posasr
As filed with the Securities and Exchange Commission on
August 9, 2006
Registration
No. 333-134157
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
POST-EFFECTIVE AMENDMENT NO. 2
To
FORM S-3
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Range Resources Corporation
and guarantors identified in footnote (2) below
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Delaware |
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34-1312571 |
(State or other jurisdiction
of |
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(I.R.S. Employer |
incorporation or
organization)
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Identification No.) |
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777 Main Street,
Suite 800
Fort Worth, Texas 76102
(817) 870-2601
(Address, including
ZIP Code,
and telephone number, including area code,
of Registrants principal executive offices) |
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Rodney L. Waller
Range Resources Corporation
Senior Vice President and Corporate Secretary
777 Main Street, Suite 800
Fort Worth, Texas 76102
(817) 870-2601
(Name, address,
including ZIP code, and telephone number,
including area code, of agent for service) |
Copy to:
Rodney L. Moore, Esq.
Vinson & Elkins L.L.P.
2001 Ross Avenue, Suite 3700
Dallas, Texas 75201
Telephone: (214) 220-7700
Approximate
date of commencement of proposed sale to the public: From
time to time after this Registration Statement becomes effective.
If the only
securities being registered on this Form are being offered
pursuant to dividend or interest reinvestment plans, please
check the following
box. o
If any of the
securities being registered on this Form are being offered on a
delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933, as amended (the Securities
Act), other than securities offered only in connection
with dividend or interest reinvestment plans, please check the
following
box. þ
If this Form is
filed to register additional securities for an offering pursuant
to Rule 462(b) under the Securities Act, please check the
following box and list the Securities Act registration statement
number of the earlier effective registration statement for the
same
offering. o
If this Form is
a post-effective amendment filed pursuant to Rule 462(c)
under the Securities Act, please check the following box and
list the Securities Act registration statement number of the
earlier effective registration statement for the same
offering. o
If this Form is
a registration statement pursuant to General Instruction I.D. or
a post-effective amendment thereto that shall become effective
upon filing with the Commission pursuant to Rule 462(e)
under the Securities Act, check the following
box. þ
If this Form is
a post-effective amendment to a registration statement filed
pursuant to General Instruction I.D. filed to register
additional securities or additional class of securities pursuant
to Rule 413(b) under the Securities Act, check the
following
box. o
CALCULATION OF REGISTRATION FEE
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Proposed |
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Proposed |
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Title of each class of |
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Amount to be |
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maximum offering |
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maximum aggregate |
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Amount of |
securities to be registered |
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registered |
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price per unit |
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offering price |
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registration fee |
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Debt Securities
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Guarantees of Debt Securities(2)
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(1)
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(1)
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(1)
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(1)
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(1) |
An indeterminate aggregate initial offering price or number of
the securities of each identified class is being registered as
may from time to time be offered hereunder at indeterminate
prices. In accordance with Rules 456(b) and 457(r) under
the Securities Act of 1933, the registrant is deferring payment
of all of the registration fee and will pay the registration fee
subsequently in advance or on a pay-as-you-go basis. |
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(2) |
The following direct and indirect domestic subsidiaries of Range
Resources Corporation will be guarantors of the Debt Securities
registered hereunder and, therefore, have been listed as
Co-Registrants for the purpose of providing guarantees relating
to the Debt Securities registered hereunder. The Co-Registrants
are organized under the laws of the state indicated and have the
I.R.S. Employer Identification Number indicated: Great
Lakes Energy Partners, L.L.C., a Delaware limited liability
company (34-1902948);
Pine Mountain Acquisition, Inc., a Delaware corporation
(56-2381864); Pine
Mountain Oil & Gas, Inc., a Virginia corporation
(54-1359197); PMOG
Holdings, Inc. a Delaware corporation
(54-1359197); Range
Energy I, Inc., a Delaware corporation
(52-1996729); Range
HoldCo, Inc., a Delaware corporation
(34-1903004); Range
Operating Texas, L.L.C., a Delaware limited liability
corporation
(20-3216550); Range
Production I, L.P., a Texas limited partnership
(75-2672382); Range
Production Company, a Delaware corporation
(75-1722213); Range
Energy Ventures Corporation, a Delaware corporation
(76-0405733); Range
Operating New Mexico, Inc., a Delaware corporation
(73-1523738); Stroud
Energy GP, LLC, a Delaware limited liability company
(20-3222792); Stroud
Energy LP, LLC, a Delaware limited liability company
(20-3607851); Stroud
Energy, Ltd., a Texas limited partnership
(75-2921685); Stroud
Energy Management GP, LLC, a Texas limited liability company
(20-0721637) and Stroud
Oil Properties, LP, a Delaware limited partnership
(48-1011199). |
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EXPLANATORY NOTE:
This Registration Statement on
Form S-3 (File
No. 333-134157) of
Range Resources Corporation (Range) is being amended
to add Range Operating Texas, L.L.C. and its direct and indirect
subsidiaries, Stroud Energy GP, LLC, Stroud Energy LP, LLC,
Stroud Oil Properties, LP, Stroud Energy Management GP, LLC and
Stroud Energy, Ltd., as Co-Registrants that will be a guarantors
of the Debt Securities registered under this Registration
Statement. Range acquired Stroud Energy, Inc.
(Stroud) on June 19, 2006 pursuant to the
Agreement and of Plan of Merger, dated May 10, 2006, by and
among Range, Range Acquisition Texas, Inc., a wholly-owned
subsidiary of Range, and Stroud. In connection with the
acquisition, Stroud was merged with and into a Delaware limited
liability company, whose sole member is Range, with Range
Operating Texas, L.L.C. being the surviving entity of such
merger.
Additionally, the following direct and indirect subsidiaries are
being added by this amendment as guarantors of the Debt
Securities registered under this Registration Statement: Pine
Mountain Acquisition, Inc. and Pine Mountain Oil & Gas, Inc.
PROSPECTUS
Range Resources Corporation
Debt Securities
Guarantees of Debt Securities
We may offer and sell securities from time to time in amounts,
at prices and on terms that we will determine at the times of
the offerings. This prospectus also covers guarantees of our
obligations under any debt securities, which may be given from
time to time by one or more of our direct or indirect domestic
subsidiaries, on terms to be determined at the time of the
offering.
We will provide the specific terms of the securities in one or
more supplements to this prospectus. You should read this
prospectus and the related prospectus supplements carefully
before you invest in our securities. This prospectus may not be
used to offer and sell our securities unless accompanied by a
prospectus supplement describing the method and terms of the
offering of those offered securities. We may sell the securities
directly, or we may distribute them through underwriters or
dealers.
You should read this prospectus and any supplement carefully
before you invest. AN INVESTMENT IN OUR SECURITIES INVOLVES
RISKS. PLEASE READ THE RISK FACTORS DESCRIBED IN ANY
ACCOMPANYING PROSPECTUS SUPPLEMENT, IN OUR
FORM 10-K AND IN
ANY OF THE DOCUMENTS WE INCORPORATE BY REFERENCE.
Neither the Securities and Exchange Commission nor any state
securities commission has approved or disapproved of these
securities or passed upon the accuracy or adequacy of this
prospectus. Any representation to the contrary is a criminal
offense.
The date of this prospectus is August 9, 2006
Table of contents
We have not authorized any dealer, salesman or other person to
give any information or to make any representation other than
those contained or incorporated by reference in this prospectus
and the accompanying prospectus supplement. You must not rely
upon any information or representation not contained or
incorporated by reference in this prospectus or the accompanying
prospectus supplement as if we had authorized it. This
prospectus and the accompanying prospectus supplement are not an
offer to sell or the solicitation of an offer to buy any
securities other than the registered securities to which they
relate. This prospectus and the accompanying prospectus
supplement are not an offer to sell or the solicitation of an
offer to buy securities in any jurisdiction to any person to
whom it is unlawful to make an offer or solicitation in that
jurisdiction. The information contained in this prospectus and
the accompanying prospectus supplement is accurate as of the
dates on their covers. When we deliver this prospectus or an
accompanying prospectus supplement or make a sale pursuant to
this prospectus, we are not implying that the information is
current as of the date of the delivery or sale.
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About this prospectus
This prospectus is part of a registration statement on
Form S-3 that we
filed with the Securities and Exchange Commission
(SEC) utilizing a shelf registration process. Under
this shelf registration process, we may sell the securities
described in this prospectus in one or more offerings. This
prospectus provides you with a general description of the
securities we may offer. Each time we sell securities, we will
provide a prospectus supplement that will contain specific
information about the terms of the offering and the securities
to be sold. This prospectus does not contain all of the
information included in the registration statement. The
prospectus supplement may also add, update or change information
contained in this prospectus. You should read both this
prospectus and any prospectus supplement together with the
additional information under the heading Where You Can
Find More Information.
Unless otherwise noted herein, as used in this prospectus,
Range, Range Resources, we,
our, ours, us and the
Company refer to Range Resources Corporation and its
consolidated subsidiaries, except where the context otherwise
requires or as otherwise indicated.
Where you can find more information
This prospectus does not contain all of the information included
in the registration statement and all of the exhibits and
schedules thereto. For further information about the
registrants, you should refer to the registration statement.
Summaries of agreements or other documents is this prospectus
are not necessarily complete. Please refer to the exhibits to
the registration statement for complete copies of such documents.
We file annual, quarterly and other periodic reports, proxy
statements and other information with the SEC. Our SEC filings
are available over the Internet at the SECs web site at
http://www.sec.gov. You may also read and copy any document we
file with the SEC at the SECs public reference room
located at 100 F Street, N.E., Washington, D.C. 20549.
Please call the SEC at
1-800-SEC-0330 for more
information on the public reference room and its copy charges.
Our common stock is listed on the New York Stock Exchange under
the symbol RRC. You may also inspect our SEC reports
and other information at the New York Stock Exchange,
20 Broad Street, New York, New York 10005, or at our
website at http://www.rangeresources.com. We do not intend for
information contained in our website to be part of this
prospectus.
Information we incorporate by reference
The SEC allows us to incorporate by reference the
information we file with them, which means that we can disclose
important information to you by referring you to those
documents. The information incorporated by reference is an
important part of this prospectus. Information that we file with
the SEC after we file this prospectus will automatically update
and may replace information in this prospectus and information
previously filed with the SEC.
We incorporate by reference in this prospectus the documents
listed below which we previously have filed with the SEC and any
future filings made with the SEC under Sections 13(a),
13(c), 14 or 15(d) of the Securities Exchange Act of 1934
(excluding those filings made under Item 2.02 or 7.01 of
Form 8-K) after we
file this prospectus until the offering of the securities
terminates
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or we have filed with the SEC an amendment to the registration
statement relating to this offering that deregisters all
securities then remaining unsold:
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Annual Report on
Form 10-K for the
fiscal year ended December 31, 2005; |
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Quarterly Report on
Form 10-Q/ A for
the quarterly period ended March 31, 2006, and Quarterly
Report on Form 10-Q for the quarterly period ended June 30,
2006; and |
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Current Reports on
Form 8-K filed on
January 4, 2006, filed on January 18, 2006, filed on
January 25, 2006, filed on February 2, 2006, filed on
February 24, 2006, filed on March 30, 2006, filed on
April 19, 2006, filed on May 16, 2006, filed on
May 23, 2006, filed on May 26, 2006, filed on
June 9, 2006, filed on June 12, 2006, filed on
June 21, 2006, filed on July 18, 2006 and filed on
July 27, 2006 and Current Reports on Form 8-K/A filed on
May 16, 2006, filed on June 23, 2006 and filed on August 9, 2006. |
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You may request a copy of any of these filings (other than an
exhibit to those filings unless we have specifically
incorporated that exhibit by reference into the filing), at no
cost, by telephoning us at the following number or writing us at
the following address:
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Range Resources Corporation |
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Attention: Corporate Secretary |
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777 Main Street |
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Suite 800 |
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Fort Worth, Texas 76102 |
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(817) 870-2601 |
Forward-looking statements
This prospectus and the documents incorporated by reference in
this prospectus contain forward-looking statements
within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of
1934. These statements include statements relating to our plans,
strategies, objectives, expectations, intentions and adequacy of
resources and are made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995. In
general, all statements other than statements of historical fact
are forward-looking statements. These forward-looking statements
are based on managements current belief, based on
currently available information, as to the outcome and timing of
future events. However, managements assumptions and our
future performance are subject to a wide range of business risks
and uncertainties and we cannot assure you that these goals and
projections can or will be met. Any number of factors could
cause actual results to differ materially from those in the
forward-looking statements, including, but not limited to:
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production variance from expectations, |
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volatility of oil and natural gas prices, |
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hedging results, |
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the need to develop and replace reserves, |
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the substantial capital expenditures required to fund operations, |
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exploration risks, |
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environmental risks, |
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uncertainties about estimates of reserves, |
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competition, |
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litigation, |
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our sources of liquidity, |
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access to capital, |
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government regulation, |
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political risks, |
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our ability to implement our business strategy, |
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costs and results of drilling new projects, |
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mechanical and other inherent risks associated with oil and
natural gas production, |
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weather, |
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availability of drilling equipment, and |
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changes of interest rates. |
Reserve engineering is a process of estimating underground
accumulations of oil and natural gas that cannot be measured in
an exact way. The accuracy of any reserve estimate depends on
the quality of available data, the interpretation of such data
and price and cost assumptions made by our reserve engineers. In
addition, the results of drilling, testing and production
activities may justify revisions of estimates that were made
previously. If significant, such revisions would change the
schedule of any further production and development drilling.
Accordingly, reserve estimates may differ from the quantities of
oil and natural gas that are ultimately recovered.
Although we believe that the expectations reflected in the
forward-looking statements are reasonable, we cannot guarantee
future results, events, levels of activity, performance or
achievements. We do not assume responsibility for the accuracy
and completeness of the forward-looking statements.
Should one or more of the risks or uncertainties described in
this prospectus or the documents we incorporate by reference, or
should underlying assumptions prove incorrect, our actual
results and plans could differ materially from those expressed
in any forward-looking statements. We undertake no obligation to
publicly update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
All forward-looking statements express or implied, included in
this prospectus and the documents we incorporate by reference
and attributable to Range are expressly qualified in their
entirety by this cautionary statement. This cautionary statement
should also be considered in connection with any subsequent
written or oral forward-looking statements that Range or persons
acting on its behalf may issue.
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Ratio of earnings to fixed charges
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Year ended December 31, | |
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Six months ended | |
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June 30, | |
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2001 | |
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2006 | |
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Ratio of earnings to fixed charges
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1.5x |
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1.9x |
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3.2x |
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3.8x |
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5.5x |
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8.4x |
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For purposes of calculating the ratio of earnings to fixed
charges:
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fixed charges represent interest expense,
amortization of debt costs and the portion of rental expense
representing the interest factor, and |
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earnings represent the aggregate of income from
continuing operations and fixed charges. |
Use of proceeds
Unless we inform you otherwise in a prospectus supplement, we
expect to use the net proceeds from the sale of the securities
covered by this prospectus for general corporate purposes, which
may include but are not limited to reduction or refinancing of
debt or other corporate obligations, repurchasing or redeeming
our securities, the financing of capital expenditures,
acquisitions and additions to our working capital. We may
temporarily use the net proceeds received from any offering of
securities to repay our senior credit facility or other debt
until we can use such net proceeds for the stated purpose.
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Description of debt securities
In this Description of Debt Securities, Range or
the Company refers only to Range Resources
Corporation, and any successor obligor on the securities, and
not to any of its subsidiaries. You can find the definitions of
certain terms used in this description under Certain
definitions.
The Company may from time to time issue such securities
(referred to herein as the notes) under an Indenture
between the Company, the Subsidiary Guarantors and
J.P. Morgan Trust Company, N.A., dated May 23, 2006,
as supplemented by the First Supplemental Indenture, dated
May 23, 2006, and as may be further supplemented or
amended. The terms of the notes include those stated in the
Indenture and those made part of the Indenture by reference to
the Trust Indenture Act of 1939, as amended.
The notes may be issued from time to time as provided in this
prospectus. When notes are offered, a prospectus supplement will
explain the particular terms of the notes to the extent they are
not set forth in or vary from the terms set forth in this
prospectus, and in particular will include the following
information about the notes offered:
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the initial principal amount of notes offered, |
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the interest rate borne by the notes, |
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the interest payment dates and related record date, |
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the maturity date, |
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the prices and other terms, if any, upon which the notes may be
redeemed prior to maturity, |
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any changes in the terms related to the notes described herein,
including changes in covenants, events of default or any other
provision described herein, and |
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any other information relevant to the terms of the notes so
offered. |
The following is a summary of the material provisions of the
Indenture. Because this is a summary, it may not contain all the
information that is important to you. We have filed the form of
Indenture as an exhibit to the registration statement of which
this prospectus is part. You should read the Indenture in its
entirety.
Basic terms of notes
The notes
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will be unsecured senior subordinated obligations of Range,
subordinated in right of payment to all existing and future
Senior Debt of Range in accordance with the subordination
provisions of the Indenture; |
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will be jointly, severally and unconditionally guaranteed on a
senior subordinated basis by certain of the material domestic
Restricted Subsidiaries of the Company and any future material
domestic Restricted Subsidiary of the Company. The obligations
of the Subsidiary Guarantors under the Guarantees will be
general unsecured obligations of each of the Subsidiary
Guarantors and will be subordinated in right of payment to all
obligations of the Subsidiary Guarantors in respect of Senior
Debt; |
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will rank equally with all of our senior subordinated unsecured
debt, including $150 million in aggregate principal amount
of our outstanding
71/2
% Senior Subordinated Notes |
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previously issued under the Indenture, $200.0 million in
aggregate principal amount of our outstanding
73/8% Senior
Subordinated Notes and $150.0 million in aggregate
principal amount of our outstanding
63/8
% Senior Subordinated Notes. |
Additional notes
Subject to the covenants described below, following the initial
issuance of notes under the Indenture, we may issue additional
notes under the Indenture having the same terms as the initial
notes; provided, however, that any such issuance made under the
same CUSIP number as the original issuance will be made only if
either such additional notes are issued with no more than de
minimis original issue discount or such issuance is a
qualified reopening as such term is defined under
Treasury regulations section 1.1275-2(k)(3) promulgated
under the Internal Revenue Code of 1986, as amended. The initial
notes and any such additional notes would be treated as a single
class for all purposes under the Indenture and will vote
together as one class on all matters with respect to the notes.
