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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Caza Oil & Gas | CAZA | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 0.31 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 0.31 |
| Top Posts |
|---|
Posted at 02/4/2016 16:11 by highly geared The D4E arrangement with Talara mean they now own about 95% of a hugely enlarged share issue. CAZA now has no debt but the market cap, as reflected by the billions of shares now in issue, is £56 million.The best I can see is a return to $60-80 POO which might, with a following wind and froth , get CAZA up to say £150 -£200 million, so the best I can possibly see is 1.5-2p in the medium term. If , like me, you bought in the teens, best to sell and realise a capital loss to carry forward into future years if you think you might make big profits elsewhere in the future... |
Posted at 03/3/2016 18:40 by mark10101 Figures not to far out but the peak today for CAZA was closer to 150 time EDG MCAP, quite staggering. Undeniably CAZA are in a better shape with their debt cleared but it is higher than the enterprise value of CAZA when it had much higher production and much higher oil prices. |
Posted at 10/2/2016 22:21 by fo77y Balbains, you're not alone. I also lost everything in caza. Decided to go against everything I had learnt over the years investing and instead of investing, gambled, big time and lost.Caza had actually turned a huge corner, had (have) some great assets unfortunately for caza, and more so me, timing is everything. Cue the biggest oil crash in years, and way to deep in debtThe funny thing is I knew this and continued to watch the share price decline and yet, against the facts, I kept telling myself it will eventually come good so didn't sell when I should have until the writing was on the wall. Nobody to blame but myself but a harsh lesson learned.Btw, the most ironic part of this lesson was that the company I sold out of to fund my caza 'adventure', went from 35p to 2.80gbp in the same timeframe Oh well......... lol (hysterical) |
Posted at 25/1/2016 07:20 by leedskier Clearly if the company fails to meet its obligations ... the bank takes it over ...Security Granted The Credit Facility is guaranteed by Caza Petroleum's wholly owned subsidiary, Caza Operating, LLC ("Caza Operating"), and the collateral provided to secure the Credit Facility (and any hedges or cash management obligations owing to JPMorgan) consists of substantially all of Caza Petroleum's and Caza Operating's respective now owned or hereafter acquired personal property, as well as at least 80% of the PV-9 of their oil and gas properties. |
Posted at 24/12/2015 07:04 by oilbuy December 24, 2015CAZA OIL & GAS ANNOUNCES CLOSING OFUS$45.5 million EQUITY FINANCINGWITH Talara OPPORTUNITIES V, LPAND DEBT RESTRUCTURINGHOUSTON |
Posted at 18/12/2015 09:02 by swrxf06 17/12/2015 5:25pmUK Regulatory (RNS & others) Caza Oil & Gas (LSE:CAZA) Intraday Stock Chart Today : Friday 18 December 2015 Click Here for more Caza Oil & Gas Charts.TIDMCAZA RNS Number : 4883J Caza Oil & Gas, Inc. 17 December 2015 NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES December 17, 2015 BOARD AND MANAGEMENT SHARE ARRANGEMENTS HOUSTON, TEXAS (Marketwire - December 17, 2015) - Caza Oil & Gas, Inc. ("Caza" or the "Company") (TSX: CAZ) (AIM: CAZA) confirms that, as contemplated by the announcement (the "Prior Announcement") on December 15, 2015 of a US$45.5 million equity financing with Talara Opportunities V, LP ("Talara") and debt restructuring, certain members of management of the Company and of the board of directors of the Company entered into conditional arrangements on December 15, 2015 to exchange all of their exchangeable shares of Caza Petroleum, Inc., a majority-owned subsidiary of the Company, for an aggregate of 26,502,000 Common Shares (the "Exchange") and to purchase from Talara an aggregate of 176,863,889 Common Shares at an effective price of approximately US$0.0048 per share (the "Management Acquisition" and, together with the Exchange, the "Management Arrangements"). All Management Arrangements have been entered into on the terms described in the Prior Announcement without modification and there are no changes to the proposed transactions (collectively, the "Transactions") between Caza and Talara as described in the Prior Announcement. Readers are directed to the Prior Announcement for further information regarding such arrangements. Completion of all Management Arrangements remains subject to satisfaction or waiver of the conditions pertaining to Talara's equity investment of US$45.5 million, including the approval of the Toronto Stock Exchange. As outlined in the Prior Announcement, the number of Common Shares to be acquired pursuant to the Management Arrangements, and the resultant holdings of the relevant individuals is set out in the following table: Name Common Shares Common Shares Common Shares Total Common currently to be acquired to be acquired Shares