LoadsaDosh2
28 Jan 2016
Delisting from AIM Just had a note from my broker they will consolidate the shares and delist from AIM. Bye bye CAZA.
f1nants
26 Jan 2016
Graham Wood - The oil Man says... ... Caza is one of the best plays in the US:-<<(CAZA) has announced that it has secured a $100 million resource-based lending facility from JP Morgan, with an initial draw of $15 million. Terms seem pretty tight at 200-300 basis points over Libor and it will be used to develop the Bone Spring play in New Mexico.It is a shame that the company had to give away so much of the equity in its last refinancing, as this play remains one of the best in the US and Caza has a strong position there.>>
f1nants
26 Jan 2016
Funding...$100million Caza Oil & Gas, Inc. announced its wholly owned subsidiary, Caza Petroleum, Inc. ("Caza Petroleum"
, has entered into a credit agreement for a five-year, senior secured, reserve-based, revolving credit facility with JPMorgan Chase Bank, N.A., as Lender and Administrative Agent, with J.P. Morgan Securities LLC, acting as sole lead arranger and sole bookrunner of the Credit Facility.Pursuant to the credit agreement, the Credit Facility commitment is a maximum $100.0 million, governed by an initial borrowing base of US$15.0 million, including a sub-facility for the issuance of letters of credit up to a maximum aggregate face amount of 10% of the borrowing base in effect. Interest on loans under the Credit Facility may be elected by Caza Petroleum to be based on LIBOR or a base rate (determined as the greatest of the prime rate, federal funds rate + 0.50% and adjusted LIBOR + 1%) from time to time, plus a margin determined based upon utilization of the borrowing base ranging from 2% to 3% for LIBOR loans and ranging from 1% to 2% for base rate loans. The Credit Facility also requires Caza Petroleum to pay a commitment fee equal to 0.50% per annum based on the average daily unused portion of the borrowing base. Additionally, upfront fees will be paid to JPMorgan at closing in an amount equal to 0.50% of the initial borrowing base.The borrowing base is the loan value to be assigned to the proved reserves attributable to the Company's proved oil and gas properties, as evaluated in the most recent reserve report(s) and delivered pursuant to the credit agreement. As of the closing date, the borrowing base was set at $15 million until the next scheduled redetermination or as the borrowing base is otherwise adjusted or redetermined. Redeterminations based on updated reserve reports are scheduled semi-annually, and each of Caza Petroleum and JPMorgan have the ability to request one interim redetermination in each 6 month period between scheduled redeterminations. The initial borrowing base redetermination will occur on July 1, 2016, unless the borrowing base is adjusted or redetermined before such date in accordance with the terms of the Credit Facility.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.The Credit Facility includes financial covenants tested on a quarterly basis, including a maximum funded debt to EBITDAX ratio of 4.0x and a minimum current assets to current liabilities ratio of 1.0x, each tested on a consolidated basis for Caza Petroleum and its subsidiaries. The Credit Facility also includes representations, warranties, affirmative and negative covenants, events of default, remedial provisions and other terms that are usual and customary for secured reserve-based credit facilities.Subject to the borrowing base in effect, the Credit Facility is available on a revolving basis during the period commencing on the closing date and ending on the fifth anniversary of the closing date, which is January 21, 2021.Caza Petroleum and Caza Operating will use the proceeds of the loans for (i) the payment of transaction fees and expenses in connection with the closing of the Credit Facility; and (ii) funding the working capital, capital expenditures and other general corporate purposes of Caza Petroleum and Caza Operating.Caza is engaged in the acquisition, exploration, development and production of hydrocarbons in the following regions of the United States of America through its subsidiary, Caza Petroleum, Inc.: Permian Basin (Southeast New Mexico and West Texas) and Texas and Louisiana Gulf Coast (on-shore).