Optional redemption
We will be permitted to redeem the notes prior to maturity on
the terms and at the prices set forth in the prospectus
supplement relating to the issuance of the notes.
No mandatory redemption or sinking fund
Except as set forth below under Repurchase at the
option of holders, we will not be required to make
mandatory redemption or sinking fund payments with respect to
the notes.
Guarantees
The Companys payment obligations under the notes will be
jointly, severally and unconditionally guaranteed (the
Guarantees) initially by certain of the
Companys material domestic Restricted Subsidiaries of the
Company and by any future material domestic Restricted
Subsidiaries of the Company. The initial Subsidiary Guarantors
shall be Great Lakes Energy Partners, L.L.C., PMOG Holdings,
Inc., Range Energy I, Inc., Range HoldCo, Inc., Range
Production I, L.P., Range Production Company, Range Energy
Ventures Corporation, Range Operating New Mexico, Inc., Range
Operating Texas, L.L.C., Pine Mountain Acquisition, Inc., Pine
Mountain Oil & Gas, Inc., Stroud Energy GP, LLC, Stroud
Energy LP, LLC, Stroud Oil Properties, LP, Stroud Energy
Management GP, LLC and Stroud Energy, Ltd. The Guarantees will
be subordinated to Indebtedness of the Subsidiary Guarantors to
the same extent and in the same manner as the notes are
subordinated to the Senior Debt. Each Guarantee by a Subsidiary
Guarantor will be limited in an amount not to exceed the maximum
amount that can be guaranteed by the applicable Subsidiary
Guarantor without rendering such Guarantee, as it relates to
such Subsidiary Guarantor, voidable under applicable law
relating to fraudulent conveyance or fraudulent transfer or
similar laws affecting rights of creditors generally.
The Indenture provides that no Subsidiary Guarantor may
consolidate with or merge with or into (whether or not such
Subsidiary Guarantor is the surviving Person), another Person
whether or not affiliated with such Subsidiary Guarantor, unless
(i) subject to the provisions of the following paragraph,
the Person formed by or surviving any such consolidation or
merger (if other than such Subsidiary Guarantor) assumes all the
obligations of such Subsidiary Guarantor pursuant to a
supplemental Indenture in form and substance reasonably
satisfactory to the Trustee in respect of the notes, the
Indenture and the Guarantees; (ii) immediately after
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giving effect to such transaction, no Default or Event of
Default exists; and (iii) such transaction does not violate
any of the covenants described under the heading
Certain covenants.
The Indenture provides that in the event of a sale or other
disposition of all or substantially all of the assets of a
Subsidiary Guarantor to a third party or an Unrestricted
Subsidiary in a transaction that does not violate any of the
covenants in the Indenture, by way of merger, consolidation or
otherwise, or a sale or other disposition of all of the capital
stock of a Subsidiary Guarantor, then such Subsidiary Guarantor
(in the event of a sale or other disposition, by way of such a
merger, consolidation or otherwise, of all of the capital stock
of such Subsidiary Guarantor) or the Person acquiring the
property (in the event of a sale or other disposition of all or
substantially all of the assets of such Subsidiary Guarantor)
will be released from and relieved of any obligations under its
Guarantee.
Any Subsidiary Guarantor that is designated an Unrestricted
Subsidiary in accordance with the terms of the Indenture shall
be released and relieved of its obligations under its Guarantee
and any Unrestricted Subsidiary.
Subordination
The payment of principal, premium, if any, and interest on the
notes and any other payment obligations of the Company in
respect of the notes (including any obligation to repurchase the
notes) will be subordinated in certain circumstances in right of
payment, as set forth in the Indenture, to the prior payment in
full in cash of all Senior Debt, whether outstanding on the date
of the Indenture or thereafter incurred.
Upon any payment or distribution of property or securities to
creditors of the Company in a liquidation or dissolution of the
Company or in a bankruptcy, reorganization, insolvency,
receivership or similar proceeding relating to the Company or
its property, or in an assignment for the benefit of creditors
or any marshalling of the Companys assets and liabilities,
the holders of Senior Debt will be entitled to receive payment
in full of all Obligations due in respect of such Senior Debt
(including interest after the commencement of any such
proceeding at the rate specified in the applicable Senior Debt,
whether or not a claim for such interest would be allowed in
such proceeding) before the Holders of notes will be entitled to
receive any payment with respect to the notes, and until all
Obligations with respect to Senior Debt are paid in full, any
distribution to which the Holders of notes would be entitled
shall be made to the holders of Senior Debt (except in each case
that Holders of notes may receive securities that are
subordinated at least to the same extent as the notes are
subordinated to Senior Debt and any securities issued in
exchange for Senior Debt and payments made from the trust
described under Legal defeasance and covenant
defeasance).
The Company may not make any payment (whether by redemption,
purchase, retirement, defeasance or otherwise) upon or in
respect of the notes (except in such subordinated securities or
from the trust described under Legal defeasance and
covenant defeasance) if (i) a default in the payment
of the principal of, premium, if any, or interest on Designated
Senior Debt occurs or (ii) any other default occurs and is
continuing with respect to Designated Senior Debt that permits,
or with the giving of notice or passage of time or both (unless
cured or waived) will permit, holders of the Designated Senior
Debt as to which such default relates to accelerate its maturity
and the Trustee receives a notice of such default (a
Payment Blockage Notice) from the Company or the
holders of any Designated Senior Debt. Cash payments on the
notes shall be resumed (a) in the case of a payment
default, upon the date on which such default is cured or waived
and (b) in case of a nonpayment default, the earliest
7
of the date on which such nonpayment default is cured or waived,
the date on which the applicable Payment Blockage Notice is
retracted by written notice to the Trustee or 90 days after
the date on which the applicable Payment Blockage Notice is
received, unless the maturity of any Designated Senior Debt has
been accelerated or a default of the type described in
clause (ix) under the caption Events of
Default has occurred and is continuing. No new period of
payment blockage may be commenced unless and until 360 days
have elapsed since the date of commencement of the payment
blockage period resulting from the immediately prior Payment
Blockage Notice. No nonpayment default in respect of Designated
Senior Debt that existed or was continuing on the date of
delivery of any Payment Blockage Notice to the Trustee shall be,
or be made, the basis for a subsequent Payment Blockage Notice.
The Indenture further requires that the Company promptly notify
holders of Senior Debt if payment of the notes is accelerated
because of an Event of Default.
As a result of the subordination provisions described above, in
the event of a liquidation or insolvency of the Company, Holders
of notes may recover less ratably than creditors of the Company
who are holders of Senior Debt. The Indenture will limit,
subject to certain financial tests, the amount of additional
Indebtedness, including Senior Debt, that the Company and its
Subsidiaries can incur. See Certain covenants
Incurrence of indebtedness and issuance of disqualified
stock.
Repurchase at the option of holders
Change of control
Upon the occurrence of a Change of Control, each Holder of notes
will have the right to require the Company to repurchase all or
any part (equal to $1,000 or an integral multiple thereof) of
such Holders notes pursuant to the offer described below
(the Change of Control Offer) at an offer price in
cash equal to 101% of the aggregate principal amount of the
notes plus accrued and unpaid interest, if any, thereon to the
date of purchase (the Change of Control Payment).
Within 30 days following any Change of Control, unless a
notice of redemption has been given with respect to the notes,
the Company will mail a notice to each Holder describing the
transaction or transactions that constitute the Change of
Control and offer to repurchase the notes pursuant to the
procedures required by the Indenture and described in such
notice. The Change of Control Payment shall be made on a
business day not less than 30 days nor more than
60 days after such notice is mailed (the Change of
Control Payment Date). The Company will comply with the
requirements of
Rule 14e-1 under
the Exchange Act and any other securities laws and regulations
thereunder to the extent such laws and regulations are
applicable in connection with the repurchase of the notes as a
result of a Change of Control.
On the Change of Control Payment Date, the Company will, to the
extent lawful, (i) accept for payment all the notes or
portions thereof properly tendered pursuant to the Change of
Control Offer, (ii) deposit with the Paying Agent an amount
equal to the Change of Control Payment in respect of all the
notes or portions thereof so tendered and (iii) deliver or
cause to be delivered to the Trustee the notes so accepted
together with an Officers Certificate stating the
aggregate principal amount of such notes or portions thereof
being purchased by the Company. The Paying Agent will promptly
mail to each Holder of notes so tendered the Change of Control
Payment for such notes, and the Trustee will promptly
authenticate and mail (or cause to be transferred by book entry)
to each Holder a new note equal in principal
8
amount to any unpurchased portion of the notes surrendered, if
any; provided that each such new note will be in a principal
amount of $1,000 or an integral multiple thereof. The Company
will publicly announce the results of the Change of Control
Offer on or as soon as practicable after the Change of Control
Payment Date. Except as described above with respect to a Change
of Control, the Indenture will not contain provisions that
permit the Holders of notes to require that the Company
repurchase or redeem the notes in the event of a takeover,
recapitalization or similar transaction.
The Company will not be required to make a Change of Control
Offer upon a Change of Control if a third party makes the Change
of Control Offer in the manner, at the times and otherwise in
compliance with the requirements set forth in the Indenture
applicable to a Change of Control Offer made by the Company and
purchases all notes (or portions thereof) validly tendered and
not withdrawn under such Change of Control Offer.
The Credit Agreement will prohibit the Company from repurchasing
any notes pursuant to a Change of Control Offer prior to the
repayment in full of the Senior Debt under the Credit Agreement.
Moreover, the occurrence of certain change of control events
identified in the Credit Agreement will constitute a default
under the Credit Agreement. Any future Credit Facilities or
other agreements relating to the Senior Debt to which the
Company becomes a party may contain similar restrictions and
provisions. If a Change of Control were to occur, the Company
may not have sufficient available funds to pay the Change of
Control Payment for all notes that might be delivered by Holders
of notes seeking to accept the Change of Control Offer after
first satisfying its obligations under the Credit Agreement or
other agreements relating to Senior Debt, if accelerated. The
failure of the Company to make or consummate the Change of
Control Offer or pay the Change of Control Payment when due will
constitute a Default under the Indenture and will otherwise give
the Trustee and the Holders of notes the rights described under
Events of default and remedies.
The definition of Change of Control includes a phrase relating
to the sale, lease, transfer, conveyance or other disposition of
all or substantially all of the assets of the
Company and its Subsidiaries taken as a whole. Although there is
a developing body of case law interpreting the phrase
substantially all, there is no precise established
definition of the phrase under applicable law. Accordingly, the
ability of a Holder of notes to require the Company to
repurchase such notes as a result of a sale, lease, transfer,
conveyance or other disposition of less than all of the assets
of the Company and its Subsidiaries taken as a whole to another
Person or group may be uncertain.
Asset sales
The Indenture provides that the Company will not, and will not
permit any of its Restricted Subsidiaries to, engage in an Asset
Sale unless (i) the Company or the Restricted Subsidiary,
as the case may be, receives consideration at the time of such
Asset Sale at least equal to the fair market value (as
determined in good faith by a resolution of the Board of
Directors set forth in an Officers Certificate delivered
to the Trustee, which determination shall be conclusive evidence
of compliance with this provision) of the assets or Equity
Interests issued or sold or otherwise disposed of and
(ii) at least 85% of the consideration therefor received by
the Company or such Restricted Subsidiary in such Asset Sale,
plus all other Asset Sales since the date of the Indenture, on a
cumulative basis, is in the form of cash or Cash Equivalents;
provided that the amount of any liabilities (as shown on
the Companys or such Restricted Subsidiarys most
recent balance sheet) of the Company or any Restricted
Subsidiary (other than contingent liabilities and liabilities
that are by their terms subordinated to the notes or
9
any guarantee thereof) that are assumed by the transferee of any
such assets pursuant to a customary novation agreement that
releases the Company or such Restricted Subsidiary from further
liability shall be treated as cash for the foregoing purposes.
Within 360 days after the receipt of any Net Proceeds from
an Asset Sale, the Company may apply such Net Proceeds, at its
option, (a) to reduce Senior Debt, (b) to acquire a
controlling interest in another Oil and Gas Business,
(c) to make capital expenditures in respect of the
Companys or its Restricted Subsidiaries Oil and Gas
Business, (d) to purchase long-term assets that are used or
useful in such Oil and Gas Business or (e) to repurchase
any notes. Pending the final application of any such Net
Proceeds, the Company may temporarily reduce Senior Debt that is
revolving debt or otherwise invest such Net Proceeds in any
manner that is not prohibited by the Indenture. Any Net Proceeds
from Asset Sales that are not applied as provided in the first
sentence of this paragraph will (after the expiration of the
periods specified in this paragraph) be deemed to constitute
Excess Proceeds.
When the aggregate amount of Excess Proceeds exceeds
$10.0 million, the Company will be required to make an
offer to all Holders of notes and, to the extent required by the
terms thereof, to all holders or lenders of Pari Passu
Indebtedness (an Asset Sale Offer) to purchase the
maximum principal amount of the notes and any such Pari Passu
Indebtedness to which the Asset Sale Offer applies that may be
purchased out of the Excess Proceeds, at an offer price in cash
in an amount equal to, in the case of the notes, 100% of the
principal amount thereof plus accrued and unpaid interest
thereon to the date of purchase, or, in the case of any other
Pari Passu Indebtedness, 100% of the principal amount thereof
(or with respect to discount Pari Passu Indebtedness, the
accreted value thereof) on the date of purchase, in each case in
accordance with the procedures set forth in the Indenture or the
agreements governing the Pari Passu Indebtedness, as applicable.
To the extent that the aggregate principal amount (or accreted
value, as the case may be) of the notes and Pari Passu
Indebtedness tendered pursuant to an Asset Sale Offer is less
than the Excess Proceeds, the Company may use any remaining
Excess Proceeds for general corporate purposes. If the sum of
the aggregate principal amount of the notes surrendered by
Holders thereof and the aggregate principal amount or accreted
value, as the case may be, of other Pari Passu Indebtedness
surrendered by holders or lenders thereof exceeds the amount of
Excess Proceeds, the Trustee and the trustee or other lender
representatives for the Pari Passu Indebtedness shall select the
notes and other Pari Passu Indebtedness to be purchased on a pro
rata basis, based on the aggregate principal amount (or accreted
value, as applicable) thereof surrendered in such Asset Sale
Offer. Upon completion of such Asset Sale Offer, the amount of
Excess Proceeds shall be reset at zero.
The Credit Agreement will prohibit the Company from purchasing
any notes from the Net Proceeds of Asset Sales. Any future
credit agreements or other agreements relating to Senior Debt to
which the Company becomes a party may contain similar
restrictions and provisions. In the event an Asset Sale Offer
occurs at a time when the Company is prohibited from purchasing
the notes, the Company could seek the consent of its lenders to
the purchase or could attempt to refinance the Senior Debt that
contain such prohibition. If the Company does not obtain such a
consent or repay such Senior Debt, the Company may remain
prohibited from purchasing the notes. In such case, the
Companys failure to purchase tendered notes would
constitute an Event of Default under the Indenture which would,
in turn, constitute a default under the Credit Agreement and
possibly a default under other agreements relating to Senior
Debt. In such circumstances, the subordination provisions in the
Indenture would likely restrict payments to the Holders of the
notes.