held held pursuant pursuant to the Management to the Exchange Acquisition ----------------- -------------- ------------------- ----------------- ------------- W. Michael Ford 575,968 62,422,549 6,790,000 69,788,517 ----------------- -------------- ------------------- ----------------- ------------- James Markgraf 344,019 10,403,758 840,000 11,587,777 ----------------- -------------- ------------------- ----------------- ------------- Rich Albro 303,848 10,403,758 5,292,000 15,999,606 ----------------- -------------- ------------------- ----------------- ------------- Tony Sam 437,543 62,422,549 6,790,000 69,650,092 ----------------- -------------- ------------------- ----------------- ------------- Randy Nickerson 469,833 31,211,275 - 31,681,108 ----------------- -------------- ------------------- ----------------- ------------- John McGoldrick 312,500 - 6,790,000 7,102,500 ----------------- -------------- ------------------- ----------------- ------------- |
Posted at 01/10/2015 07:33 by htrocka2 October 1, 2015Caza Oil & Gas, Inc. CAZA OIL & GAS UPDATES ON FINANCING DISCUSSIONS HOUSTON, TEXAS (Marketwire - October 1, 2015) - Caza Oil & Gas, Inc. ("Caza" or the "Company") (TSX:CAZ) (AIM:CAZA) hereby provides an update regarding the status of its debt facilities with Apollo Investment Corporation ("Apollo"), an investment fund managed by Apollo Investment Management, as well as related financing discussions. As previously disclosed, the Company entered into a Note Purchase Agreement (the "Note Agreement") dated May 23, 2013 with Apollo, pursuant to which Apollo agreed to purchase from the Company up to US$50,000,000 of its senior secured notes. As reported in the announcement of its unaudited financial results for the three months ended June 30, 2015 (the "Q2-2015 Results"), the outstanding balance of the Apollo facility as at June 30, 2015 was US$45,000,000, which is also the current outstanding balance as at September 30, 2015. Throughout the period of the Note Agreement, the Company has been required to comply with certain financial covenants, which are tested quarterly, and to maintain a limit on expenditures for general and administrative costs. As previously disclosed, most recently in the Q2-2015 Results, the Company was not fully in compliance with its financial covenants at June 30, 2015 and December 31, 2014 and, in February 2015, the Company and Apollo executed a Third Amendment to the Note Purchase Agreement pursuant to which Apollo provided a waiver of the relevant financial covenants until September 30, 2015. On September 30, 2015, the Company and Apollo executed a Forbearance and Reservation of Rights Agreement (the "Forbearance Agreement"), pursuant to which Apollo agreed, subject to certain customary limitations and conditions, to forbear from exercising certain of its rights and remedies under the Note Agreement with respect to the Company's breach of certain financial and other covenants until October 31, 2015, subject to earlier termination as described below. Consistent with the Company's previously-stated strategy and in view of the limited period of forbearance granted pursuant to the Forbearance Agreement, Caza's objective remains to conclude a financing or a complete refinancing structure that might enable the Company to retire the Apollo facility, together with sums owed pursuant to the Convertible Loan Agreement entered into between Caza and YA Global Master SPV Ltd. ("Yorkville"), an investment fund managed by Yorkville Advisors Global, LP, and also provide sufficient additional capital to continue developing its Bone Spring assets. Accordingly, the Company and its advisers have been actively considering all available debt and equity financing options, as well as asset sales. In the Q2-2015 Results, Caza confirmed that it had recently narrowed its focus and was in advanced negotiations with a proposed financing partner to establish a funding structure. Those negotiations have continued to progress, and currently the Company is in advanced discussions with that counterparty regarding a potential equity financing of the Company (and in connection with such discussions, the Company has agreed to a short period of exclusivity with such counterparty) (the "Potential Transaction"). The proposed terms of the Potential Transaction are subject to, among other things, continued negotiation, a due diligence period, board approval, and the entry of the parties into definitive agreements. Given the number of conditions to the consummation of the Potential Transaction, there can be no certainty that the Potential Transaction will be concluded on acceptable terms. Furthermore, although the Company has had the continued support of Apollo during the course of these discussions, there can be no certainty that the Potential Transaction will close or that Apollo will continue to grant ongoing forbearance. The Forbearance Agreement provides that if Apollo determines in its sole discretion that the Company and its operating subsidiary are not diligently pursuing a transaction substantially similar to the Potential Transaction during the forbearance period, Apollo may, by three days' advance written notice, shorten the forbearance period so that it ends on the latter of October 15, 2015 or the third day after such notice is delivered. If the Potential Transaction is consummated, it is likely to take the form of an equity investment in the Company which, given the current oil and gas commodity pricing environment, is likely to subject the Company's existing shareholders to significant dilution. Further announcements will be made as appropriate. About Caza Caza is engaged |
