inc
Faruqi & Faruqi, LLP, a national securities law firm, announced that it is investigating potential securities violations at Lone Pine Resources Inc. The investigation focuses on whether Lone Pine and its executives violated federal securities laws by filing a false and misleading registration statement and prospectus in connection with the Company's May 26, 2011 initial public offering (the IPO). Specifically, on May 26, 2011, Lone Pine sold 15,000,000 shares of the Company's common stock at $13.00 per share for total proceeds of $195 million. However, on August 2, 2011, Lone Pine disclosed that its financial results for the second quarter of 2011 were 'negatively affected by a sales pipeline disruption in the Evi area in late April [2011] that required volumes to be trucked to market" and that the "Evi area was impacted by a large forest fire in Mid-May [2011]'. Neither the April Evi pipeline disruption nor the mid-May fire were disclosed in the registration statement or prospectus in connection with the IPO. As a result of this news, the Company's stock plummeted over the next several days and closed at $9.21 per share on August 11, 2011, a decline of approximately 30% on high trading volume. Full Article
The Shuman Law Firm Announces Lead Plaintiff Deadline In Class Action Lawsuit Against Lone Pine Resources Inc
The Shuman Law Firm announced that all purchasers of the common stock of Lone Pine Resources Inc pursuant and/or traceable to the Registration Statement and Prospectus issued in connection with the Company’s May 26, 2011 initial public offering (the IPO), have until September 4, 2012 to file a motion with the Court to be appointed as Lead Plaintiff. The securities fraud class action lawsuit was filed in the United States District Court for the Southern District of New York. Lone Pine is an independent oil and gas exploration, development and production company which operates primarily in Canada. The Company’s operations include the Western Canada Sedimentary Basin, including fields in the Deep Basin and the Evi area in the Peace River Arch. The Complaint alleges that the Registration Statement and Prospectus failed to disclose that the Company had already experienced several significant events, which in the Prospectus had only been identified as potential risk factors, including significantly increased costs and disruption in production volumes attributed to a major pipeline rupture in the Evi area in late April 2011 and a large forest fire in the same area in mid-May. Full Article
Harwood Feffer LLP Announces Investigation of Lone Pine Resources Inc
Harwood Feffer LLP announced that it is investigating potential claims against the Board of Directors of Lone Pine Resources Inc(Lone Pine or the Company), concerning whether the board has breached its fiduciary duties to shareholders. Lone Pine is an oil and gas exploration company operating primarily in Canada. The Company went public on May 26, 2011 when it sold 15 million shares at $13.00 each. The Company's Registration Statement and Prospectus identified numerous potential risk factors to Lone Pine's business, such as pipeline disruptions, adverse weather conditions and fires. However, the Prospectus failed to disclose that Lone Pine had already experienced, and was still being damaged by, several of these adverse events, including a pipeline rupture in April 2011 and a large forest fire in early May 2011. In August 2011, when the Company announced its second quarter 2011 financial results, it finally disclosed the pipeline disruption and resulting financial damage to the Company. Investors reacted negatively and the Company's share price declined nearly 30% in one week to close at $9.21 on August 11, 2011. Lone Pine stock has since dropped even further below the IPO price, and is currently trading at approximately $2.32 per share. Our investigation concerns whether the Lone Pine board of directors has breached its fiduciary duties to shareholders, grossly mismanaged the Company, and/or committed abuses of control in connection with the foregoing. Full Article
Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against Lone Pine Resources Inc
Glancy Binkow & Goldberg LLP announced that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all purchasers of the common stock of Lone Pine Resources Inc pursuant and/or traceable to the allegedly false and misleading Registration Statement and Prospectus issued in connection with the Company's May 26, 2011 initial public offering (the IPO). The Complaint alleges that the Registration Statement and Prospectus failed to disclose that the Company had already experienced several significant events, which in the Prospectus had only been identified as potential risk factors, including significantly increased costs and disruption in production volumes attributed to a major pipeline rupture in the Evi area in late April 2011 and a large forest fire in the same area in mid-May. On August 2, 2011, in a press release announcing Lone Pine’s second-quarter 2011 financial results, the Company noted that while the oil price differential realized in second quarter 2011 had increased 15% compared to the first quarter, it was “negatively affected by a sales pipeline disruption in the Evi area in late April that required [oil] volumes to be trucked to market.” Following this news, the price of Lone Pine common stock declined over the next several days almost 30% from the IPO price, closing at $9.21 per share on August 11, 2011. Full Article
Law Offices of Howard G. Smith Announces Lead Plaintiff Deadline In Class Action Lawsuit Against Lone Pine Resources Inc
Law Offices of Howard G. Smith announced that all purchasers of the common stock of Lone Pine Resources Inc pursuant and/or traceable to the allegedly false and misleading Registration Statement and Prospectus issued in connection with the Company's May 26, 2011 initial public offering (the IPO), have until September 4, 2012 to move the Court to serve as Lead Plaintiff in the securities fraud class action lawsuit filed in the United States District Court for the Southern District of New York. The Complaint asserts violations of the federal securities laws and alleges that Lone Pine issued materially misleading statements and/or failed to disclose material adverse facts about the Company’s business and financial prospects. Specifically the Complaint alleges that defendants misrepresented and failed to disclose that the Company was experiencing significantly increased costs and disruption in production volumes attributed to a major pipeline rupture and a large forest fire. Full Article
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