10
Certain covenants
The Indenture contains covenants including, among others, the
following:
Restricted payments
The Indenture provides that the Company will not, and will not
permit any of its Restricted Subsidiaries to, directly or
indirectly: (i) declare or pay any dividend or make any
other payment or distribution on account of the Companys
Equity Interests (including, without limitation, any payment to
holders of the Companys Equity Interests in connection
with any merger or consolidation involving the Company) or to
the direct or indirect holders of the Companys Equity
Interests in their capacity as such (other than dividends or
distributions payable in Equity Interests (other than
Disqualified Stock) of the Company); (ii) purchase, redeem
or otherwise acquire or retire for value any Equity Interests of
the Company or any direct or indirect parent of the Company;
(iii) make any principal payment on, or purchase, redeem,
defease or otherwise acquire or retire for value any
Indebtedness that is subordinated to the notes, except at final
maturity; or (iv) make any Restricted Investment (all such
payments and other actions set forth in clauses (i) through
(iv) above being collectively referred to as
Restricted Payments), unless, at the time of and
after giving effect to such Restricted Payment:
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(a) no Default or Event of Default shall have occurred and
be continuing or would occur as a consequence thereof; and |
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(b) the Company would, at the time of such Restricted
Payment and after giving pro forma effect thereto as if such
Restricted Payment had been made at the beginning of the
applicable four-quarter period, have been permitted to incur at
least $1.00 of additional Indebtedness pursuant to the Fixed
Charge Coverage Ratio test set forth in the first paragraph of
the covenant described below under the caption
Incurrence of indebtedness and issuance of
disqualified stock; and |
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(c) such Restricted Payment, together with the aggregate of
all other Restricted Payments made by the Company and its
Restricted Subsidiaries after the date of the Indenture
(excluding Restricted Payments permitted by clauses (2),
(3), (5) and (6) of the next succeeding paragraph), is
less than the sum of (i) the dollar amount calculated as of
the date of the Indenture under Section 4.07(c) of that
certain Indenture dated July 21, 2003 among the Company,
the Subsidiary Guarantors and J.P. Morgan Trust Company,
National Association as successor trustee to Bank One, National
Association, plus (ii) 50% of the Consolidated Net Income
of the Company for the period (taken as one accounting period)
from the beginning of the first fiscal quarter commencing prior
to the date of the Indenture to the end of the Companys
most recently ended fiscal quarter for which internal financial
statements are available at the time of such Restricted Payment
(or, if such Consolidated Net Income for such period is a
deficit, less 100% of such deficit), plus (iii) 100% of the
aggregate net cash proceeds received by the Company from the
issue and sale since the date of the Indenture of Equity
Interests of the Company or of debt securities of the Company
that have been converted into or exchanged for such Equity
Interests (other than Equity Interests (or convertible debt
securities) sold to a Subsidiary of the Company and other than
Disqualified Stock or debt securities that have been converted
into Disqualified Stock), plus (iv) 100% of the amount of
net cash proceeds received by the Company or a Restricted
Subsidiary from the sale within 12 months of the related
acquisition of any of the following that are acquired after the
date of the Indenture in |
11
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exchange for Equity Interests of the Company (other than
Disqualified Stock and other than Capital Stock issued to a
Subsidiary of the Company): (A) any property or assets
(other than Indebtedness and Capital Stock); (B) the
Capital Stock of a Person that becomes a Restricted Subsidiary
as a result of the acquisition of such Capital Stock by the
Company or another Restricted Subsidiary; or (C) Capital
Stock constituting a minority interest in any Person that at
such time is a Restricted Subsidiary, plus (v) to the
extent that any Restricted Investment that was made after the
date of the Indenture is sold for cash or otherwise liquidated
or repaid for cash, the lesser of (A) the net proceeds of
such sale, liquidation or repayment and (B) the initial
amount of such Restricted Investment. |
The foregoing provisions will not prohibit: (1) the payment
of any dividend within 60 days after the date of
declaration thereof, if at said date of declaration such payment
would have complied with the provisions of the Indenture;
(2) the redemption, repurchase, retirement or other
acquisition of any Equity Interests of the Company in exchange
for, or out of the proceeds of, the substantially concurrent
sale (other than to a Subsidiary of the Company) of other Equity
Interests of the Company (other than any Disqualified Stock);
provided that the amount of any such net cash proceeds that are
utilized for any such redemption, repurchase, retirement or
other acquisition shall be excluded from clause (c)(iii) or
(c)(iv) of the preceding paragraph; (3) the defeasance,
redemption or repurchase of Subordinated Indebtedness with the
net cash proceeds from an incurrence of Permitted Refinancing
Debt or the substantially concurrent sale (other than to a
Subsidiary of the Company) of Equity Interests of the Company
(other than Disqualified Stock); provided that the amount of any
such net cash proceeds that are utilized for any such
redemption, repurchase, retirement or other acquisition shall be
excluded from clause (c)(iii) or (c)(iv) of the preceding
paragraph; (4) the repurchase, redemption or other
acquisition or retirement for value of any Equity Interests of
the Company or any Subsidiary of the Company held by any of the
Companys (or any of its Subsidiaries) employees
pursuant to any equity subscription agreement or stock option
agreement in effect as of the date of the Indenture; provided
that the aggregate price paid for all such repurchased,
redeemed, acquired or retired Equity Interests shall not exceed
$2 million in any twelve-month period; and provided further
that no Default or Event of Default shall have occurred and be
continuing immediately after such transaction;
(5) repurchases of Equity Interests deemed to occur upon
exercise of stock options if such Equity Interests represent a
portion of the exercise price of such options; and (6) cash
payments made by the Company for the repurchase, redemption or
other acquisition or retirement of the Companys
73/8% Senior
Subordinated Notes due 2013 or
63/8
% Senior Subordinated Notes due 2015.
The amount of all Restricted Payments (other than cash) shall be
the fair market value (as determined in good faith by a
resolution of the Board of Directors set forth in an
Officers Certificate delivered to the Trustee, which
determination shall be conclusive evidence of compliance with
this provision) on the date of the Restricted Payment of the
asset(s) proposed to be transferred by the Company or the
applicable Restricted Subsidiary, as the case may be, pursuant
to the Restricted Payment. Not later than five days after the
date of making any Restricted Payment, the Company shall deliver
to the Trustee an Officers Certificate stating that such
Restricted Payment is permitted and setting forth the basis upon
which the calculations required by the covenant Restricted
Payments were computed.
Designation of unrestricted subsidiaries
The Board of Directors of the Company may designate any
Restricted Subsidiary to be an Unrestricted Subsidiary if such
designation would not cause a Default. For purposes of making
12
such determination, all outstanding Investments by the Company
and its Restricted Subsidiaries (except to the extent repaid in
cash) in the Subsidiary so designated will be deemed to be a
Restricted Investment or, if applicable, a Permitted Investment
at the time of such designation and must comply with the
covenant Restricted payments. All such outstanding
Investments will be deemed to constitute Investments in an
amount equal to the greater of the fair market value or the book
value of such Investments at the time of such designation. Such
designation will only be permitted if such Restricted Payment
would be permitted at such time and if such Restricted
Subsidiary otherwise meets the definition of an Unrestricted
Subsidiary.
Incurrence of indebtedness and issuance of disqualified
stock
The Indenture provides that the Company will not, and will not
permit any of its Restricted Subsidiaries to, directly or
indirectly, create, incur, issue, assume, guarantee or otherwise
become directly or indirectly liable, contingently or otherwise,
with respect to (collectively, incur) any
Indebtedness (including Acquired Debt) and that the Company will
not issue any Disqualified Stock and will not permit any of its
Restricted Subsidiaries to issue any shares of preferred stock;
provided, however, that the Company may incur Indebtedness
(including Acquired Debt) or issue shares of Disqualified Stock
if:
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(i) the Fixed Charge Coverage Ratio for the Companys
most recently ended four full fiscal quarters for which internal
financial statements are available immediately preceding the
date on which such additional Indebtedness is incurred or such
Disqualified Stock is issued would have been at least 2.5
to 1, determined on a pro forma basis as set forth in the
definition of Fixed Charge Coverage Ratio; and |
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(ii) no Default or Event of Default shall have occurred and
be continuing at the time such additional Indebtedness is
incurred or such Disqualified Stock is issued or would occur as
a consequence of the incurrence of the additional Indebtedness
or the issuance of the Disqualified Stock. |
Notwithstanding the foregoing, the Indenture will not prohibit
any of the following (collectively, Permitted
Indebtedness): (a) the Indebtedness evidenced by the
notes initially issued under the Indenture; (b) the
Indebtedness evidenced by the Companys
73/8% Senior
Subordinated Notes or
63/8
% Senior Subordinated Notes; (c) the incurrence
by the Company or any of its Restricted Subsidiaries of
Indebtedness pursuant to Credit Facilities, so long as the
aggregate principal amount of all Indebtedness incurred pursuant
to this clause (c) and outstanding under all Credit
Facilities does not, at any one time, exceed the greater of
(i) $600.0 million and (ii) an amount equal to
the sum of (A) $50.0 million plus (B) 30% of
Adjusted Consolidated Net Tangible Assets determined after the
incurrence of such Indebtedness (including the application of
the proceeds therefrom); (d) the guarantee by any
Subsidiary Guarantor of any Indebtedness that is permitted by
the Indenture to be incurred by the Company; (e) all
Indebtedness of the Company and its Restricted Subsidiaries in
existence as of the date of the Indenture; (f) intercompany
Indebtedness between or among the Company and any of its Wholly
Owned Restricted Subsidiaries; provided, however, that
(i) if the Company is the obligor on such Indebtedness,
such Indebtedness is expressly subordinate to the payment in
full of all Obligations with respect to the notes and (ii)(A)
any subsequent issuance or transfer of Equity Interests that
results in any such Indebtedness being held by a Person other
than the Company or a Wholly Owned Restricted Subsidiary and
(B) any sale or other transfer of any such Indebtedness to
a Person that is not either the Company or a Wholly Owned
Restricted Subsidiary shall be deemed, in each case, to
constitute an incurrence of such Indebtedness by the Company or
such Restricted Subsidiary, as the case may be;
(g) Indebtedness in connection
13
with one or more standby letters of credit, guarantees,
performance bonds or other reimbursement obligations, in each
case, issued in the ordinary course of business and not in
connection with the borrowing of money or the obtaining of
advances or credit (other than advances or credit on open
account, includible in current liabilities, for goods and
services in the ordinary course of business and on terms and
conditions which are customary in the Oil and Gas Business, and
other than the extension of credit represented by such letter of
credit, guarantee or performance bond itself), not to exceed in
the aggregate at any given time 5% of Total Assets;
(h) Indebtedness under Interest Rate Hedging Agreements
entered into for the purpose of limiting interest rate risks,
provided that the obligations under such agreements are related
to payment obligations on Indebtedness otherwise permitted by
the terms of this covenant and that the aggregate notional
principal amount of such agreements does not exceed 105% of the
principal amount of the Indebtedness to which such agreements
relate; (i) Indebtedness under Oil and Gas Hedging
Contracts, provided that such contracts were entered into in the
ordinary course of business for the purpose of limiting risks
that arise in the ordinary course of business of the Company and
its Restricted Subsidiaries; (j) the incurrence by the
Company of Indebtedness not otherwise permitted to be incurred
pursuant to this paragraph, provided that the aggregate
principal amount (or accreted value, as applicable) of all
Indebtedness incurred pursuant to this clause (j) together
with all Permitted Refinancing Debt incurred pursuant to
clause (k) of this paragraph in respect of Indebtedness
previously incurred pursuant to this clause (j), does not
exceed $10.0 million at any one time outstanding;
(k) Permitted Refinancing Debt incurred in exchange for, or
the net proceeds of which are used to refinance, extend, renew,
replace, defease or refund, Indebtedness that was permitted by
the Indenture to be incurred (including Indebtedness previously
incurred pursuant to this clause (k) and Indebtedness
referred to in clause (e) above); (l) accounts payable
or other obligations of the Company or any Restricted Subsidiary
to trade creditors created or assumed by the Company or such
Restricted Subsidiary in the ordinary course of business in
connection with the obtaining of goods or services; and
(m) Indebtedness consisting of obligations in respect of
purchase price adjustments, guarantees or indemnities in
connection with the acquisition or disposition of assets.
The Indenture provides that the Company will not permit any
Unrestricted Subsidiary to incur any Indebtedness other than
Non-Recourse Debt; provided, however, if any such Indebtedness
ceases to be Non-Recourse Debt, such event shall be deemed to
constitute an incurrence of Indebtedness by the Company.
For purposes of determining compliance with, and the outstanding
principal amount of any particular Indebtedness incurred
pursuant to and in compliance with this covenant:
(A) Indebtedness permitted by this covenant need not be
permitted solely by reference to one provision permitting such
Indebtedness but may be permitted in part by one such provision
and in part by one or more other provisions of this covenant
permitting such Indebtedness, (B) in the event that
Indebtedness meets the criteria of more than one of the types of
Indebtedness permitted by this covenant to be incurred, the
Company, in its sole discretion, will classify such item of
Indebtedness on the date of incurrence (or later reclassify such
Indebtedness from or after the first date on which the Company
or its Restricted Subsidiaries could have incurred such
Indebtedness under one or more other of such provisions) and
only be required to include the amount and type of such
Indebtedness in one or more of such provisions as it determines;
and (C) the amount of any Indebtedness issued at a price
that is less than the principal amount thereof will be equal to
the amount of the liability in respect thereof determined in
accordance with GAAP.
14
No layering
The Indenture provides that (i) the Company will not incur,
create, issue, assume, guarantee or otherwise become liable for
any Indebtedness that is subordinate or junior in right of
payment to any Senior Debt and senior in any respect in right of
payment to the notes and (ii) the Subsidiary Guarantors
will not directly or indirectly incur, create, issue, assume,
guarantee or otherwise become liable for any Indebtedness that
is subordinate or junior in right of payment to any Senior Debt
and senior in any respect in right of payment to the Guarantees,
provided, however, that the foregoing limitations will not apply
to distinctions between categories of Indebtedness that exist by
reason of any Liens arising or created in respect of some but
not all such Indebtedness.
Liens
The Indenture provides that the Company will not, and will not
permit any of its Restricted Subsidiaries to, create, incur,
assume or otherwise cause or suffer to exist or become effective
any Lien securing Indebtedness of any kind (other than Permitted
Liens) upon any of its property or assets, now owned or
hereafter acquired, unless all payments under the notes are
secured by such Lien prior to, or on an equal and ratable basis
with, the Indebtedness so secured for so long as such
Indebtedness is secured by such Lien.
Dividend and other payment restrictions affecting
subsidiaries
The Indenture provides that the Company will not, and will not
permit any of its Restricted Subsidiaries to, directly or
indirectly, create or otherwise cause or suffer to exist or
become effective any consensual encumbrance or restriction on
the ability of any Restricted Subsidiary to (i)(x) pay dividends
or make any other distributions to the Company or any of its
Restricted Subsidiaries (1) on its Capital Stock or
(2) with respect to any other interest or participation in,
or measured by, its profits, or (y) pay any indebtedness
owed by it to the Company or any of its Restricted Subsidiaries,
(ii) make loans or advances to the Company or any of its
Restricted Subsidiaries or (iii) transfer any of its
properties or assets to the Company or any of its Restricted
Subsidiaries, except for such encumbrances or restrictions
existing under or by reason of (a) the Credit Agreement and
the indentures governing the Companys
73/8% Senior
Subordinated Notes and
63/8
% Senior Subordinated Notes, each as in effect as of
the date of the Indenture, and any amendments, modifications,
restatements, renewals, increases, supplements, refundings,
replacements or refinancings thereof or any other Credit
Facility or indenture or other financing agreement or
instrument, provided that such amendments, modifications,
restatements, renewals, increases, supplements, refundings,
replacements, refinancings or other Credit Facilities or
indentures or other financing agreements or instruments are not
materially more restrictive taken as a whole with respect to
such dividend and other payment restrictions than those
contained in the Credit Agreement and such indentures as in
effect on the date of the Indenture, (b) the Indenture and
the notes, (c) applicable law, (d) any instrument
governing Indebtedness or Capital Stock of a Person acquired by
the Company or any of its Restricted Subsidiaries as in effect
at the time of such acquisition (except, in the case of
Indebtedness, to the extent such Indebtedness was incurred in
connection with or in contemplation of such acquisition), which
encumbrance or restriction is not applicable to any Person, or
the properties or assets of any Person, other than the Person
and its Subsidiaries, or the property or assets of the Person
and its Subsidiaries, so acquired, provided that, in the case of
Indebtedness, such Indebtedness was permitted by the terms of
the Indenture to be incurred, (e) by reason of customary
non-assignment provisions in leases
15
and customary provisions in other agreements that restrict
assignment of such agreement or rights thereunder, entered into
in the ordinary course of business and consistent with past
practices, (f) purchase money obligations for property
acquired in the ordinary course of business that impose
restrictions of the nature described in clause (iii) above
on the property so acquired, or (g) Permitted Refinancing
Debt, provided that the restrictions contained in the agreements
governing such Permitted Refinancing Debt are not materially
more restrictive, taken as a whole, than those contained in the
agreements governing the Indebtedness being refinanced.
Merger, consolidation on sale of substantially all assets
The Indenture provides that the Company may not consolidate or
merge with or into (whether or not the Company is the surviving
corporation), or sell, assign, transfer, lease, convey or
otherwise dispose of all or substantially all of its properties
or assets, in one or more related transactions, to another
Person, and the Company may not permit any of its Restricted
Subsidiaries to enter into any such transaction or series of
transactions if such transaction or series of transactions
would, in the aggregate, result in a sale, assignment, transfer,
lease, conveyance, or other disposition of all or substantially
all of the properties or assets of the Company to another
Person, in either case unless (i) the Company is the
surviving corporation or the Person formed by or surviving any
such consolidation or merger (if other than the Company) or to
which such sale, assignment, transfer, lease, conveyance or
other disposition shall have been made (the Surviving
Entity) is a corporation organized or existing under the
laws of the United States, any state thereof or the District of
Columbia; (ii) the Surviving Entity (if the Company is not
the continuing obligor under the Indenture) assumes all the
obligations of the Company under the notes and the Indenture
pursuant to a supplemental Indenture in a form reasonably
satisfactory to the Trustee; (iii) immediately before and
after giving effect to such transaction or series of
transactions no Default or Event of Default exists; and
(iv) the Company or the Surviving Entity (if the Company is
not the continuing obligor under the Indenture) will, at the
time of such transaction or series of transactions and after
giving pro forma effect thereto as if such transaction or series
of transactions had occurred at the beginning of the applicable
four-quarter period, be permitted to incur at least $1.00 of
additional Indebtedness pursuant to the test set forth in the
first paragraph of the covenant described above under the
caption Incurrence of indebtedness and issuance of
disqualified stock. Notwithstanding the restrictions
described in the foregoing clause (iv), any Restricted
Subsidiary may consolidate with, merge into or transfer all or
part of its properties and assets to the Company, and any Wholly
Owned Restricted Subsidiary may consolidate with, merge into or
transfer all or part of its properties and assets to another
Wholly Owned Restricted Subsidiary.
Transactions with affiliates
The Indenture provides that the Company will not, and will not
permit any of its Restricted Subsidiaries to, make any payment
to, or sell, lease, transfer or otherwise dispose of any of its
properties or assets to, or purchase any property or assets
from, or enter into or make or amend any contract, agreement,
understanding, loan, advance or guarantee with, or for the
benefit of, any of its Affiliates (each of the foregoing, an
Affiliate Transaction), unless (i) such
Affiliate Transaction is on terms that are no less favorable to
the Company or the relevant Restricted Subsidiary than those
that would have been obtained in a comparable transaction by the
Company or such Subsidiary with an unrelated Person and
(ii) the Company delivers to the Trustee (a) with
respect to any Affiliate Transaction or series of related
Affiliate
16
Transactions involving aggregate consideration in excess of
$1.0 million but less than or equal to $10.0 million,
an Officers Certificate certifying that such Affiliate
Transaction complies with clause (i) above, (b) with
respect to any Affiliate Transaction or series of related
Affiliate Transactions involving aggregate consideration in
excess of $10.0 million but less than or equal to
$25.0 million, a resolution of the Board of Directors set
forth in an Officers Certificate certifying that such
Affiliate Transaction or series of Affiliate Transactions
complies with clause (i) above and that such Affiliate
Transaction or series of Affiliate Transactions has been
approved in good faith by a majority of the members of the Board
of Directors who are disinterested with respect to such
Affiliate Transaction or series of related Affiliate
Transactions, which resolution shall be conclusive evidence of
compliance with this provision, and (c) with respect to any
Affiliate Transaction or series of related Affiliate
Transactions involving aggregate consideration in excess of
$25.0 million, the Company delivers a resolution of the
Board of Directors set forth in an Officers Certificate
certifying that such Affiliate Transaction or series of related
Affiliate Transactions complies with clause (i) above and
that such Affiliate Transaction or series of related Affiliate
Transactions has been approved in good faith by a resolution
adopted by a majority of the members of the Board of Directors
of the Company who are disinterested with respect to such
Affiliate Transaction or series of related Affiliate
Transactions and an opinion as to the fairness to the Company or
such Subsidiary of such Affiliate Transaction or series of
related Affiliate Transactions (which resolution and fairness
opinion shall be conclusive evidence of compliance with this
provision) from a financial point of view issued by an
accounting, appraisal, engineering or investment banking firm of
national standing; (which resolution and fairness opinion shall
be conclusive evidence of compliance with this provision);
provided that the following shall not be deemed Affiliate
Transactions: (1) transactions contemplated by any
employment agreement or other compensation plan or arrangement
entered into by the Company or any of its Subsidiaries in the
ordinary course of business, (2) transactions between or
among the Company and/or its Restricted Subsidiaries,
(3) Restricted Payments and Permitted Investments that are
permitted by the provisions of the Indenture described above
under the caption Restricted payments,
(4) indemnification payments made to officers, directors
and employees of the Company or any Subsidiary pursuant to
charter, bylaw, statutory or contractual provisions, and
(5) transactions with entities that are Affiliates of the
Company or a Restricted Subsidiary only because of the ownership
by the Company or a Restricted Subsidiary of Equity Interests in
such entity.
