Key Developments: Sanchez Energy Corp (SN)
21.59USD
24 May 2013
$-0.35 (-1.62%)
$21.94
$21.87
$21.88
$21.51
103,770
493,505
$25.37
$16.37
Latest Key Developments (Source: Significant Developments)
Sanchez Energy Corp Announces Placement Of $225 Million Private Offering Of Previously Announced 6.50% Cumulative Perpetual Convertible Preferred Stock, Series
Sanchez Energy Corp announced that it has placed a total of 4,500,000 shares of its previously announced offering of its 6.50% Cumulative Perpetual Convertible Preferred Stock, Series B, in a private offering to eligible purchasers. Aggregate net proceeds from this offering are expected to be approximately $217 million after deducting placement agent's fees and estimated offering expenses. As previously announced, Sanchez Energy intends to use the net proceeds from this offering to fund a portion of the purchase price for a previously announced acquisition of certain assets in the Eagle Ford Shale. Closing of the private placement is expected to occur on or about March 26, 2013, and will be subject to the satisfaction of various customary closing conditions. Full Article
Sanchez Energy Corp Prices Private Offering of Convertible Preferred Stock
Sanchez Energy Corp announced that it has priced a private offering to eligible purchasers of a newly created series of convertible preferred stock, to be designated as 6.50% Cumulative Perpetual Convertible Preferred Stock, Series B. Sanchez Energy has received commitments from private investors for $175 million aggregate liquidation preference of the convertible preferred stock and intends to offer additional shares of the convertible preferred stock to achieve an aggregate offering amount of up to $250 million. Net proceeds from this offering are expected to be approximately $168.4 million based on an offering size of $175 million and $241 million based on the maximum offering size of $250 million, in each case, after deducting placement agent's fees and estimated offering expenses. Sanchez Energy intends to use the net proceeds from this offering to fund a portion of the purchase price for a previously announced acquisition of certain assets in the Eagle Ford Shale. Closing of the private placement is expected to occur on or about March 26, 2013, and will be subject to the satisfaction of various customary closing conditions, including receipt by the Company of at least $100 million in aggregate gross proceeds. The annual dividend on each share of convertible preferred stock is $3.25 and is payable quarterly, in arrears, on January 1, April 1, July 1 and October 1 of each year, commencing on July 1, 2013, when, as and if declared by the Company's board of directors. Full Article
Sanchez Energy Corp Announces Acquisition Significantly Expanding Assets In Eagle Ford Trend Of South Texas
Sanchez Energy Corp announced it has executed a definitive agreement to purchase assets in the Eagle Ford trend of south Texas consisting of approximately 13.4 MMBOE of proved reserves, 4,500 BOE/D of current production and approximately 43,000 net acres in Dimmit, Frio, LaSalle, and Zavala Counties, Texas from Hess Corporation for approximately $265 million in cash, subject to customary adjustments. Transaction Highlights Sanchez Energy to acquire operated assets with high working interests inapproximately 43,000 net acres in the Eagle Ford Shale in Dimmit, Frio, LaSalle, and Zavala Counties, Texas with an effective date of March 1, 2013 for approximately $265 million. Transaction grows production significantly at a cost of approximately $59,000 per flowing BOE/D and adds proved reserves at a cost of approximately $19.70 per BOE. Acquisition will materially increase the Company's reserves, production, and net acres: increases current production by approximately 4,500 BOE/D, or approximately 115% over the Company's 3,800 BOE/D average rate for first two months of 2013; increases Company's 2012 year-end total proved reserves by approximately 13.4 MMBOE, or 63%, and increases proved developed reserves by approximately 6.6 MMBOE, or 178% to 10.3 MMBOE; increases Company's producing well count by 50, or almost 150%, to 84 gross producing wells; increases Eagle Ford net acres by approximately 43,000 net acres to 138,000 net acres. Full Article
Sanchez Energy Corp Revises FY 2013 Production Guidance-Conference Call
Sanchez Energy Corp announced that it expects average production volume year-to-date for fiscal 2013 is approximately 3,800 barrels of oil equivalent which is line in the guidance and expects to exit this year at a rate of approximately 9,000 barrels of oil equivalent per day. Full Article
Sanchez Energy Corp Issues FY 2013 Production Guidance
Sanchez Energy Corp announced that for fiscal 2013, it expects year-end exit rate production guidance of 8,500 to 9,500 BOE/d is approximately double the 4,500 BOE/d exit rate that the Company achieved in fiscal 2012. Full Article
Sanchez Energy Corp Announces Board Changes
Sanchez Energy Corp announced that it has appointed A.R. Sanchez, Jr. as the new Executive Chairman of its Board of Directors and Alan G. Jackson as a new independent member of its Board of Directors. Full Article
Sanchez Energy Corp Announces Full Exercise of Over-Allotment Option for Private Offering of 4.875% Cumulative Perpetual Convertible Preferred Stock, Series A
Sanchez Energy Corp announced that the initial purchasers of a previously announced private placement of Company's 4.875% Cumulative Perpetual Convertible Preferred Stock, Series A, have exercised in full their option to purchase an additional 500,000 shares, bringing the size of the transaction to an aggregate of 3,000,000 shares. Aggregate net proceeds of the offering are expected to be approximately $144.6 million. Company intends to use the net proceeds from this offering to fund its capital expenditures, and, in particular, to accelerate its drilling program across all of its operating areas, for its other operating expenses, and for general corporate purposes. Company expects to close the placement of all 3,000,000 shares on September 17, 2012. The annual dividend on each share of convertible preferred stock is $2.4375 and is payable quarterly, in arrears, on January 1, April 1, July 1 and October 1 of each year, commencing on January 1, 2013, when, as and if declared by Company's board of directors. Dividends may be paid in cash or, under certain conditions, common stock or a combination thereof at Company's election. Each share of convertible preferred stock has a liquidation preference of $50 per share, plus accumulated but unpaid dividends, and is convertible, at the holder's option at any time into shares of Company's common stock based on an initial conversion rate of 2.3250 shares of common stock for each share of convertible preferred stock. Full Article
Sanchez Energy Corp Prices Private Offering Of $125 Million In Convertible Preferred Stock
Sanchez Energy Corp announced that it has priced a private offering to eligible purchasers of 2.5 million shares of a newly created series of convertible preferred stock, to be designated as 4.875% Cumulative Perpetual Convertible Preferred Stock, Series A. Sanchez Energy has also granted the initial purchasers a 30-day option to purchase up to 500,000 additional shares of the convertible preferred stock solely to cover over-allotments. Net proceeds from this offering are expected to be approximately $120.4 million, or approximately $144.6 if the initial purchasers exercises option in full. Sanchez Energy intends to use the net proceeds from this offering to fund capital expenditures, and, in particular, to accelerate drilling program across all of operating areas, for other operating expenses, and for general corporate purposes. Closing of the private offering is expected to occur on or about September 17, 2012. Full Article
Robbins Umeda LLP Announces Investigation Of Sanchez Energy Corp
Shareholder rights firm Robbins Umeda LLP announced that it is investigating possible breaches of fiduciary duty and other violations of the law by certain officers and directors at Sanchez Energy Corp. Robbins Umeda LLP is investigating whether officers and directors of Sanchez Energy breached their fiduciary duties to shareholders by approving several related party transactions that cost the Company millions of dollars. In documents recently filed with the U.S. Securities and Exchange Commission (SEC), the board of Sanchez Energy disclosed that it had approved grants of restricted stock to several individuals directly related to Antonio R. Sanchez, III, the Chairman and Chief Executive Officer of the Company. According to SEC filings, the board granted more than 850,000 shares of Sanchez Energy stock, valued at approximately $14.7 million, to relatives of Mr. Sanchez, including his father and several brothers. Robbins Umeda LLP highlights that Sanchez Energy shareholders have the option to file a shareholder derivative action to hold those officers and directors accountable for damaging the Company. Remedies commonly sought in derivative actions include corporate governance reforms designed to prevent future misconduct, removal of officers or directors whose misconduct injured the corporation, and monetary payments in the form of damages and disgorgement of ill-gotten gains. Full Article
Harwood Feffer LLP Announces Investigation Of Sanchez Energy Corp
Harwood Feffer LLP announced that it is investigating potential claims against the Board of Directors of Sanchez Energy Corp. (Sanchez Energy or the Company), concerning whether the board has breached its fiduciary duties to shareholders. Sanchez Energy recently disclosed that the Company's Board of Directors had approved grants of more than 850,000 shares of Sanchez Energy restricted stock, valued at approximately $14.7 million, to certain family members of the Company's Chairman and CEO, Antonio R. Sanchez, III. The family members, including the CEO's father and brothers, are affiliated with a shareholder of Sanchez Energy that is controlled by the Sanchez family, which owns approximately 64% of the Company's stock through various entities. Our investigation concerns whether the Sanchez Energy 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
UPDATE 1-Sanchez Energy buys Eagle Ford assets from Hess for $265 mln
March 18 - Sanchez Energy Corp said on Monday it has signed a $265 million deal for producing oil assets and reserves in the Eagle Ford formation in South Texas from Hess Corp, which is shedding properties as investors press for change.
Earnings vs. 
Estimates
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.