Posted at 20/8/2015 07:54 by pavey ark The recent situation would appear to be attracting the more extreme posters and this usually means that people respond angrily and the whole board goes the way of the majority internet BBs.I will ignore the first post but if people want to put Caza down they must put some effort into it and supply figures/opinions/pos I have always said that the biggest danger to Caza was the oil price but I have also said that this applies to EVERY OIL company. People have sold Caza to buy other oil companies and many still have shares in oil companies that have many,many real prolems that are not getting any better in the current situation yet bizarrely these people find time to post on Caza but not on the BBS of the company they hold ( sorry,claim to hold,as we have a number of fantasists) Likely to be rather busy in the next few days but did spend some time last night looking over recent results and last year's info. The main focus of my attention was the assets and more importantly the asset backing that any lender would be looking at. Lots of figures but as I have often done in the past I ask people to have a look themselves and certainly come back if they disagree. June 30th the shareholder equity was c. $28m which, as you know took account of all debt,current and longterm, and all assets 1P (proven only) This shareholder equity translates to c. 7p per share. The big question is whither the asset figures are achievable or not. I looked at the most recent audited figures Dec 31st and compared them with the previous year when oil prices were much higher and saw that N&S ,the assessor, had reduced the multiple they use by 20% to take into account the lower oil price. I don't think that the price people will pay for these assets is based on the oil price on the day as it's a long term investment and I assume that N&S know what they are doing and just like a house surveyor they can't just name a figure. I went a bit further though and reduced the asset value by a further 30% to 106m which full refected $ for $ the price fall ( and a bit extra) but did not reflect the falling drilling costs ( 30% and increased well efficiency/productio These figures look fairly good but there is more. Caza is firstly looking for a big deal/refinance but that is to REPLACE existing debt of $47m. This debt is covered very comfortably by very aggressively written down asset figure. If this big deal is not possible then Caza has c.$60m of free ( discounted) assets that could surely secure a very much smaller loan. As I have said before Caza is my only oil or oil related holding and I have larger share investments an some not much smaller but it has become a bit of a hobby/ case study for me. I spite of the time I have spent on Caza I don't have nearly enough information on the current situation which centres round the fine point of the Apollo loan agreement. I know that Caza and Apollo are working closely on the matter and about six weeks ago I was told that Apollo were pleased with Caza's handling of the situation. I some respects Caza is a partner here. Apollo did not have anything like the production and asset value to back its investment when the loan was agreed hence the conditions and high interest rates. Caza has come a very long way in two years and is now looking for better terms. Any delay or uncertainty in the stock market causes problems and gives people who never felt important in their real lives the opportunity to act as if they are smarter than others or know more. I am not saying that anyone is 100% right or 100% wrong but here is the big question " Whould you get involved in any serious way with a share you don't hold and you don't don't think has any favourable prospects. ?" Monitor the share perhaps,read the odd BB,even ask the odd question but surely that would be it for any reasonably rational person ? |