Additional subsidiary guarantees
The Indenture provides that if the Company or any of its
Restricted Subsidiaries shall acquire or create another material
Restricted Subsidiary after the date of the Indenture, then such
newly acquired or created Restricted Subsidiary will be required
to execute a Guarantee and deliver an opinion of counsel, in
accordance with the terms of the Indenture; provided that, in no
event will any
non-U.S. Subsidiary
of the Company be required to execute a Guarantee. For purposes
of the foregoing, a Restricted Subsidiary shall be deemed to be
material if it would not be a minor subsidiary
within the meaning of Rule 3-10(h) of
Regulation S-X
under the Exchange Act.
Business activities
The Company will not, and will not permit any Restricted
Subsidiary to, engage in any material respect in any business
other than the Oil and Gas Business.
17
Commission reports
Notwithstanding that the Company may not be required to remain
subject to the reporting requirements of Section 13 or
15(d) of the Exchange Act, to the extent permitted by the
Exchange Act, the Company will file with the Commission and
provide, within 15 days after such filing, the Trustee and
Holders and prospective Holders (upon request) with the annual
reports and the information, documents and other reports which
are specified in Sections 13 and 15(d) of the Exchange Act
(but without exhibits in the case of the Holders and-prospective
Holders). In the event that the Company is not permitted to file
such reports, documents and information with the Commission, the
Company will provide substantially similar information to the
Trustee, the Holders and prospective Holders (upon request) as
if the Company were subject to the reporting requirements of
Section 13 or 15(d) of the Exchange Act. The Company will
also comply with the other provisions of Section 314(a) of
the Trust Indenture Act.
Events of default and remedies
The Indenture provides that each of the following constitutes an
Event of Default: (i) a default for 30 days in the
payment when due of interest on the notes (whether or not
prohibited by the subordination provisions of the Indenture);
(ii) a default in payment when due of the principal of or
premium, if any, on the notes (whether or not prohibited by the
subordination provisions of the Indenture); (iii) the
failure by the Company to comply with its obligations under
Certain covenants Merger, consolidation or sale of
assets above; (iv) the failure by the Company for
30 days after notice from the Trustee or the Holders of at
least 25% in principal amount of the notes then outstanding to
comply with the provisions described under the captions
Repurchase at the option of holders and Certain
covenants other than the provisions described under
Merger, consolidation or sale of assets;
(v) failure by the Company for 60 days after notice
from the Trustee or the Holders of at least 25% in principal
amount of the notes then outstanding to comply with any of its
other agreements in the Indenture or the notes; (vi) except
as permitted by the Indenture, any Guarantee shall be held in
any judicial proceeding to be unenforceable or invalid or shall
cease for any reason to be in full force and effect or a
Subsidiary Guarantor, or any Person acting on behalf of such
Subsidiary Guarantor, shall deny or disaffirm its obligations
under its Guarantee; (vii) a default under any mortgage,
indenture or instrument under which there may be issued or by
which there may be secured or evidenced any Indebtedness for
money borrowed by the Company or any of its Restricted
Subsidiaries (or the payment of which is guaranteed by the
Company or any of its Restricted Subsidiaries) whether such
Indebtedness or guarantee now exists, or is created after the
date of the Indenture, which default (a) is caused by a
failure to pay principal of or premium, if any, or interest on
such Indebtedness prior to the expiration of the grace period
provided in such Indebtedness on the date of such default (a
Payment Default) or (b) results in the
acceleration of such Indebtedness prior to its express maturity
and, in each case, the principal amount of any such
Indebtedness, together with the principal amount of any other
such Indebtedness under which there is then existing a Payment
Default or the maturity of which has been so accelerated,
aggregates $10.0 million or more; provided, that if any
such default is cured or waived or any such acceleration
rescinded, or such Indebtedness is repaid, within a period of
10 days from the continuation of such default beyond the
applicable grace period or the occurrence of such acceleration,
as the case may be, such Event of Default under the Indenture
and any consequential acceleration of the notes shall be
automatically rescinded; (viii) the failure by the Company
or any of its Restricted Subsidiaries to pay final,
non-appealable judgments aggregating in excess of
$10.0 million, which judgments remain
18
unpaid or discharged for a period of 60 days; and
(ix) certain events of bankruptcy or insolvency with
respect to the Company or any of its Significant Subsidiaries or
any group of Subsidiaries that, taken together, would constitute
a Significant Subsidiary.
If any Event of Default occurs and is continuing, the Trustee or
the Holders of at least 25% in principal amount of the notes
then outstanding may declare the principal of and accrued but
unpaid interest on such notes to be due and payable immediately.
Upon such declaration the principal and interest shall be due
and payable immediately; provided, however, that so long as any
Designated Senior Debt or any commitment therefor is
outstanding, any such notice or declaration shall not become
effective until the earlier of (a) five Business Days after
such notice is delivered to the representative for the
Designated Senior Debt or (b) the acceleration of any
Designated Senior Debt and thereafter, payments on the
Securities pursuant the above provisions shall be made only to
the extent permitted pursuant to the subordination provisions of
the indenture. Notwithstanding the foregoing, in the case of an
Event of Default arising from certain events of bankruptcy or
insolvency, with respect to the Company or any Significant
Subsidiary or any group of Subsidiaries that, taken together,
would constitute a Significant Subsidiary, all outstanding notes
will become due and payable without further action or notice.
Holders of notes may not enforce the Indenture or notes except
as provided in the Indenture. Subject to certain limitations,
Holders of a majority in principal amount of the notes then
outstanding may direct the Trustee in its exercise of any trust
or power. The Trustee may withhold from Holders of notes notice
of any continuing Default or Event of Default (except a Default
or Event of Default relating to the payment of principal or
interest) if it determines that withholding notice is in their
interest.
The Holders of a majority in principal amount of the notes then
outstanding by notice to the Trustee may on behalf of the
Holders of all of the notes waive any existing Default or Event
of Default and its consequences under the Indenture except a
continuing Default or Event of Default in the payment of
interest or premium on, or the principal of, the notes.
The Company is required to deliver to the Trustee annually a
statement regarding compliance with the Indenture, and the
Company is required, within five business days of becoming aware
of any Default or Event of Default, to deliver to the Trustee a
statement specifying such Default or Event of Default.
No liability of directors, officers, employees,
incorporators, members and stockholders
No director, officer, employee, incorporator, member or
stockholder of the Company or any Guarantor, as such, will have
any liability for any obligations of the Company or such
Guarantor under the notes or the Indenture or for any claim
based on, in respect of, or by reason of,-such obligations or
their creation. Each holder of notes by accepting a note waives
and releases all such liability. The waiver and release are part
of the consideration for issuance of the notes. This waiver may
not be effective to waive liabilities under the federal
securities laws and it is the view of the Commission that such a
waiver is against public policy.
Amendment, supplements and waivers
Except as provided in the next two succeeding paragraphs, the
Indenture, the notes or the Guarantees may be amended or
supplemented with the consent of the Holders of at least a
majority in principal amount of the notes then outstanding
(including, without limitation, consents obtained in connection
with a purchase of, or tender offer or exchange offer for, the
19
notes), and any existing Default or Event of Default or
compliance with any provision of such Indenture, the notes or
the Guarantees may be waived with the consent of the Holders of
a majority in principal amount of the then outstanding notes
(including consents obtained in connection with a tender offer
or exchange offer for the notes).
Without the consent of each Holder affected, an amendment or
waiver may not (with respect to any the notes held by a
non-consenting Holder): (i) reduce the principal amount of
the notes whose Holders must consent to an amendment, supplement
or waiver, (ii) reduce the principal of or change the fixed
maturity of any Note or alter the provisions with respect to the
redemption of the notes (other than provisions relating to the
covenants described above under the caption
Repurchase at the option of holders),
(iii) reduce the rate of or change the time for payment of
interest on any Note, (iv) waive a Default or Event of
Default in the payment of principal of or premium, if any, or
interest on the notes (except a rescission of acceleration of
the notes by the Holders of at least a majority in principal
amount of such notes and a waiver of the payment default that
resulted from such acceleration), (v) make any Note payable
in money other than that stated in the notes, (vi) make any
change in the provisions of the Indenture relating to waivers of
past Defaults or the rights of Holders of notes to receive
payments of principal of or premium, if any, or interest on the
notes or (vii) make any change in the foregoing amendment
and waiver provisions. In addition, any amendment to the
provisions described under Repurchase at the option
of holders or the provisions of Article 10 of the
Indenture (which relate to subordination) will require the
consent of the Holders of at least
662/3
% in principal amount of the notes then outstanding if
such amendment would adversely affect the rights of Holders of
such notes. However, no amendment may be made to the
subordination provisions of the Indenture that adversely affects
the rights of any holder of Senior Debt then outstanding unless
the holders of such Senior Debt (or any group or representative
thereof authorized to give a consent) consents to such change.
Notwithstanding the foregoing, without the consent of any Holder
of the notes the Company and the Trustee may amend or supplement
the Indenture or the notes to cure any ambiguity, defect or
inconsistency, to provide for uncertificated notes in addition
to or in place of certificated notes, to add Subsidiary
Guarantors, to provide for the assumption of the Companys
obligations to Holders of the notes in the case of a merger or
consolidation, to make any change that would provide any
additional rights or benefits to the Holders of the notes or
that does not adversely affect the legal rights under the
Indenture of any such Holder, to secure the notes or to comply
with requirements of the Commission in order to effect or
maintain the qualification of the Indenture under the Trust
Indenture Act.
Satisfaction and discharge
The Indenture will be discharged and will cease to be of further
effect as to all notes issued thereunder, when: (1) either
(a) all notes that have been authenticated (except lost,
stolen or destroyed notes that have been replaced or paid and
notes for whose payment money has theretofore been deposited in
trust and thereafter repaid to the Company) have been delivered
to the trustee for cancellation, or (b) all notes that have
not been delivered to the trustee for cancellation have become
due and payable by reason of the giving of a notice of
redemption or otherwise or will become due and payable
(including pursuant to a notice of redemption duly given) within
one year and the Company or any Subsidiary Guarantor has
irrevocably deposited or caused to be irrevocably deposited with
the trustee as trust funds in trust solely for the benefit of
the holders, cash in U.S. dollars, non-callable
U.S. government
20
securities, or a combination thereof, in such amounts as will be
sufficient without consideration of any reinvestment of
interest, to pay and discharge the entire indebtedness on the
notes not delivered to the trustee for cancellation for
principal, premium, if any, and accrued interest to the date of
maturity or redemption; (2) no Default or Event of Default
shall have occurred and be continuing on the date of such
deposit or shall occur as a result of such deposit (other than a
Default or Event of Default resulting from the borrowing of
funds to be applied to such deposit) and such deposit will not
result in a breach or violation of, or constitute a default
under, any instrument (other than the indenture) to which the
Company or any Subsidiary Guarantor is a party or by which the
Company or any Subsidiary Guarantor is bound; (3) the
Company or any Subsidiary Guarantor has paid or caused to be
paid all other sums payable by it under the indenture; and
(4) the Company has delivered an Officers Certificate
and an opinion of counsel to the trustee stating that all
conditions precedent to satisfaction and discharge have been
satisfied.
Legal defeasance and covenant defeasance
The Company may, at its option and at any time, elect to have
all of its obligations discharged with respect to the
outstanding notes (Legal Defeasance) except for
(i) the rights of Holders of such outstanding notes to
receive payments in respect of the principal of, premium, if
any, or interest on such notes when such payments are due from
the trust referred to below, (ii) the Companys
obligations with respect to such notes concerning issuing
temporary notes, registration of such notes, mutilated,
destroyed, lost or stolen notes and the maintenance of an office
or agency for payment and money for security payments held in
trust, (iii) the rights, powers, trusts, duties and
immunities of the Trustee, and the Companys obligations in
connection therewith and (iv) the Legal Defeasance
provisions of the Indenture. In addition, the Company may, at
its option and at any time, elect to have the obligations of the
Company released with respect to certain covenants that are
described in the Indenture (Covenant Defeasance) and
thereafter any omission to comply with such obligations shall
not constitute a Default or Event of Default. In the event
Covenant Defeasance occurs, certain events (not including
non-payment, bankruptcy, receivership, rehabilitation and
insolvency events with respect to the Company) described under
Events of default and remedies will no longer
constitute an Event of Default.
In order to exercise either Legal Defeasance or Covenant
Defeasance, (i) the Company must irrevocably deposit with
the Trustee, in trust, for the benefit of the Holders of notes,
cash in U.S. dollars, non-callable Government Securities,
or a combination thereof, in such amounts as will be sufficient,
in the opinion of a nationally recognized firm of independent
public accountants, to pay the principal of, premium, if any,
and interest on the outstanding notes on the stated maturity or
on the applicable redemption date, as the case may be, and the
Company must specify whether the notes are being defeased to
maturity or to a particular redemption date; (ii) in the
case of Legal Defeasance, the Company shall have delivered to
the Trustee an opinion of counsel in the United States
reasonably acceptable to such Trustee confirming that
(A) the Company has received from, or there has been
published by, the Internal Revenue Service a ruling or
(B) since the date of the Indenture, there has been a
change in the applicable federal income tax law, in either case
to the effect that, and based thereon such opinion of counsel
shall confirm that, the Holders of the outstanding notes will
not recognize income, gain or loss for federal income tax
purposes as a result of such Legal Defeasance and will be
subject to federal income tax on the same amounts, in the same
manner and at the same times as would have been the case if such
Legal Defeasance had not
21
occurred; (iii) in the case of Covenant Defeasance, the
Company shall have delivered to the Trustee an opinion of
counsel in the United States reasonably acceptable to such
Trustee confirming that the Holders of the outstanding notes
will not recognize income, gain or loss for federal income tax
purposes as a result of such Covenant Defeasance and will be
subject to federal income tax on the same amounts, in the same
manner and at the same times as would have been the case if such
Covenant Defeasance had not occurred; (iv) no Default or
Event of Default shall have occurred and be continuing on the
date of such deposit (other than a Default or Event of Default
resulting from the borrowing of funds to be applied to such
deposit) or insofar as Events of Default from bankruptcy or
insolvency events are concerned, at any time in the period
ending on the 91st day after the date of deposit;
(v) such Legal Defeasance or Covenant Defeasance will not
result in a breach or violation of, or constitute a default
under any material agreement or instrument (other than the
Indenture) to which the Company or any of its Subsidiaries is a
party or by which the Company or any of its Subsidiaries is
bound; (vi) the Company must deliver to the Trustee an
Officers Certificate stating that the deposit was not made
by the Company with the intent of preferring the Holders of
notes over the other creditors of the Company, or with the
intent of defeating, hindering, delaying or defrauding creditors
of the Company or others; and (vii) the Company must
deliver to the Trustee an Officers Certificate and an
opinion of counsel, each stating that all conditions precedent
provided for relating to the Legal Defeasance or the Covenant
Defeasance have been complied with.
Concerning the trustee
J.P. Morgan Trust Company, N.A. is the Trustee under the
Indenture. The Trustee and its affiliates also perform and may
in the future perform certain banking and other services for us
in the ordinary course of their business. The Trustee will be
the paying agent, conversion agent, transfer agent and bid
solicitation agent for the notes.
The Trustee assumes no responsibility for this prospectus and
has not reviewed or undertaken to verify any information
contained in this prospectus.
Form, denomination and registration of the notes
The notes will be issued in registered form, without interest
coupons, in denominations of $1,000 and integral multiples
thereof, in global form. Except in the limited circumstances
described below, notes will not be issued in certificated form.
The trustee is not required (i) to issue, register the
transfer of or exchange any note for a period of 15 days
before a selection of notes to be redeemed or purchased pursuant
to an Offer to Purchase, (ii) to register the transfer of
or exchange any note so selected for redemption or purchase in
whole or in part, except, in the case of a partial redemption or
purchase, that portion of any the note not being redeemed or
purchased, or (iii) if a redemption or a purchase pursuant
to an Offer to Purchase is to occur after a regular record date
but on or before the corresponding interest payment date, to
register the transfer or exchange of any note on or after the
regular record date and before the date of redemption or
purchase.
No service charge will be imposed in connection with any
transfer or exchange of any note, but the Company may in general
require payment of a sum sufficient to cover any transfer tax or
similar governmental charge payable in connection therewith.
22
Global notes
Global notes will be deposited with a custodian for DTC, and
registered in the name of a nominee of DTC. Beneficial interests
in the global notes will be shown on records maintained by DTC
and its direct and indirect participants. So long as DTC or its
nominee is the registered owner or holder of a global note, DTC
or such nominee will be considered the sole owner or holder of
the notes represented by such global note for all purposes under
the Indenture and the notes. No owner of a beneficial interest
in a global note will be able to transfer such interest except
in accordance with DTCs applicable procedures and the
applicable procedures of its direct and indirect participants.
The Company will apply to DTC for acceptance of the global notes
in its book-entry settlement system. Investors may hold their
beneficial interests in the global notes directly through DTC if
they are participants in DTC, or indirectly through
organizations which are participants in DTC.
Payments of principal and interest under global notes will be
made to DTCs nominee as the registered owner of such
global note. The Company expects that the nominee, upon receipt
of any such payment, will immediately credit DTC
participants accounts with payments proportional to their
respective beneficial interests in the principal amount of the
relevant global note as shown on the records of DTC. The Company
also expects that payments by DTC participants to owners of
beneficial interests will be governed by standing instructions
and customary practices, as is now the case with securities held
for the accounts of customers registered in the names of
nominees for such customers. Such payments will be the
responsibility of such participants, and none of the Company,
the Trustee, the custodian or any paying agent or registrar will
have any responsibility or liability for any aspect of the
records relating to or payments made on account of beneficial
interests in any global note or for maintaining or reviewing any
records relating to such beneficial interests.
Certificated notes
If DTC notifies the Company that it is unwilling or unable to
continue as depositary for a global note and a successor
depositary is not appointed by the Company within 90 days
of such notice, or an Event of Default has occurred and the
Trustee has received a request from DTC, the Trustee will
exchange each beneficial interest in that global note for one or
more certificated notes registered in the name of the owner of
such beneficial interest, as identified by DTC.
Same day settlement and payment
The Indenture will require that payments in respect of the notes
represented by the global notes be made by wire transfer of
immediately available funds to the accounts specified by holders
of the global notes. With respect to notes in certificated form,
the Company will make all payments by wire transfer of
immediately available funds to the accounts specified by the
holders thereof or, if no such account is specified, by mailing
a check to each holders registered address.
The notes represented by the global notes are expected to trade
in DTCs Same-Day Funds Settlement System, and any
permitted secondary market trading activity in such notes will,
therefore, be required by DTC to be settled in immediately
available funds. The Company expects that secondary trading in
any certificated notes will also be settled in immediately
available funds.
23
Governing law
The Indenture, the notes and the Subsidiary Guarantees provide
that they will be governed by the laws of the State of New York.
Certain definitions
Set forth below are certain defined terms used in the Indenture.
Reference is made to the Indenture for a full definition of all
such terms, as well as any other capitalized terms used herein
for which no definition is provided.
Acquired Debt means, with respect to any
specified Person, (i) Indebtedness of any other Person
existing at the time such other Person is merged with or into or
became a Subsidiary of such specified Person, including, without
limitation, Indebtedness incurred in connection with, or in
contemplation of, such other Person merging with or into or
becoming a Subsidiary of such specified Person, and
(ii) Indebtedness secured by a Lien encumbering any asset
acquired by such specified Person.
Adjusted Consolidated Net Tangible Assets
means (without duplication), as of the date of determination,
(i) the sum of (a) discounted future net revenues from
proved oil and gas reserves of the Company and its Restricted
Subsidiaries calculated in accordance with the Commissions
guidelines before any state or federal income taxes, with no
less than 80% of the discounted future net revenues estimated by
one or more nationally recognized firms of independent petroleum
engineers in a reserve report prepared as of the end of the
Companys most recently completed fiscal year, as increased
by, as of the date of determination, the estimated discounted
future net revenues from (1) estimated proved oil and gas
reserves acquired since the date of such year-end reserve
report, and (2) estimated oil and gas reserves attributable
to upward revisions of estimates of proved oil and gas reserves
since the date of such year-end reserve report due to
exploration, development or exploitation activities, in each
case calculated in accordance with the Commissions
guidelines (utilizing the prices utilized in such year-end
reserve report) increased by the accretion of the discount from
the date of the reserve report to the date of determination, and
decreased by, as of the date of determination, the estimated
discounted future net revenues from (3) estimated proved
oil and gas reserves produced or disposed of since the date of
such year-end reserve report and (4) estimated oil and gas
reserves attributable to downward revisions of estimates of
proved oil and gas reserves since the date of such year-end
reserve report due to changes in geological conditions or other
factors which would, in accordance with standard industry
practice, cause such revisions, in each case calculated in
accordance with the Commissions guidelines (utilizing the
prices utilized in such year-end reserve report); provided that,
in the case of each of the determinations made pursuant to
clause (1) through (4), such increases and decreases shall
be as estimated by the Companys petroleum engineers,
unless in the event that there is a Material Change as a result
of such acquisitions, dispositions or revisions, then the
discounted future net revenues utilized for purposes of this
clause (i)(a) shall be confirmed in writing by one or more
nationally recognized firms of independent petroleum engineers,
(b) the capitalized costs that are attributable to oil and
gas properties of the Company and its Restricted Subsidiaries to
which no proved oil and gas reserves are attributable, based on
the Companys books and records as of a date no earlier
than the date of the Companys latest annual or quarterly
financial statements, (c) the Net Working Capital on a date
no earlier than the date of the Companys latest annual or
quarterly financial statements and (d) the greater of
(1) the net book value on a date no earlier than the date
of the Companys latest annual or
24
quarterly financial statements or (2) the book value of
other tangible assets (including, without duplication,
investments in unconsolidated Restricted Subsidiaries and
mineral rights held under lease or other contractual
arrangement) of the Company and its Restricted Subsidiaries, as
of the date no earlier than the date of the Companys
latest annual or quarterly financial statements, minus
(ii) the sum of (a) minority interests, (b) any
gas balancing liabilities of the Company and its Restricted
Subsidiaries reflected in the Companys latest audited
financial statements, and (c) the discounted future net
revenues, calculated in accordance with the Commissions
guidelines, attributable to reserves subject to
Dollar-Denominated Production Payments which, based on the
estimates of production and price assumptions included in
determining the discounted future net revenues specified in
(i)(a) above, would be necessary to fully satisfy the payment
obligations of the Company and its Restricted Subsidiaries with
respect to Dollar-Denominated Production Payments on the
schedules specified with respect thereto. If the Company changes
its method of accounting from the successful efforts method to
the full cost method or a similar method of accounting,
Adjusted Consolidated Net Tangible Assets will
continue to be calculated as if the Company was still using the
successful efforts method of accounting.
Affiliate of any specified Person means any
other Person directly or indirectly controlling or controlled by
or under direct or indirect common control with such specified
Person. For purposes of this definition, control
(including, with correlative meanings, the terms
controlling, controlled by and
under common control with), as used with respect to
any Person, shall mean the possession, directly or indirectly,
of the power to direct or cause the direction of the management
or policies of such Person, whether through the ownership of
voting securities, by agreement or otherwise; provided that
beneficial ownership of 10% or more of the voting securities of
a Person shall be deemed to be control.
Asset Sale means (i) the sale, lease,
conveyance or other disposition (but excluding the creation of
or disposition pursuant to a Lien) of any assets including,
without limitation, by way of a sale and leaseback (provided
that the sale, lease, conveyance or other disposition of all or
substantially all of the assets of the Company and its
Subsidiaries taken as a whole will be governed by the provisions
of the Indenture described above under the caption
Repurchase at the option of Holders Change of
control and/or the provisions described above under the
caption Certain covenants Merger,
consolidation or sale of assets and not by the provisions
described above under Repurchase at the option of
holders Asset sales), and (ii) the issuance or
sale by the Company or any of its Restricted Subsidiaries of
Equity Interests of any of the Companys Subsidiaries
(including the sale by the Company or a Restricted Subsidiary of
Equity Interests in an Unrestricted Subsidiary), in the case of
either clause (i) or (ii), whether in a single transaction
or a series of related transactions (a) that have a fair
market value in excess of $5.0 million or (b) for net
proceeds in excess of $5.0 million. Notwithstanding the
foregoing, the following shall not be deemed to be Asset Sales:
(i) a transfer of assets by the Company to a Wholly Owned
Restricted Subsidiary of the Company or by a Wholly Owned
Restricted Subsidiary of the Company to the Company or to
another Wholly Owned Restricted Subsidiary of the Company,
(ii) an issuance of Equity Interests by a Wholly Owned
Restricted Subsidiary of the Company to the Company or to
another Wholly Owned Restricted Subsidiary of the Company,
(iii) the making of a Restricted Payment or Permitted
Investment that is permitted by the covenant described above
under the caption Certain covenants Restricted
payments, (iv) the abandonment, farm-out, lease or
sublease of undeveloped oil and gas properties in the ordinary
course of business, (v) the trade or exchange by the
Company or any Restricted Subsidiary of the Company of any oil
and gas
25
property owned or held by the Company or such Restricted
Subsidiary for any oil and gas property owned or held by another
Person, which the Board of Directors of the Company determines
in good faith to be of approximately equivalent value,
(vi) the trade or exchange by the Company or any Subsidiary
of the Company of any oil and gas property owned or held by the
Company or such Subsidiary for Equity Interests in another
Person engaged primarily in the Oil and Gas Business which,
together with all other such trades or exchanges (to the extent
excluded from the definition of Asset Sale pursuant to this
clause (vi)) since the date of the Indenture, does not
exceed 5% of Adjusted Consolidated Net Tangible Assets
determined after such trade or exchange, (vii) the sale or
transfer of hydrocarbons or other mineral products or other
inventory or surplus or obsolete equipment in the ordinary
course of business or (viii) sales of assets or property
(including Capital Stock) described in paragraph (c)(iv) of
the covenant described above under Certain
covenants Restricted payments.
Attributable Debt in respect of a sale and
leaseback transaction means, at the time of determination, the
present value (discounted at the rate of interest implicit in
such transaction, determined in accordance with GAAP) of the
obligation of the lessee for net rental payments during the
remaining term of the lease included in such sale and leaseback
transaction (including any period for which such lease has been
extended or may, at the option of the lessor, be extended).
Capital Lease Obligation means, at the time
any determination thereof is to be made, the amount of the
liability in respect of a capital lease that would at such time
be required to be capitalized on a balance sheet in accordance
with GAAP.
Capital Stock means (i) in the case of a
corporation, corporate stock, (ii) in the case of an
association or business entity, any and all shares, interests,
participations, rights or other equivalents (however designated)
of corporate stock, (iii) in the case of a partnership,
partnership interests (whether general or limited), (iv) in
the case of a limited liability company or similar entity, any
membership or similar interests therein and (v) any other
interest or participation that confers on a Person the right to
receive a share of the profits and losses of, or distributions
of assets of, the issuing Person, in each case excluding debt
securities convertible or exchangeable for any of the foregoing.
Cash Equivalents means (i) United States
dollars, (ii) securities issued or directly and fully
guaranteed or insured by the United States government or any
agency or instrumentality thereof having maturities of not more
than six months from the date of acquisition,
(iii) certificates of deposit and eurodollar time deposits
with maturities of six months or less from the date of
acquisition, bankers acceptances with maturities not
exceeding-six months and overnight bank deposits, in each case
with any lender party to the Credit Agreement or with any
domestic commercial bank having capital and surplus in excess of
$500 million and a Thompson Bank Watch Rating of
B or better, (iv) repurchase obligations with a
term of not more than seven days for underlying securities of
the types described in clauses (ii) and (iii) above
entered into with any financial institution meeting the
qualifications specified in clause (iii) above,
(v) commercial paper having a rating of at least P1 from
Moodys Investors Service, Inc. (or its successor) and a
rating of at least A1 from Standard & Poors
Ratings Group (or its successor) and (vi) investments in
money market or other mutual funds substantially all of whose
assets comprise securities of the types described in
clauses (ii) through (v) above.
Change of Control means the occurrence of any
of the following: (i) the sale, lease, transfer, conveyance
or other disposition (other than by way of merger or
consolidation), in one or a series of related transactions, of
all or substantially all of the assets of the Company and its
26
Subsidiaries taken as a whole to any person or group
of related persons (a Group) (as such
terms are used in Section 13(d)(3) of the Exchange Act),
(ii) the adoption of a plan relating to the liquidation or
dissolution of the Company, (iii) the consummation of any
transaction (including, without limitation, any purchase, sale,
acquisition, disposition, merger or consolidation) the result of
which is that any person (as defined above) or Group
becomes the beneficial owner (as such term is
defined in
Rule 13d-3 and
Rule 13d-5 under
the Exchange Act) of more than 40% of the aggregate voting power
of all classes of Capital Stock of the Company having the right
to elect directors under ordinary circumstances or (iv) the
first day on which a majority of the members of the Board of
Directors of the Company are not Continuing Directors.
Commission means the Securities and Exchange
Commission.
Consolidated Cash Flow means, with respect to
any Person for any period, the Consolidated Net Income of such
Person and its Restricted Subsidiaries for such period plus
(i) an amount equal to any extraordinary loss, plus any net
loss realized in connection with an Asset Sale (together with
any related provision for taxes), to the extent such losses were
included in computing such Consolidated Net Income, plus
(ii) provision for taxes based on income or profits of such
Person and its Restricted Subsidiaries for such period, to the
extent that such provision for taxes was included in computing
such Consolidated Net Income, plus (iii) consolidated
interest expense of such Person and its Restricted Subsidiaries
for such period, whether paid or accrued (including, without
limitation, amortization of original issue discount, non-cash
interest payments, the interest component of any deferred
payment obligations, the interest component of all payments
associated with Capital Lease Obligations, imputed interest with
respect to Attributable Debt, commissions, discounts and other
fees and charges incurred in respect of letters of credit or
bankers acceptance financings, and net payments (if any)
pursuant to Interest Rate Hedging Agreements), to the extent
that any such expense was included in computing such
Consolidated Net Income, plus (iv) depreciation, depletion
and amortization expenses (including amortization of goodwill
and other intangibles) for such Person and its Restricted
Subsidiaries for such period to the extent that such
depreciation, depletion and amortization expenses were included
in computing such Consolidated Net Income, plus
(v) exploration expenses for such Person and its Restricted
Subsidiaries for such period to the extent such exploration
expenses were included in computing such Consolidated Net
Income, plus (vi) other non-cash charges (excluding any
such non-cash charge to the extent that it represents an accrual
of or reserve for cash charges in any future period or
amortization of a prepaid cash expense that was paid in a prior
period) of such Person and its Restricted Subsidiaries for such
period to the extent that such other non-cash charges were
included in computing such Consolidated Net Income, in each
case, on a consolidated basis and determined in accordance with
GAAP. Notwithstanding the foregoing, the provision for taxes on
the income or profits of, and the depreciation, depletion and
amortization and other non-cash charges and expenses of, a
Restricted Subsidiary of the referent Person shall be added to
Consolidated Net Income to compute Consolidated Cash Flow only
to the extent (and in the same proportion) that the Net Income
of such Restricted Subsidiary was included in calculating the
Consolidated Net Income of such Person and only if a
corresponding amount would be permitted at the date of
determination to be dividended to the referent Person by such
Restricted Subsidiary without prior governmental approval (that
has not been obtained), and without direct or indirect
restriction pursuant to the terms of its charter and all
agreements, instruments, judgments, decrees, orders, statutes,
rules and governmental regulations applicable to that Restricted
Subsidiary or its stockholders.
27
Consolidated Net Income means, with respect
to any Person for any period, the aggregate of the Net Income of
such Person and its Subsidiaries for such period, on a
consolidated basis, determined in accordance with GAAP; provided
that (i) the Net Income (but not loss) of any Person that
is not a Restricted Subsidiary or that is accounted for by the
equity method of accounting shall be included only to the extent
of the amount of dividends or distributions paid in cash to the
referent Person or a Wholly Owned Restricted Subsidiary thereof,
(ii) the Net Income of any Restricted Subsidiary shall be
excluded to the extent that the declaration or payment of
dividends or similar distributions by that Restricted Subsidiary
of that Net Income is not at the date of determination permitted
without any prior governmental approval (that has not been
obtained) or, directly or indirectly, by operation of the terms
of its charter or any agreement, instrument, judgment, decree,
order, statute, rule or governmental regulation applicable to
that Restricted Subsidiary or its stockholders, (iii) the
Net Income of any Person acquired in a pooling of interests
transaction for any period prior to the date of such acquisition
shall be excluded, (iv) the cumulative effect of a change
in accounting principles shall be excluded, (v) any
impairments or write-downs of oil and natural gas assets, shall
be excluded, provided, however, that ceiling limitation
write-downs in accordance with GAAP shall be treated as
capitalized costs, as if such write-downs had not occurred,
(vi) extraordinary non-cash losses shall be excluded,
(vii) any non-cash compensation expenses realized for
grants of performance shares, stock options or stock awards to
officers, directors and employees of the Company or any of its
Restricted Subsidiaries shall be excluded and (viii) any
unrealized non-cash gains or losses or charges in respect of
hedge or non-hedge derivatives (including those resulting from
the application of SFAS 133) shall be excluded.
Continuing Directors means, as of any date of
determination, any member of the Board of Directors of the
Company who (i) was a member of such Board of Directors on
the date of original issuance of the notes or (ii) was
nominated for election or elected to such Board of Directors
with the approval of a majority of the Continuing Directors who
were members of such Board at the time of such nomination.
Credit Agreement means that certain Second
Amended and Restated Credit Agreement, dated as of June 23,
2004, by and among Range, Great Lakes Energy Partners L.L.C. and
JPMorgan Chase Bank, N.A. (successor by merger to Bank One,
N.A., (Illinois), a national banking association), The Frost
National Bank, The Bank of Nova Scotia, Union Bank of
California, N.A., Wachovia Bank, National Association, Key Bank,
Harris Nesbitt Financing, Inc., Southwest Bank of Texas, N.A.,
Hibernia National Bank, Comerica Bank, Natexis Banques
Populaires, Fortis Capital Corp., Fleet National Bank, Compass
Bank, Calyon New York Branch and Bank of Scotland (hereinafter
collectively referred to as Lenders, and
individually, Lender) and JPMorgan Chase Bank N.A.
(formerly Bank One, NA), as Administrative Agent, Fleet National
Bank, as Co-Documentation Agent, Fortis Capital Corp., as
Co-Documentation Agent, Calyon, New York Branch, as
Co-Syndication Agent, Harris Nesbitt Financing, Inc., as
Co-Syndication Agent, J.P. Morgan Securities Inc. (formerly
Banc One Capital Markets, Inc.), as Sole Lead Arranger and Sole
Bookrunner providing for up to $600 million of
Indebtedness, as such credit agreement has been amended or
supplemented to the date of the Indenture, including any related
notes, guarantees, collateral documents, instruments and
agreements executed in connection therewith, and in each case as
amended, restated, modified, renewed, refunded, replaced or
refinanced, in whole or in part, from time to time, whether or
not with the same lenders or agents.
