This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

NGP Capital Resources Company Announces Quarterly Dividend Of $0.16 Per Share And Provides Portfolio Activity Update

On August 17, 2012, ATP filed for protection under Ch. 11 of the U.S. Bankruptcy Code, and received debtor-in-possession financing of approximately $600 million.  On August 23, 2012, the bankruptcy judge presiding over ATP's case signed an order allowing ATP to pay amounts received after August 17, 2012 to those parties entitled to receive them, including the ORRIs, provided that the owners of the ORRIs execute an agreement providing for the repayment to ATP of any amounts that the bankruptcy court later finds to have been inappropriately paid (a "Disgorgement Agreement").  The Company has executed a Disgorgement Agreement and consequently expects to receive distribution from ATP of its share of production proceeds received by ATP after August 17, 2012.  The Company anticipates that it will begin to receive monthly ORRI payments from ATP in September. 


In August 2012, the Company sold $15.0 million face amount of its Everest Senior Unsecured Notes for an average price of 108.5, resulting in a realized short-term capital gain of $1.3 million, or $0.06 per share.  This portion of the Company's investment in Everest Senior Unsecured Notes generated a 46.2% internal rate of return and a return on investment of 1.12x.  The Company continues to hold $10.0 million face amount of Everest Senior Unsecured Notes.


On September 13, 2012, the Company agreed to purchase a $6.0 million participation in Midstates's $600 million private placement of 10.75% Senior Unsecured Notes due 2020 (the "Midstates Notes").  Proceeds from the Midstates Notes offering are expected to be used primarily to fund the cash portion of the purchase price for Midstates acquisition of assets of Eagle Energy Production, LLC.  The Midstates Notes offering is expected to close on October 1, 2012.

Steve Gardner, President and CEO stated, "We are pleased to report these developments with our portfolio investments during the quarter.  The bankruptcy court approved ATP's motion to pay our ORRI's in the ordinary course of business.  In addition, the bankruptcy court's finance order allows ATP to use funds to drill an additional well in the Gomez field in which we have an ORRI.  We were pleased to participate in the Everest Senior Unsecured Note issuance in May.  We sold down our position in August at attractive pricing to enhance our flexibility for future investment.  After factoring in the Midstates Notes purchase, we have made gross investments totaling $117 million thus far in 2012 and currently have approximately $55 million available under our Investment Facility for new portfolio investments."

2 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.99 0.31%
FB $102.01 0.10%
GOOG $682.40 -0.10%
TSLA $151.04 0.38%
YHOO $27.04 1.05%


Chart of I:DJI
DOW 15,973.84 +313.66 2.00%
S&P 500 1,864.78 +35.70 1.95%
NASDAQ 4,337.5120 +70.6750 1.66%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs