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HOUSTON, Texas, Nov. 7, 2013 (GLOBE NEWSWIRE) -- NGP Capital Resources Company (Nasdaq:NGPC) (the "Company") today announced its financial results for the third quarter of 2013.
Highlights for the quarter ended September 30, 2013:
Operating Results: Total investment income: $6.0 million Net investment income: $2.6 million, or $0.13 per share Net unrealized appreciation on investments: $2.5 million, or $0.12 per share Net asset value: $188.9 million, or $9.22 per share Quarterly dividends declared: $0.16 per share
New investments in portfolio securities during the quarter: $2.2 million Redemption of portfolio securities during the quarter: $0.8 million Fair value of portfolio investments at September 30, 2013: $213.5 million Weighted average yield on portfolio investments: 10.5% Number of portfolio companies at September 30, 2013: 16
Portfolio and Investment Activity
During the third quarter of 2013, we invested $2.2 million with existing portfolio companies and received proceeds from redemption and repayments of portfolio securities totaling $0.8 million.
On October 2, 2013, we funded a $14.0 million participation in a $180.0 million Second Lien Term Loan (the "Term Loan") to a Houston-based, privately owned, independent oil and gas exploration and production company focused in the Gulf Coast region. Proceeds from the Term Loan were used to acquire producing oil and gas properties in South Louisiana. The Term Loan was issued at a 3% discount, earns interest at the greater of 10.25% or LIBOR + 9.0% per annum and matures on March 27, 2019.
We have continued to receive our share of monthly production payments from ATP Oil & Gas Corporation ("ATP"), pursuant to our limited-term overriding royalty interests (the "ORRIs") in ATP's Telemark offshore oil and gas properties, in accordance with the Bankruptcy Court's order and subject to a disgorgement agreement executed in August 2012. As of September 30, 2013, our unrecovered investment in the ORRIs was $30.5 million, and we had received aggregate production payments of $21.7 million subject to the disgorgement agreement, $1.7 million of which was received during the third quarter of 2013. Production payments in the third quarter were lower than in previous quarters in part because production from ATP's Gomez properties ceased on April 30, 2013, and also because production from the Telemark properties was temporarily shut-in for scheduled downstream pipeline maintenance.