Credit Facilities means, with respect to the
Company, one or more debt facilities (including, without
limitation, the Credit Agreement) or commercial paper facilities
with banks or other
28
institutional lenders providing for revolving credit loans, term
loans, production payments, receivables financing (including
through the sale of receivables to such lenders or to special
purpose entities formed to borrow from such lenders against such
receivables) or letters of credit, in each case, as amended,
restated, modified, renewed, refunded, replaced or refinanced in
whole or in part from time to time.
Default means any event that is or with the
passage of time or the giving of notice or both would be an
Event of Default.
Designated Senior Debt means (i) the
Credit Agreement and (ii) any other Senior Debt permitted
under the Indenture the principal amount of which is
$25 million or more and that has been designated by the
Company as Designated Senior Debt.
Disqualified Stock means any Capital Stock to
the extent that, by its terms (or by the terms of any security
into which it is convertible or for which it is exchangeable),
or upon the happening of any event, matures or is mandatorily
redeemable, pursuant to a sinking fund obligation or otherwise,
or redeemable at the option of the holder thereof, in whole or
in part, on or prior to the date that is 91 days after the
date on which the notes mature.
Dollar-Denominated Production Payments means
production payment obligations recorded as liabilities in
accordance with GAAP, together with all undertakings and
obligations in connection therewith.
Equity Interests means Capital Stock and all
warrants, options or other rights to acquire Capital Stock (but
excluding any debt security that is convertible into, or
exchangeable for, Capital Stock).
Fixed Charge Coverage Ratio means with
respect to any Person for any period, the ratio of the
Consolidated Cash Flow of such Person for such period to the
Fixed Charges of such Person for such period. In the event that
the Company or any of its Restricted Subsidiaries incurs,
assumes, guarantees or redeems any Indebtedness (other than
revolving credit borrowings) or issues preferred stock
subsequent to the commencement of the period for which the Fixed
Charge Coverage Ratio is being calculated but prior to the date
on which the calculation of the Fixed Charge Coverage Ratio is
made (the Calculation Date), then the Fixed Charge
Coverage Ratio shall be calculated giving pro forma effect to
such incurrence, assumption, guarantee or redemption of
Indebtedness, or such issuance or redemption of preferred stock,
as if the same had occurred at the beginning of the applicable
four-quarter reference period. In addition, for purposes of
making the computation referred to above, (i) acquisitions
that have been made by the referent Person or any of its
Restricted Subsidiaries, including through mergers or
consolidations and including any-related financing transactions,
during the four-quarter reference period or subsequent to such
reference period and on or prior to the Calculation Date
(including, without limitation, any acquisition to occur on the
Calculation Date) shall be deemed to have occurred on the first
day of the four-quarter reference period and Consolidated Cash
Flow for such reference period shall be calculated without
giving effect to clause (iii) of the proviso set forth in
the definition of Consolidated Net Income, (ii) the net
proceeds of Indebtedness incurred or Disqualified Stock issued
by the referent Person pursuant to the first paragraph of the
covenant described under the caption Certain
covenants Incurrence of indebtedness and issuance of
disqualified stock during the four-quarter reference
period or subsequent to such reference period and on or prior to
the Calculation Date shall be deemed to have been received by
the referent Person or any of its Restricted Subsidiaries on the
first day of the four-quarter reference period and applied to
its intended use on such date, (iii) the Consolidated Cash
Flow attributable to discontinued operations, as
29
determined in accordance with GAAP, and operations or businesses
disposed of prior to the Calculation Date, shall be excluded,
and (iv) the Fixed Charges attributable to discontinued
operations, as determined in accordance with GAAP, and
operations or businesses disposed of prior to the Calculation
Date, shall be excluded, but only to the extent that the
obligations giving rise to such Fixed Charges will not be
obligations of the referent Person or any of its Restricted
Subsidiaries following the Calculation Date.
Fixed Charges means, with respect to any
Person for any period, the sum, without duplication, of
(i) the consolidated interest expense of such Person and
its Restricted Subsidiaries for such period, whether paid or
accrued (including, without limitation, amortization of original
issue discount, non-cash interest payments, the interest
component of any deferred payment obligations, the interest
component of all payments associated with Capital Lease
Obligations, imputed interest with respect to Attributable Debt,
commissions, discounts and other fees and charges incurred in
respect of letter of credit or bankers acceptance
financings, and net payments (if any) pursuant to Interest Rate
Hedging Agreements), (ii) the consolidated interest expense
of such Person and its Restricted Subsidiaries that was
capitalized during such period, (iii) any interest expense
on Indebtedness of another Person that is guaranteed by such
Person or any of its Restricted Subsidiaries or secured by a
Lien on assets of such Person or any of its Restricted
Subsidiaries (whether or not such guarantee or Lien is called
upon) and (iv) the product of (a) all cash dividend
payments (and non-cash dividend payments in the case of a Person
that is a Restricted Subsidiary) on any series of preferred
stock of such Person or any of its Restricted Subsidiaries,
times (b) a fraction, the numerator of which is one and the
denominator of which is one minus the then current combined
federal, state and local statutory tax rate of such Person,
expressed as a decimal, in each case, on a consolidated basis
and in accordance with GAAP.
GAAP means generally accepted accounting
principles set forth in the opinions and pronouncements of the
Accounting Principles Board of the American Institute of
Certified Public Accountants and statements and pronouncements
of the Financial Accounting Standards Board or in such other
statements by such other entity as have been approved by a
significant segment of the accounting profession, which are in
effect on the date of the Indenture.
Guarantee means a guarantee (other than by
endorsement of negotiable instruments for collection in the
ordinary course of business), direct or indirect, in any manner
(including, without limitation, letters of credit and
reimbursement agreements in respect thereof), of all or any part
of any Indebtedness.
Indebtedness means, with respect to any
Person, without duplication, (a) any indebtedness of such
Person, whether or not contingent, (i) in respect of
borrowed money, (ii) evidenced by bonds, notes, debentures
or similar instruments, (iii) evidenced by letters of
credit (or reimbursement agreements in respect thereof) or
bankers acceptances, (iv) representing Capital Lease
Obligations, (v) representing the balance deferred and
unpaid of the purchase price of any property, except any such
balance that constitutes an accrued expense or trade payable,
(vi) representing any obligations in respect of Interest
Rate Hedging Agreements or Oil and Gas Hedging Contracts, and
(vii) in respect of any Production Payment, (b) all
indebtedness of others secured by a Lien on any asset of such
Person (whether or not such indebtedness is assumed by such
Person), (c) Attributable Debt of such Person, and
(d) to the extent not otherwise included in the foregoing,
the guarantee by such Person of any indebtedness of any other
Person, provided that the indebtedness described in
clauses (a)(i), (ii), (iv) and (v) shall be
included in this definition of Indebtedness only if, and to the
extent
30
that, the indebtedness described in such clauses would appear as
a liability upon a balance sheet of such Person prepared in
accordance with GAAP.
Interest Rate Hedging Agreements means, with
respect to any Person, the obligations of such Person under
(i) interest rate swap agreements, interest rate cap
agreements and interest rate collar agreements and
(ii) other agreements or arrangements designed to protect
such Person against fluctuations in interest rates.
Investments means, with respect to any
Person, all investments by such Person in other Persons
(including Affiliates) in the form of direct or indirect loans
(including guarantees- of Indebtedness or other obligations, but
excluding trade credit and other ordinary course advances
customarily made in the oil and gas industry), advances or
capital contributions (excluding commission, travel and similar
advances to officers and employees made in the ordinary course
of business), purchases or other acquisitions for consideration
of Indebtedness, Equity Interests or other securities, together
with all items that are or would be classified as investments on
a balance sheet prepared in accordance with GAAP; provided that
the following shall not constitute Investments: (i) an
acquisition of assets, Equity Interests or other securities by
the Company for consideration consisting of common equity
securities of the Company, (ii) Interest Rate Hedging
Agreements entered into in accordance with the limitations set
forth in clause (h) of the second paragraph of the covenant
described under the caption Certain covenants
Incurrence of indebtedness and issuance of disqualified
stock, (iii) Oil and Gas Hedging Agreements entered
into in accordance with the limitations set forth in
clause (i) of the second paragraph of the covenant
described under the caption Certain covenants
Incurrence of indebtedness and issuance of disqualified
stock and (iv) endorsements of negotiable instruments
and documents in the ordinary course of business.
Lien means, with respect to any asset, any
mortgage, lien, pledge, charge, security interest or encumbrance
of any kind in respect of such asset, whether or not filed,
recorded or otherwise perfected under applicable law (including
any conditional sale or other title retention agreement, any
lease in the nature thereof, any option or other agreement to
sell or give a security interest in and any filing of or
agreement to give any financing statement under the Uniform
Commercial Code (or equivalent statutes) of any jurisdiction
other than a precautionary financing statement with respect to a
lease not intended as a security agreement).
Material Change means an increase or decrease
(excluding changes that result solely from changes in prices) of
more than 20% during a fiscal quarter in the estimated
discounted future net cash flows from proved oil and gas
reserves of the Company and its Restricted Subsidiaries,
calculated in accordance with clause (i)(a) of the
definition of Adjusted Consolidated Net Tangible Assets;
provided, however, that the following will be excluded from the
calculation of Material Change: (i) any acquisitions during
the quarter of oil and gas reserves that have been estimated by
one or more nationally recognized firms of independent petroleum
engineers and on which a report or reports exist and
(ii) any disposition of properties existing at the
beginning of such quarter that have been disposed of as provided
in the Asset Sales covenant.
Net Income means, with respect to any Person,
the net income (loss) of such Person, determined in accordance
with GAAP and before any reduction in respect of preferred stock
dividends, excluding, however, (i) any gain (but not loss),
together with any related provision for taxes on such gain (but
not loss), realized in connection with (a) any Asset Sale
(including, without limitation, dispositions pursuant to sale
and leaseback transactions) or (b) the disposition of any
securities by such Person or any of its Restricted Subsidiaries
or the
31
extinguishment of any Indebtedness of such Person or any of its
Restricted Subsidiaries and (ii) any extraordinary or
nonrecurring gain (but not loss), together with any related
provision for taxes on such extraordinary or nonrecurring gain
(but not loss).
Net Proceeds means the aggregate cash
proceeds received by the Company or any of its Restricted
Subsidiaries in respect of any Asset Sale (including, without
limitation, any cash received upon the sale or other disposition
of any non-cash consideration received in any Asset Sale, but
excluding cash amounts placed in escrow, until such amounts are
released to the Company), net of the direct costs relating to
such Asset Sale (including, without limitation, legal,
accounting and investment banking fees and expenses, and sales
commissions) and any relocation expenses incurred as a result
thereof, taxes paid or payable as a result thereof (after taking
into account any available tax credits or deductions and any tax
sharing arrangements), amounts required to be applied to the
repayment of Indebtedness (other than Indebtedness under any
Credit Facility) secured by a Lien on the asset or assets that
were the subject of such Asset Sale and any reserve for
adjustment in respect of the sale price of such asset or assets
established in accordance with GAAP and any reserve established
for future liabilities.
Net Working Capital means (i) all
current assets of the Company and its Restricted Subsidiaries,
minus (ii) all current liabilities of the Company and its
Restricted Subsidiaries, except current liabilities included in
Indebtedness, in each case as set forth in financial statements
of the Company prepared in accordance with GAAP (excluding any
adjustments made pursuant to FASB 133).
Non-Recourse Debt means Indebtedness
(i) as to which neither the Company nor any of its
Restricted Subsidiaries (a) provides any guarantee or
credit support of any kind (including any undertaking,
guarantee, indemnity, agreement or instrument that would
constitute Indebtedness), or (b) is directly or indirectly
liable (as a guarantor or otherwise); and (ii) no default
with respect to which (including any rights that the holders
thereof may have to take enforcement action against an
Unrestricted Subsidiary) would permit (upon notice, lapse of
time or both) any holder of any other Indebtedness of the
Company or any of its Restricted Subsidiaries to declare a
default on such other Indebtedness or cause the payment thereof
to be accelerated or payable prior to its stated maturity; and
(iii) the explicit terms of which provide that there is no
recourse against any of the assets of the Company or its
Restricted Subsidiaries.
Obligations means any principal, interest,
penalties, fees, indemnifications, reimbursements, damages and
other liabilities payable under the documentation governing any
Indebtedness.
Oil and Gas Business means (i) the
acquisition, exploration, development, operation and disposition
of interests in oil, gas and other hydrocarbon properties,
(ii) the gathering, marketing, treating, processing,
storage, distribution, selling and transporting of any
production from such interests or properties, (iii) any
business relating to exploration for or development, production,
treatment, processing, storage, transportation or marketing of
oil, gas and other minerals and products produced in association
therewith and (iv) any activity that is ancillary to or
necessary or appropriate for the activities described in
clauses (i) through (iii) of this definition.
Oil and Gas Hedging Contracts means any oil
and gas purchase or hedging agreement, and other agreement or
arrangement, in each case, that is designed to provide
protection against oil and gas price fluctuations.
Pari Passu Indebtedness means Indebtedness
that ranks Pari Passu in right of payment to the notes.
32
Permitted Indebtedness has the meaning given
in the covenant described under the caption Certain
covenants Incurrence of indebtedness and issuance of
disqualified stock.
Permitted Investments means (a) any
Investment in the Company or in a Wholly Owned Restricted
Subsidiary of the Company; (b) any Investment in Cash
Equivalents or securities issued or directly and fully
guaranteed or insured by the United States government or any
agency or instrumentality thereof having maturities of not more
than one year from the date of acquisition; (c) any
Investment by the Company or any Restricted Subsidiary of the
Company in a Person if, as a result of such Investment and any
related transactions that at the time of such Investment are
contractually mandated to occur, (i) such Person becomes a
Wholly Owned Restricted Subsidiary of the Company or
(ii) such Person is merged, consolidated or amalgamated
with or into, or transfers or conveys all or substantially all
of its assets to, or is liquidated into, the Company or a
Wholly Owned Restricted Subsidiary of the Company; (d) any
Investment made as a result of the receipt of non-cash
consideration from an Asset Sale that was made pursuant to and
in compliance with the covenant described above under the
caption Repurchase at the option of holders
Asset sales; (e) other Investments in any Person or
Persons having an aggregate fair market value (measured on the
date each such Investment was made and without giving effect to
subsequent changes in value), when taken together with all other
Investments made pursuant to this clause (e) that are at
the time outstanding, not to exceed $10.0 million;
(f) any Investment acquired by the Company in exchange for
Equity Interests in the Company (other than Disqualified Stock);
(g) shares of Capital Stock received in connection with any
good faith settlement of a bankruptcy proceeding involving a
trade creditor; (h) entry into operating agreements, joint
ventures, partnership agreements, working interests, royalty
interests, mineral leases, processing agreements, farm-out
agreements, contracts for the sale, transportation or exchange
of oil and natural gas, unitization agreements, pooling
arrangements, area of mutual interest agreements, production
sharing agreements or other similar or customary agreements,
transactions, properties, interests or arrangements, and
Investments and expenditures in connection therewith or pursuant
thereto, in each case made or entered into the ordinary course
of the Oil and Gas Business, excluding, however, Investments in
corporations other than any Investment received pursuant to the
Asset Sale provision; and (i) the acquisition of any Equity
Interests pursuant to a transaction of the type described in
clause (vi) of the exclusions from the definition of
Asset Sale.
Permitted Liens means (i) Liens securing
Indebtedness of a Subsidiary or Liens securing Senior Debt that
is outstanding on the date of issuance of the notes and Liens
securing Senior Debt that are permitted by the terms of the
Indenture to be incurred; (ii) Liens in favor of the
Company; (iii) Liens on property existing at the time of
acquisition thereof by the Company or any Subsidiary of the
Company and Liens on property or assets of a Subsidiary existing
at the time it became a Subsidiary, provided that such Liens
were in existence prior to the contemplation of the acquisition
and do not extend to any assets other than the acquired
property; (iv) Liens incurred or deposits made in the
ordinary course of business in connection with workers
compensation, unemployment insurance or other kinds of social
security, or to secure the payment or performance of tenders,
statutory or regulatory obligations, surety or appeal bonds,
performance bonds or other obligations of a like nature incurred
in the ordinary course of business (including lessee or operator
obligations under statutes, governmental regulations or
instruments related to the ownership, exploration and production
of oil, gas and minerals on state or federal lands or waters);
(v) Liens existing on the date of the Indenture;
(vi) Liens for-taxes, assessments or governmental charges
or claims that are not yet delinquent or that are being
contested in good faith by appropriate proceedings promptly
instituted and
33
diligently concluded, provided that any reserve or other
appropriate provision as shall be required in conformity with
GAAP shall have been made therefor; (vii) statutory liens
of landlords, mechanics, suppliers, vendors, warehousemen,
carriers or other like Liens arising in the ordinary course of
business; (viii) judgment Liens not giving rise to an Event
of Default so long as any appropriate legal proceeding that may
have been duly initiated for the review of such judgment shall
not have been finally terminated or the period within which such
proceeding may be initiated shall not have expired;
(ix) Liens on, or related to, properties or assets to
secure all or part of the costs incurred in the ordinary course
of the Oil and Gas Business for the exploration, drilling,
development, or operation thereof; (x) Liens in pipeline or
pipeline facilities that arise under operation of law;
(xi) Liens arising under operating agreements, joint
venture agreements, partnership agreements, oil and gas leases,
farm-out agreements, division orders, contracts for the sale,
transportation or exchange of oil or natural gas, unitization
and pooling declarations and agreements, area of mutual interest
agreements and other agreements that are customary in the Oil
and Gas Business; (xii) Liens reserved in oil and gas
mineral leases for bonus or rental payments and for compliance
with the terms of such leases; (xiii) Liens securing the
notes; and (xiv) Liens not otherwise permitted by
clauses (i) through (xiii) that are incurred in the
ordinary course of business of the Company or any Subsidiary of
the Company with respect to obligations that do not exceed
$5.0 million at any one time outstanding.