indolent
25 Jan 2016
Artticle: finally a pact is nigh? [link] Opec oil cartel has issued its strongest plea to date for a pact with Russia and rival producers to cut crude output and halt the collapse in prices, warning that the deepening investment slump is storing up serious trouble for the future. He accused the cartel of incompetence. “When Opec launched the price war, they expected US companies to go under very quickly. They discovered that 50pc of the US production was hedged,” he said. Mr Fedun said these contracts acted as a subsidy worth $150m a day for the industry though the course of 2015. The hedges are now expiring fast, and will cover just 11pc of output this year.Claudio Descalzi, head of Italy’s oil group Eni, said Opec has stopped playing the role of “regulator” for crude, leaving markets in the grip of financial forces trading “paper barrels” that outnumber actual barrels of oil by a ratio of 80:1. The paradox of the current slump is that global spare capacity is at wafer-thin levels of 2pc as Saudi Arabia pumps at will, leaving the market acutely vulnerable to any future supply-shock. “In the 1980s it was around 30pc; 10 years ago it was 8pc,” said Mr Descalzi. Barclays said the capitulation over recent weeks is much like the mood in early 1999, the last time leading analysts said the world was “drowning in oil”. It proved to be exact bottom of the cycle. Prices jumped 50pc over the next twenty days, the start of a 12-year bull market. Mr Norrish said excess output peaked in the last quarter of 2015 at 2.1m b/d. The over-supply will narrow to 1.2m b/d in the first quarter as of this year as a string of Opec and non-Opec reach “pain points”, despite the return of Iranian crude after the lifting of sanctions. Mr Norrish said the oil market faces powerful headwinds. US shale has emerged as a swing producer and will crank up output “quite quickly” once prices rebound. Saleh Al-Sada, Qatar's energy minister, told Chatham House that it is still too early to call the bottom of the market. "We will go through one more downturn cycle, but we will recover. Today's oil price is not sustainable whatsoever," he said.
jerrythegardener
14 Jan 2016
Re: Tough business still have a tiny holding here from the early days, yep should of sold in the 20s, PoO looks like its gonna be bumping around the bottom till late 2017. If that is so, it ain't arf gonna close down a few companies.
5 Iron
19 Dec 2015
Tough business Doesn't seem that long ago when I sold some of my holding for 20p. Bet we all wish we sold all of it! Down to 2p and then down to 0.2p. That a 100 fold drop- basically now worthless. I even bought some more at 2p. Ah well! Spilt milk and all that. That will go onto my learning curve along with Afren and RRL
Ripley94
18 Dec 2015
Re: Malcolm Graham-wood Bucket shops and flippers. ?
Ripley94
15 Dec 2015
Malcolm Graham-wood Interesting vidio on this site 18 Feb 15were he states this is oversold and a very good company to invest in.Is this site just a tool for rampers/ dumpers.
SierraBravo
15 Dec 2015
Re: Dead in the water "With a mkt cap of 1 million GBP And debt of > $50 mln dollars that would imply new shares of something like 7 billion to clear the debt via equity. That is, as they said, significant dilution."Well I was only 2.5 billion out.Converting the debt for equity should (in theory if not in practice) add the value of the debt to the market cap - roughly. This would suggest that it should affect the share price too much, especially given that they got it away at a modest premium (how, they were not holding any cards).But the problem is that, in effect, existing equity amounts to approx 2.75% approximately of the enlarged equity.A complete turn around in the oil price and prospects is unlikely to have a significant impact on the share price. The prospects for any sort of significant recovery are now very slim indeed.
divvent argie
15 Dec 2015
Dead in the water Well at least the directors keep their jobs. As for you and me ..........................................?
indolent
14 Dec 2015
Re: Frack me! - don't shot DEL BOY [link]
DelBoyTrading
08 Dec 2015
Re: Frack me! - don't shot Indolent,Thanks for another of your personal attacks, however can you please stop addressing me. I have no desire to have a conversation with someone who clearly cannot make a decision on anything without first asking a billion questions regarding it. Go do your own researchIf you dont like me stating my opinion then I suggest you block mePS: Oil was trading at over $80 a barrel in October 2014. Caza at $80 a barrel is a profitable companyBye
indolent
27 Nov 2015
Re: Frack me! - don't shot Should have been more precise: in October 2014
indolent
24 Nov 2015
Re: Frack me! - don't shot Delboy,To cut a long story short either your ego and apparent stupidity or an agenda aligned with a need to defend your blogging reputation make it impossible to have a conversation with you which I've tried a couple of times by asking questions. I would like to say more but under the circumstances of where holders find themselves with this one I won't. I'll leave it at .... you were the only one here (and on other perhaps boards too?) to suggest Caza was still profitable in October and the oil market rout was no spring chicken by then.
spike501
18 Nov 2015
Re: Frack me! - don't shot Almost 10% dilution to cover a payment under Yorkville of less than 120k.The writing was on the wall here so long ago - there is no recovery coming, only massive, massive dilution and virtual wipeout for existing shareholders at best.