Posted at 17/8/2015 19:30 by pavey ark DH this is not a popularity contest and I think you will find that any post that puts either myself or Caza down will get a certain level of support.As you can see these posts don't need to be factually correct or even contain any insight or information.shawzie, LG, I haven't dealt in Caza shares for a few weeks but it comes as no surprise that the market in them is weak and rather wobbly. Even as blinkered, ubber bull and peering through my rose tinted specs I find myself saying FFS get on with it but as the company has pointed out to me I don't have all the bits of the puzzle. As recently as last week MF said he is looking for a knockout deal ie big money,better terms and buy out Apollo and YA. At the other end of the scale is perhaps $10m, pay off YA and drill on and meet the drilling covenants at Apollo. $10m would frac. Lennox, drill at MRE drill a commitment well (possibly Jazzmaster) pay off YA and have a $1m/$2m left over A number of random scenarios play through my mind from time to time but again I don't have all the info. I'm quite sure management have not reached the point of piecemeal solutions yet but I would have thought it only prudent to have a few lined up. Caza bought the MRE lease and drilled the first Igloo well with its own money (nothing to do with Apollo). After excellent (very excellent) results from the well, oil at every level and the property surrounded by fantastically good wells the initial $4m investment must be worth over $10m so why not use this as security on a loan, even if they only drilled one more well at MRE ($1.5m to Caza)then the lender would be very well covered.Throw in another lease if necessary. Property sales could be done and cash raised but I certainly don't think the management are up for that but who knows......and that's the problem, we don't know and the door is open for people to put forward the most negative possible outcome without considering any of the many other possible outcomes. One final point is that Caza are NOT behaving differently from ANY US oil producer in stopping drilling but the decision that Caza made caused them to come in conflict with the terms of the Apollo agreement. Apollo has a vested interest in Caza continuing to prosper and has an interest in some of Caza's earlier properties, as the company has said to me "they have skin in the game" as have management who invested personal equity to start up the company and own 11%. Unfortunately the very low oil price comes at a bad time for doing a deal but should make the oil export ban removal more likely ....every cloud and all that !! |
Posted at 15/8/2015 21:54 by pavey ark Wait a minute. It seems like I've stepped through the looking glass here.At the year end Caza found themselves short of cash and all the financial experts jumped up and down. OK cash is quite important but I did point out that, Caza had just paid out $12m in the previous quarter in order to secure MRE and drill wells. Oil drops and Caza is caught short so they take on a YA loan to tide them over. They have reduced the Accounts payable - Accounts receivable by over $8.5m in six months. If we take away the outstanding YA loan of $3.5m we get a reduction of $5m in six months. If they had the cash in the first place they wouldn't have taken the YA loan !! As far as selling the swap contracts it's rather difficult to work out what that brought in but with the higher price of oil in the second quarter I would think that the current hedges would bring in c. $1.1m last quarter (unfortunately it looks like more this quarter !!) I wasn't happy with this sale but given the negotiations that were/are underway it would probably be best to keep things rolling along and continue to pay down the bills. I agree with the financial experts on one point that drilling looks unlikely from this cash position but they should still generate cash in H2 and have only one commitment well and I put that at $1.2m to Caza Outlook/Prospects. Obviously the oil price is important but the export ban removal would be a nice little boost. Plenty of very excellent/ proven wells to drill and these would generate cash. Funding: Get the big one sorted and pay off Apollo and everything in the garden is rosy but this is not, in my opinion, a binary win lose situation as there are other options. 1. Issue some preference shares ,perhaps with a higher interest rate than you would want but they would sit behind Apollo so would have a healthy asset backing and you could sweeten these with some sort of conversion further down the line. 2 Sell some assets, as I said,there are companies out there with properties next to Caza that would gain much from being able to drill a large number of long lateral wells one after another. 3 Farm out part of their larger wi holdings like Forehand and get a well drilled now at little cost to Caza in return for a share of the remaining property. Caza would still retain enough to remain as operator. The preference share route is interesting and if you did get a large enough sale this money would buy out Apollo and therefore these shares would go to the head of the asset queue. With a an interest rate less than Apollo these would still be attractive and could contain a stepped conversion to soften the dilution but get the deal going. Random thought but these should be considered along side the darker predictions. |
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