Permitted Refinancing Debt means any
Indebtedness of the Company or any of its Restricted
Subsidiaries issued in exchange for, or the net proceeds of
which are used to extend, refinance, renew, replace, defease or
refund other Indebtedness (other than Indebtedness incurred
under a Credit Facility) of the Company or any of its Restricted
Subsidiaries; provided that: (i) the principal amount of
such Permitted Refinancing Debt does not exceed the principal
amount of the Indebtedness so extended, refinanced, renewed,
replaced, defeased or refunded (plus the amount of reasonable
expenses incurred in connection therewith); (ii) such
Permitted Refinancing Debt has a final maturity date on or later
than the final maturity date of, and has a Weighted Average Life
to Maturity equal to or greater than the Weighted Average Life
to Maturity of, the Indebtedness being extended, refinanced,
renewed, replaced, defeased or refunded; (iii) if the
Indebtedness being extended, refinanced, renewed, replaced,
defeased or refunded is subordinated in right of payment to the
notes, such Permitted Refinancing Debt has a final maturity date
later than the final maturity date of, and is subordinated in
right of payment to, the notes on terms at least as favorable
taken as a whole to the Holders of notes as those contained in
the documentation governing the Indebtedness being extended,
refinanced, renewed, replaced, defeased or refunded; and
(iv) such Indebtedness is incurred either by the Company or
by the Restricted Subsidiary who is the obligor on the
Indebtedness being extended, refinanced, renewed, replaced,
defeased or refunded.
Production Payments means Dollar-Denominated
Production Payments and Volumetric Production Payments,
collectively.
Restricted Investment means an Investment
other than a Permitted Investment.
Restricted Subsidiary means any direct or
indirect Subsidiary of the Company that is not an Unrestricted
Subsidiary.
Senior Debt means (i) Indebtedness of
the Company or any Subsidiary of the Company under or in respect
of any Credit Facility, whether for principal, interest
(including interest accruing after the filing of a petition
initiating any proceeding pursuant to any bankruptcy law,
whether or not the claim for such interest is allowed as a claim
in such proceeding),
34
reimbursement obligations, fees, commissions, expenses,
indemnities or other amounts, and (ii) any other
Indebtedness permitted under the terms of the Indenture, unless
the instrument under which such Indebtedness is incurred
expressly provides that it is on a parity with or subordinated
in right of payment to the notes; provided that the
Companys
73/8% Senior
Subordinated Notes and
63/8
% Senior Subordinated Notes outstanding on the date
of the indenture shall be deemed to rank on parity with the
notes and shall not be Senior Debt. Notwithstanding anything to
the contrary in the foregoing sentence, Senior Debt will not
include (w) any liability for federal, state, local or
other taxes owed or owing by the Company, (x) any
Indebtedness of the Company to any of its Subsidiaries or other
Affiliates, (y) any trade payables or (z) any
Indebtedness that is incurred in violation of the Indenture
(other than Indebtedness under (i) any Credit Agreement or
(ii) any other Credit Facility that is incurred on the
basis of a representation by the Company to the applicable
lenders that it is permitted to incur such Indebtedness under
the Indenture).
Significant Subsidiary means any Subsidiary
of the Company that would be a significant
subsidiary as defined in Article I, Rule 1-02 of
Regulation S-X,
promulgated pursuant to the Exchange Act, as such Regulation is
in effect on the date hereof.
Subsidiary means, with respect to any Person,
(i) any corporation, association or other business entity
of which more than 50% of the total voting power of shares of
Capital Stock, entitled (without regard to the occurrence of any
contingency) to vote in the election of directors, managers or
trustees thereof is at the time owned or controlled, directly or
indirectly, by such Person or one or more of the other
Subsidiaries of that Person (or a combination thereof) and
(ii) any partnership (a) the sole general partner or
the managing general partner of which is such Person or a
Subsidiary of such Person or (b) the only general partners
of which are such Person or of one or more Subsidiaries of such
Person (or any combination thereof).
Subsidiary Guarantors means initially the
following Restricted Subsidiaries of the Company existing on the
date of the Indenture: Great Lakes Energy Partners, L.L.C., PMOG
Holdings, Inc., Range Energy I, Inc., Range HoldCo, Inc.,
Range Production I, L.P., Range Production Company, Range
Energy Ventures Corporation, Range Operating New Mexico, Inc.,
Range Operating Texas, L.L.C., Pine Mountain Acquisition, Inc.,
Pine Mountain Oil & Gas, Inc., Stroud Energy GP, LLC, Stroud
Energy LP, LLC, Stroud Oil Properties, LP, Stroud Energy
Management GP, LLC, Stroud Energy, Ltd. and any other future
Restricted Subsidiary of the Company that executes a Guarantee
in accordance with the provisions of the Indenture and, in each
case, their respective successors and assigns, provided that, in
no event shall any future acquired or created foreign Subsidiary
be a Subsidiary Guarantor under the Indenture.
Total Assets means, with respect to any
Person, the total consolidated assets of such Person and its
Restricted Subsidiaries, as shown on the most recent balance
sheet of such Person.
Unrestricted Subsidiary means (i) any
Subsidiary of the Company which at the time of determination
shall be an Unrestricted Subsidiary (as designated by the Board
of Directors of the Company, as provided below) and
(ii) any Subsidiary of an Unrestricted Subsidiary. The
Board of Directors of the Company may designate any Subsidiary
of the Company (including any newly acquired or newly formed
Subsidiary or a Person becoming a Subsidiary through merger or
consolidation or Investment therein) to be an Unrestricted
Subsidiary only if (a) such Subsidiary does not own any
Capital Stock of, or own or hold any Lien on any property of,
any other Subsidiary of the Company which is not a Subsidiary of
the Subsidiary to be so designated or otherwise an Unrestricted
Subsidiary; (b) all the Indebtedness of such Subsidiary
shall, at the date of designation, and will at all times
thereafter, consist of Non-Recourse Debt;
35
(c) the Company certifies that such designation complies
with the Limitation on restricted payments covenant;
(d) such Subsidiary, either alone or in the aggregate with
all other Unrestricted Subsidiaries, does not operate, directly
or indirectly, all or substantially all of the business of the
Company and its Subsidiaries; (e) such Subsidiary does not,
directly or indirectly, own any Indebtedness of or Equity
Interest in, and has no investments in, the Company or any
Restricted Subsidiary; (f) such Subsidiary is a Person with
respect to which neither the Company nor any of its Restricted
Subsidiaries has any direct or indirect obligation (1) to
subscribe for additional Equity Interests or (2) to
maintain or preserve such Persons financial condition or
to cause such Person to achieve any specified levels of
operating results; and (g) on the date such Subsidiary is
designated an Unrestricted Subsidiary, such Subsidiary is not a
party to any agreement, contract, arrangement or understanding
with the Company or any Restricted Subsidiary with terms
substantially less favorable to the Company than those that
might have been obtained from Persons who are not Affiliates of
the Company. Any such designation by the Board of Directors of
the Company shall be evidenced to the Trustee by filing with the
Trustee a resolution of the Board of Directors of the Company
giving effect to such designation and an Officers
Certificate certifying that such designation complied with the
foregoing conditions. If, at any time, any Unrestricted
Subsidiary would fail to meet the foregoing requirements as an
Unrestricted Subsidiary, it shall thereafter cease to be an
Unrestricted Subsidiary for purposes of the Indenture and any
Indebtedness of such Subsidiary shall be deemed to be incurred
as of such date. The Board of Directors of the Company may
designate any Unrestricted Subsidiary to be Restricted
Subsidiary; provided, that (i) immediately after giving
effect to such designation, no Default or Event of Default shall
have occurred and be continuing or would occur as a consequence
thereof and the Company could incur at least $1.00 of additional
Indebtedness (excluding Permitted Indebtedness) pursuant to the
first paragraph of the Incurrence of indebtedness and
issuance of disqualified stock covenant on a pro forma
basis taking into account such designation and (ii) such
Subsidiary executes a Guarantee pursuant to the terms of the
Indenture.
Volumetric Production Payments means
production payment obligations recorded as deferred revenue in
accordance with GAAP, together with all undertakings and
obligations in connection therewith.
Weighted Average Life to Maturity means, when
applied to any Indebtedness at any date, the number of years
obtained by dividing (i) the sum of the products obtained
by multiplying (a) the amount of each then remaining
installment, sinking fund, serial maturity or other required
payments of principal, including payment at final maturity, in
respect thereof, by (b) the number of years (calculated to
the nearest-twelfth) that will elapse between such date and the
making of such payment, by (ii) the then outstanding
principal amount of such Indebtedness.
Wholly Owned Restricted Subsidiary of any
Person means a Restricted Subsidiary of such Person all of the
outstanding Capital Stock or other ownership interests of which
(other than directors qualifying shares) shall at the time
be owned, directly or indirectly, by such Person or by one or
more Wholly Owned Restricted Subsidiaries of such Person.
36
Legal matters
Our legal counsel, Vinson & Elkins L.L.P., Dallas,
Texas, will pass upon certain legal matters in connection with
the offered securities. Any underwriters will be advised about
issues relating to any offering by their own legal counsel.
Experts
The consolidated financial statements of Range Resources
Corporation appearing in Range Resources Corporations
Annual Report
(Form 10-K) for
the year ended December 31, 2005, and Range Resources
Corporation managements assessment of the effectiveness of
internal control over financial reporting as of
December 31, 2005 included therein, have been audited by
Ernst & Young LLP, independent registered public
accounting firm, as set forth in their reports thereon, included
therein, and incorporated herein by reference. Such consolidated
financial statements and managements assessment are
incorporated herein by reference in reliance upon such reports
given on the authority of such firm as experts in accounting and
auditing.
The consolidated financial statements of Stroud Energy, Inc. and
subsidiaries incorporated in this prospectus by reference to
Range Resources Corporations current report on
Form 8-K/A filed
on August 9, 2006 have been so incorporated in reliance on
the report of PricewaterhouseCoopers LLP, an independent
registered public accounting firm, given on the authority of
said firm as experts in auditing and accounting.
Reserve engineers
Certain information incorporated by reference in this prospectus
regarding estimated quantities of oil and natural gas reserves
occurred by us, the future net revenues from those reserves and
their present value is based on estimates of the reserves and
present values prepared by or derived from estimates prepared by
DeGolyer and MacNaughton, Wright & Company, Inc. and
H.J. Gruy and Associates, Inc. The reserve information is
incorporated by reference herein in reliance upon the authority
of said firms as experts with respect to such reports.
37
Part II
Information not required in prospectus
Item 14. Other
expenses of issuance and distribution.
The following table sets forth the estimated expenses payable by
Range Resources Corporation (the Company) in
connection with the issuance and distribution of the securities
covered by this Registration Statement:
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Registration Fee
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$ |
* |
|
Fees and expenses of accountant
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40,000 |
|
Fees and expenses of legal counsel
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200,000 |
|
Fees and expenses of trustee and
counsel
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10,000 |
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Printing and engraving expenses
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50,000 |
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|
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|
Total
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$ |
300,000 |
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* The registrants are deferring payment of the registration
fee in reliance on Rules 456(b) and 457(r).
All of the above items, except for the registration fee, are
estimates.
Item 15. Indemnification
of directors and officers.
Section 145 of the Delaware General Corporation Law
(DGCL) provides that a corporation may indemnify any
person who was or is a party or is threatened to be made a party
to any threatened, pending or completed action, suit or
proceeding whether civil, criminal, administrative or
investigative (other than an action by or in the right of the
corporation) by reason of the fact that he or she is or was a
director, officer, employee or agent of the corporation, or is
or was serving at the request of the corporation as a director,
officer, employee or agent of another corporation, partnership,
joint venture, trust or other enterprise, against expenses
(including attorneys fees), judgments, fines and amounts
paid in settlement actually and reasonably incurred by him or
her in connection with such action, suit or proceeding if he or
she acted in good faith and in a manner he or she reasonably
believed to be in or not opposed to the best interests of the
corporation, and, with respect to any criminal action or
proceeding, had no reasonable cause to believe his or her
conduct was unlawful. Section 145 further provides that a
corporation similarly may indemnify any such person serving in
any such capacity who was or is a party or is threatened to be
made a party to any threatened, pending or completed action or
suit by or in the right of the corporation to procure a judgment
in its favor by reason of the fact that he or she is or was a
director, officer, employee or agent of the corporation or is or
was serving at the request of the corporation as a director,
officer, employee or agent of another corporation, partnership,
joint venture, trust or other enterprise, against expenses
(including attorneys fees) actually and reasonably
incurred in connection with the defense or settlement of such
action or suit if he or she acted in good faith and in a manner
he or she reasonably believed to be in or not opposed to the
best interests of the corporation and except that no
indemnification shall be made in respect of any claim, issue or
matter as to which such person shall have been adjudged to be
liable to the corporation unless and only to the extent that the
Delaware Court of Chancery or such other court in which such
action or suit was brought shall determine upon application
that, despite the adjudication of liability but in view of all
of the circumstances of the case, such person is fairly and
reasonably
II-1
entitled to indemnity for such expenses which the Delaware Court
of Chancery or such other court shall deem proper.
The Companys Amended and Restated By-Laws and Restated
Certificate of Incorporation, as amended, each provide that the
Company will indemnify and hold harmless to the fullest extent
authorized by the DGCL each person who was or is made a party or
is threatened to be made a party to or is involved in any
action, suit or proceeding, whether civil, criminal,
administrative, arbitrative or investigative, by reason of the
fact that he or she, or a person of whom he or she is the legal
representative, is or was a director, officer, employee or agent
of the Company or is or was serving at the request of the
Company as a director, officer, employee or agent of another
corporation or of a partnership, joint venture, trust or other
enterprise, including service with respect to employee benefit
plans, whether the basis of such proceeding is alleged action in
an official capacity as a director, officer, employee or agent
or in any other capacity while serving as a director, officer,
employee or agent. Such indemnification continues as to a person
who has ceased to be a director, officer, employee or agent and
inures to the benefit of his or her heirs, executors and
administrators.
In addition, as permitted by the DGCL, the Restated Certificate
of Incorporation provides that directors of the Company shall
have no personal liability to the Company or its stockholders
for monetary damages for breach of fiduciary duty as a director,
except (1) for any breach of the directors duty of
loyalty to the Company or its stockholders, (2) for acts or
omissions not in good faith or which involve intentional
misconduct or knowing violation of law, (3) under
Section 174 of the DGCL or (4) for any transaction
from which a director derived an improper personal benefit.
The Company has entered into indemnification agreements with its
directors and executive officers, and intends to enter into
indemnification agreements with any new directors and executive
officers in the future.
II-2
Item 16. Exhibits
(a) Exhibits
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Exhibit | |
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number | |
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Description |
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1 |
.1* |
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Form of Underwriting Agreement
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4 |
.1 |
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Restated Certificate of
Incorporation of Range Resources Corporation (incorporated by
reference to Exhibit 3.1.1 to Companys Form 10-Q
Restated (File No. 001-12209) as filed with the SEC on
May 5, 2004)
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4 |
.2 |
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Certificate of First Amendment to
Restated Certificate of Incorporation of Range Resources
Corporation (incorporated by reference to Exhibit 3.1 to
the Companys Form 10-Q (File No. 001-12209) as filed
with the SEC on July 28, 2005)
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4 |
.3 |
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Amended and Restated By-laws of the
Company dated December 5, 2003 (incorporated by reference
to Exhibit 3.2 to the Companys Form 10-K (File
No. 001-12209) as filed with the SEC on March 3, 2004)
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4 |
.4 |
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Indenture, dated May 23, 2006,
by and among Range Resources Corporation, the subsidiary
guarantors named therein and J.P. Morgan Trust Company, National
Association, as trustee (incorporated by reference to
Exhibit 4.1 to the Companys Form 8-K (File
No. 001-12209) dated May 18, 2006)
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4 |
.5 |
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First Supplemental Indenture, dated
May 23, 2006, by and among Range Resources Corporation, the
subsidiary guarantors named therein and J.P. Morgan Trust
Company, National Association, as trustee (incorporated by
reference to Exhibit 4.2 to the Companys
Form 8-K (File No. 001-12209) dated May 18, 2006)
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4 |
.6 |
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Form of Note for the
71/2%
Senior Subordinated Notes due 2016 (included in Exhibit 4.4)
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5 |
.1 |
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Opinion of Vinson & Elkins
L.L.P.
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12 |
.1** |
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Computation of Ratio of Earnings to
Fixed Charges
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23 |
.1 |
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Consent of Vinson & Elkins
L.L.P. (included in their opinion filed as Exhibit 5.1
hereto)
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23 |
.2** |
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Consent of Ernst & Young
LLP (Range Resources Corporation)
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23 |
.3** |
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Consent of PricewaterhouseCoopers
LLP (Stroud Energy, Inc.)
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23 |
.4** |
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Consent of Degolyer and MacNaughton
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23 |
.5** |
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Consent of H.J. Gruy and
Associates, Inc.
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23 |
.6** |
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Consent of Wright and Company
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24 |
.1 |
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Powers of Attorney (included on the
first signature page of this Registration Statement)
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25 |
.1 |
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Form T-1 Statement of
Eligibility of Trustee under the Indenture
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Previously filed
* To be filed either by amendment or as an exhibit to a
report filed under the Securities Exchange Act of 1934 and
incorporated by reference to this registration statement.
** Filed herewith.
Item 17. Undertakings.
The undersigned registrants hereby undertakes:
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(a) To file, during any period in which offers or sales are
being made, a post-effective amendment to this registration
statement: |
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(i) To include any prospectus required by
section 10(a)(3) of the Securities Act of 1933; |
II-3
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(ii) To reflect in the prospectus any facts or events
arising after the effective date of the registration statement
(or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change
in the information set forth in the registration statement.
