Subsequent Events |
12 Months Ended |
|---|---|
Dec. 31, 2015 | |
| Subsequent Events [Abstract] | |
| SUBSEQUENT EVENTS |
SUBSEQUENT EVENTS
The Company performed an evaluation of subsequent events through the date of the issuance of these financial statements and determined that no additional items require recognition or disclosure, except for the following:
Common Stock Dividend Declaration
On January 26, 2016, our Board of Directors declared the 2015 fourth quarter dividend of $0.750 per share for CorEnergy common stock. The dividend was paid on February 29, 2016, to shareholders of record on February 12, 2016.
Preferred Stock Dividend Declaration
On January 26, 2016, our Board of Directors also declared a cash dividend of $0.4609375 per depositary share for the Company’s 7.375% Series A Cumulative Redeemable Preferred Stock for the quarter ending December 31, 2015. The preferred stock dividend was paid on February 29, 2016 to shareholders of record on February 12, 2016.
Shelf Registration Statement
On February 18, 2016 we had a new shelf registration statement, with an aggregate offering price of up to $600 million, declared effective by the SEC, pursuant to which we may publicly offer additional securities consisting of (i) common stock, (ii) preferred stock, (iii) fractional interests in shares of our preferred stock represented by depositary shares, (iv) senior and/or subordinated debt securities, (v) subscription rights to purchase shares of our common stock, preferred stock (or depositary shares representing a fractional interest therein) and/or debt securities, (vi) warrants representing rights to purchase shares of our common stock, preferred stock (or depositary shares representing a fractional interest therein) and/or debt securities, or (vii) units consisting of a combination of any of the foregoing. We refer to the foregoing collectively as our securities. We may offer our securities in one or more offerings and in one or more classes or series, separately or together.
Omega Department of Defense contract
On January 28, 2016, Omega was awarded a new 10 year contract with the Department of Defense, to provide natural gas and gas distribution assets to Fort Leonard Wood through Omega’s approximately 70 mile (unaudited) pipeline distribution system on the military base.
Black Bison Foreclosure
Effective February 29, 2016, the Company foreclosed on 100 percent of the equity of BB Intermediate, the holding company of Black Bison Water Services, LLC, the borrower of the Black Bison financing notes receivable.
Pinedale Facility
CorEnergy has obtained a Consent from its lenders under the Regions Credit Facility, which will permit the Company to utilize the revolving credit facility to refinance the Pinedale LP secured term credit facility. CorEnergy, along with Prudential, expect to refinance their pro rata shares of the Pinedale LP secured term credit facility prior to March 30, 2016.
SWD Enterprises Covenant Breach
Due to reduced drilling activity in SWD Enterprises' area of operations, they have breached certain covenants. The Company is in discussions with SWD Enterprises related to resolution of the breach.
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