Notwithstanding the foregoing, any increase or decrease in
volume of securities offered (if the total dollar value of
securities offered would not exceed that which was registered)
and any deviation from the low or high end of the estimated
maximum offering range may be reflected in the form of
prospectus filed with the SEC pursuant to Rule 424(b) if,
in the aggregate, the changes in volume and price represent no
more than a 20% change in the maximum aggregate offering price
set forth in the Calculation of Registration Fee
table in the effective registration statement; |
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(iii) To include any material information with respect to
the plan of distribution not previously disclosed in the
registration statement or any material change to such
information in the registration statement; |
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provided, however, that the undertakings
set forth in paragraphs (i) and (ii) above do not
apply if the information required to be included in a
post-effective amendment by those paragraphs is contained in
periodic reports filed with or furnished to the SEC by the
registrant pursuant to section 13 or section 15(d) of
the Securities Exchange Act of 1934 that are incorporated by
reference in this registration statement, or is contained in a
form of prospectus filed pursuant to Rule 424(b) that is
part of the registration statement. |
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(b) That, for the purpose of determining any liability
under the Securities Act of 1933, each such post-effective
amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of
such securities at that time shall be deemed to be the initial
bona fide offering thereof. |
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(c) To remove from registration by means of a
post-effective amendment any of the securities being registered
which remain unsold at the termination of the offering. |
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(d) That, for the purpose of determining liability under
the Securities Act of 1933 to any purchaser: |
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(i) Each prospectus filed by the registrant pursuant to
Rule 424(b)(3) shall be deemed to be part of the
registration statement as of the date the filed prospectus was
deemed part of and included in the registration
statement; and |
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(ii) Each prospectus filed by the registrant pursuant to
Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration
statement in reliance on Rule 430B relating to an offering
made pursuant to Rule 415(a)(1)(i), (vii), or (x) for
the purpose of providing the information required by
section 10(a) of the Securities Act of 1933 shall be deemed
to be part of and included in the registration statement as of
the earlier of the date such form of prospectus is first used
after effectiveness or the date of the first contract of sale of
securities in the offering described in the prospectus. As
provided in Rule 430B, for liability purposes of the issuer
and any person that is at that date an underwriter, such date
shall be deemed to be a new effective date of the registration
statement relating to the securities in the registration
statement to which that prospectus relates, and the offering of
such securities at that time shall be deemed to be the initial
bona fide offering thereof. Provided, however,
that no statement made in a registration statement or
prospectus that is part of the registration statement or made in
a |
II-4
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document incorporated or deemed incorporated by reference into
the registration statement or prospectus that is part of the
registration statement will, as to a purchaser with a time of
contract of sale prior to such effective date, supersede or
modify any statement that was made in the registration statement
or prospectus that was part of the registration statement or
made in any such document immediately prior to such effective
date. |
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(e) That, for the purpose of determining liability of the
registrant under the Securities Act of 1933 to any purchaser in
the initial distribution of the securities, the undersigned
registrant undertakes that in a primary offering of securities
of the undersigned registrant pursuant to this registration
statement, regardless of the underwriting method used to sell
the securities to the purchaser, if the securities are offered
or sold to such purchaser by means of any of the following
communications, the undersigned registrant will be a seller to
the purchaser and will be considered to offer or sell such
securities to such purchaser: |
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(i) Any preliminary prospectus or prospectus of the
undersigned registrant relating to the offering required to be
filed pursuant to Rule 424; |
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(ii) Any free writing prospectus relating to the offering
prepared by or on behalf of the undersigned registrant or used
or referred to by the undersigned registrant; |
|
|
(iii) The portion of any other free writing prospectus
relating to the offering containing material information about
the undersigned registrant or its securities provided by or on
behalf of the undersigned registrant; and |
|
|
(iv) Any other communication that is an offer in the
offering made by the undersigned registrant to the purchaser. |
|
|
|
(f) For purposes of determining any liability under the
Securities Act of 1933, each filing of the registrants
annual report pursuant to section 13(a) or
section 15(d) of the Securities Exchange Act of 1934 (and,
where applicable, each filing of an employee benefit plans
annual report pursuant to section 15(d) of the Securities
Exchange Act of 1934) that is incorporated by reference in the
registration statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof. |
|
|
(g) To file an application for the purpose of determining
the eligibility of the trustee under the Subordinated Debt
Indenture to act under subsection (a) of
Section 310 of the Trust Indenture Act (Act) in
accordance with the rules and regulations prescribed by the
Securities and Exchange Commission under Section 305(b)(2)
of the Act. |
Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers
and controlling persons of the registrant pursuant to the
provisions set forth in response to Item 15, or otherwise,
the registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is
against public policy as expressed in the Securities Act of 1933
and is, therefor, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment
by the registrant of expenses incurred or paid by a director,
officer or controlling person of the registrant in the
successful defense of any action, suit or proceeding) is
asserted by such director, officer or controlling person in
connection with the securities being registered, the registrant
will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in
the Securities Act of 1933 and will be governed by the final
adjudication of such issue.
II-5
Signatures
Pursuant to the requirements of the Securities Act of 1933, the
co-registrant certifies that it has reasonable grounds to
believe that it meets all of the requirements for filing on
Form S-3 and has
duly caused this Post-Effective Amendment No. 2 to the
Registration Statement on
Form S-3
(Registration No. 333-134157) to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of
Fort Worth, State of Texas, on the 9th day of August,
2006.
|
|
|
RANGE RESOURCES CORPORATION |
|
|
|
|
By: |
/s/ John H. Pinkerton
|
|
|
|
John H. Pinkerton |
|
Chief Executive Officer and President |
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons
in the capacities and on the dates indicated.
|
|
|
|
|
|
|
|
Signature |
|
Title |
|
Date |
|
|
/s/ John H. Pinkerton
John
H. Pinkerton
|
|
Chief Executive Officer,
President and Director
(Principal Executive Officer)
|
|
August 9, 2006
|
|
*
Jeffrey
L. Ventura
|
|
Executive Vice President
and Director
|
|
August 9, 2006
|
|
/s/ Roger S. Manny
Roger
S. Manny
|
|
Chief Financial and
Accounting Officer
(Principal Financial Officer and Principal Accounting Officer)
|
|
August 9, 2006
|
|
*
Charles
L. Blackburn
|
|
Chairman of the Board
|
|
August 9, 2006
|
|
*
Anthony
V. Dub
|
|
Director
|
|
August 9, 2006
|
|
*
V.
Richard Eales
|
|
Director
|
|
August 9, 2006
|
|
*
Allen
Finkelson
|
|
Director
|
|
August 9, 2006
|
II-6
|
|
|
|
|
|
|
|
Signature |
|
Title |
|
Date |
|
|
*
Jonathan
S. Linker
|
|
Director
|
|
August 9, 2006
|
|
*
Kevin
S. McCarthy
|
|
Director
|
|
August 9, 2006
|
*The undersigned, by signing his name hereto, signs and executes
this Post-Effective Amendment No. 2 to the Registration
Statement on Form S-3 (Registration No. 333-134157)
pursuant to the Power of Attorney executed by the above-named
officers and directors and filed with the Securities and
Exchange Commission.
|
|
|
Roger S. Manny |
|
Attorney-in-Fact |
II-7
Pursuant to the requirements of the Securities Act of 1933, the
co-registrant certifies that it has reasonable grounds to
believe that it meets all of the requirements for filing on
Form S-3 and has
duly caused this Post-Effective Amendment No. 2 to the
Registration Statement on
Form S-3
(Registration
No. 333-134157) to
be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Fort Worth, State of Texas, on
the 9th day of August, 2006.
|
|
|
GREAT LAKES ENERGY PARTNERS, L.L.C. |
|
|
|
|
By: |
/s/ John H. Pinkerton |
|
|
|
|
|
John H. Pinkerton |
|
Chief Executive Officer and President |
|
|
|
|
By: |
/s/ John H. Pinkerton |
|
|
|
|
|
John H. Pinkerton |
|
Chief Executive Officer and President |
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons
in the capacities and on the dates indicated.
|
|
|
|
|
|
|
|
Signature |
|
Title |
|
Date |
|
|
/s/ John H. Pinkerton
John
H. Pinkerton
|
|
Member of the Management Committee
and as Chief Executive Officer, President and Director of Range
Holdco, Inc. and Range Energy I, Inc.
(Principal Executive Officer)
|
|
August 9, 2006
|
|
/s/ Roger S. Manny
Roger
S. Manny
|
|
Member of the Management Committee
and as Chief Financial and Accounting Officer and Director of
Range Holdco, Inc. and Range Energy I, Inc.
(Principal Financial Officer and Principal Accounting Officer)
|
|
August 9, 2006
|
|
/s/ Rodney L. Waller
Rodney
L. Waller
|
|
Member of the Management Committee
and as Senior Vice President and Director of Range Holdco, Inc.
and Range Energy I, Inc.
|
|
August 9, 2006
|
II-8
Pursuant to the requirements of the Securities Act of 1933, the
co-registrant certifies that it has reasonable grounds to
believe that it meets all of the requirements for filing on
Form S-3 and has
duly caused this Post-Effective Amendment No. 2 to the
Registration Statement on
Form S-3
(Registration
No. 333-134157) to
be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Fort Worth, State of Texas, on
the 9th day of August, 2006.
|
|
|
PINE MOUNTAIN ACQUISITION, INC. |
|
|
|
|
By: |
/s/ John H. Pinkerton
|
|
|
|
|
John H. Pinkerton |
|
|
|
Chief Executive Officer and President |
|
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons
in the capacities and on the dates indicated.
|
|
|
|
|
|
|
|
Signature |
|
Title |
|
Date |
|
|
/s/ John H. Pinkerton
John
H. Pinkerton
|
|
Chief Executive Officer,
President and Director
(Principal Executive Officer)
|
|
August 9, 2006
|
|
/s/ Roger S. Manny
Roger
S. Manny
|
|
Chief Financial and
Accounting Officer and Director
(Principal Financial Officer and
Principal Accounting Officer)
|
|
August 9, 2006
|
|
/s/ Rodney L. Waller
Rodney
L. Waller
|
|
Senior Vice President and Director
|
|
August 9, 2006
|
II-9
Pursuant to the requirements of the Securities Act of 1933, the
co-registrant certifies that it has reasonable grounds to
believe that it meets all of the requirements for filing on
Form S-3 and has
duly caused this Post-Effective Amendment No. 2 to the
Registration Statement on
Form S-3
(Registration
No. 333-134157) to
be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Fort Worth, State of Texas, on
the 9th day of August, 2006.
|
|
|
PINE MOUNTAIN OIL & GAS, INC. |
|
|
|
|
By: |
/s/ John H. Pinkerton
|
|
|
|
|
John H. Pinkerton |
|
|
|
Chief Executive Officer and President |
|
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons
in the capacities and on the dates indicated.
|
|
|
|
|
|
|
|
Signature |
|
Title |
|
Date |
|
|
/s/ John H. Pinkerton
John
H. Pinkerton
|
|
Chief Executive Officer,
President and Director
(Principal Executive Officer)
|
|
August 9, 2006
|
|
/s/ Roger S. Manny
Roger
S. Manny
|
|
Chief Financial and
Accounting Officer and Director
(Principal Financial Officer and
Principal Accounting Officer)
|
|
August 9, 2006
|
|
/s/ Rodney L. Waller
Rodney
L. Waller
|
|
Senior Vice President and Director
|
|
August 9, 2006
|
II-10
Pursuant to the requirements of the Securities Act of 1933, the
co-registrant certifies that it has reasonable grounds to
believe that it meets all of the requirements for filing on
Form S-3 and has
duly caused this Post-Effective Amendment No. 2 to the
Registration Statement on
Form S-3
(Registration
No. 333-134157) to
be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Fort Worth, State of Texas, on
the 9th day of August, 2006.
|
|
|
|
By: |
/s/ John H. Pinkerton
|
|
|
|
John H. Pinkerton |
|
Chief Executive Officer and President |
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons
in the capacities and on the dates indicated.
|
|
|
|
|
|
|
|
Signature |
|
Title |
|
Date |
|
|
/s/ John H. Pinkerton
John
H. Pinkerton
|
|
Chief Executive Officer,
President and Director
(Principal Executive Officer)
|
|
August 9, 2006
|
|
/s/ Roger S. Manny
Roger
S. Manny
|
|
Chief Financial and
Accounting Officer and Director
(Principal Financial Officer and
Principal Accounting Officer)
|
|
August 9, 2006
|
|
/s/ Rodney L. Waller
Rodney
L. Waller
|
|
Senior Vice President and Director
|
|
August 9, 2006
|
II-11
Pursuant to the requirements of the Securities Act of 1933, the
co-registrant certifies that it has reasonable grounds to
believe that it meets all of the requirements for filing on
Form S-3 and has
duly caused this Post-Effective Amendment No. 2 to the
Registration Statement on
Form S-3
(Registration
No. 333-134157) to
be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Fort Worth, State of Texas, on
the 9th day of August, 2006.
|
|
|
|
By: |
/s/ John H. Pinkerton
|
|
|
|
John H. Pinkerton |
|
Chief Executive Officer and President |
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons
in the capacities and on the dates indicated.
|
|
|
|
|
|
|
|
Signature |
|
Title |
|
Date |
|
|
/s/ John H. Pinkerton
John
H. Pinkerton
|
|
Chief Executive Officer,
President and Director
(Principal Executive Officer)
|
|
August 9, 2006
|
|
/s/ Roger S. Manny
Roger
S. Manny
|
|
Chief Financial and
Accounting Officer and Director
(Principal Financial Officer and
Principal Accounting Officer)
|
|
August 9, 2006
|
|
/s/ Rodney L. Waller
Rodney
L. Waller
|
|
Senior Vice President and Director
|
|
August 9, 2006
|
II-12
Pursuant to the requirements of the Securities Act of 1933, the
co-registrant certifies that it has reasonable grounds to
believe that it meets all of the requirements for filing on
Form S-3 and has
duly caused this Post-Effective Amendment No. 2 to the
Registration Statement on
Form S-3
(Registration
No. 333-134157) to
be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Fort Worth, State of Texas, on
the 9th day of August, 2006.
|
|
|
|
By: |
/s/ John H. Pinkerton
|
|
|
|
John H. Pinkerton |
|
Chief Executive Officer and President |
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons
in the capacities and on the dates indicated.
|
|
|
|
|
|
|
|
Signature |
|
Title |
|
Date |
|
|
/s/ John H. Pinkerton
John
H. Pinkerton
|
|
Chief Executive Officer,
President and Director
(Principal Executive Officer)
|
|
August 9, 2006
|
|
/s/ Roger S. Manny
Roger
S. Manny
|
|
Chief Financial and
Accounting Officer and Director (Principal Financial Officer
and
Principal Accounting Officer)
|
|
August 9, 2006
|
|
/s/ Rodney L. Waller
Rodney
L. Waller
|
|
Senior Vice President and Director
|
|
August 9, 2006
|
II-13
Pursuant to the requirements of the Securities Act of 1933, the
co-registrant certifies that it has reasonable grounds to
believe that it meets all of the requirements for filling on
Form S-3 and has duly
caused this Post-Effective Amendment No. 2 to the
Registration Statement on
Form S-3
(Registration
No. 333-134157) to
be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Fort Worth, State of Texas, on the
9th day of August, 2006.
|
|
|
|
By: |
RANGE PRODUCTION COMPANY, its General Partner |
|
|
By: |
/s/ John H. Pinkerton |
|
|
|
|
|
John H. Pinkerton |
|
Chief Executive Officer and President |
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons
in the capacities and on the dates indicated.
|
|
|
|
|
|
|
|
Signature |
|
Title |
|
Date |
|
|
/s/ John H. Pinkerton
John
H. Pinkerton
|
|
Chief Executive Officer,
President and Director
of Range Production Company
(Principal Executive Officer)
|
|
August 9, 2006
|
|
/s/ Roger S. Manny
Roger
S. Manny
|
|
Chief Financial and
Accounting Officer
(Principal Financial Officer and
Principal Accounting Officer) and Director of Range Production
Company
|
|
August 9, 2006
|
|
/s/ Rodney L. Waller
Rodney
L. Waller
|
|
Senior Vice President and Director
of Range Production Company
|
|
August 9, 2006
|
II-14
Pursuant to the requirements of the Securities Act of 1933, the
co-registrant certifies that it has reasonable grounds to
believe that it meets all of the requirements for filing on
Form S-3 and has
duly caused this Post-Effective Amendment No. 2 to the
Registration Statement on
Form S-3
(Registration
No. 333-134157) to
be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Fort Worth, State of Texas, on
the 9th day of August, 2006.
|
|
|
|
By: |
/s/ John H. Pinkerton
|
|
|
|
John H. Pinkerton |
|
Chief Executive Officer and President |
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons
in the capacities and on the dates indicated.
|
|
|
|
|
|
|
|
Signature |
|
Title |
|
Date |
|
|
/s/ John H. Pinkerton
John
H. Pinkerton
|
|
Chief Executive Officer,
President and Director
(Principal Executive Officer)
|
|
August 9, 2006
|
|
/s/ Roger S. Manny
Roger
S. Manny
|
|
Chief Financial and
Accounting Officer and Director
(Principal Financial Officer and
Principal Accounting Officer)
|
|
August 9, 2006
|
|
/s/ Rodney L. Waller
Rodney
L. Waller
|
|
Senior Vice President and Director
|
|
August 9, 2006
|
II-15
Pursuant to the requirements of the Securities Act of 1933, the
co-registrant certifies that it has reasonable grounds to
believe that it meets all of the requirements for filing on
Form S-3 and has
duly caused this Post-Effective Amendment No. 2 to the
Registration Statement on
Form S-3
(Registration
No. 333-134157) to
be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Fort Worth, State of Texas, on
the 9th day of August, 2006.
|
|
|
RANGE ENERGY VENTURES CORPORATION |
|
|
|
|
By: |
/s/ John H. Pinkerton
|
|
|
|
John H. Pinkerton |
|
Chief Executive Officer and President |
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons
in the capacities and on the dates indicated.
|
|
|
|
|
|
|
|
Signature |
|
Title |
|
Date |
|
|
/s/ John H. Pinkerton
John
H. Pinkerton
|
|
Chief Executive Officer,
President and Director
(Principal Executive Officer)
|
|
August 9, 2006
|
|
/s/ Roger S. Manny
Roger
S. Manny
|
|
Chief Financial and
Accounting Officer and Director
(Principal Financial Officer and
Principal Accounting Officer)
|
|
August 9, 2006
|
|
/s/ Rodney L. Waller
Rodney
L. Waller
|
|
Senior Vice President and Director
|
|
August 9, 2006
|
II-16
Pursuant to the requirements of the Securities Act of 1933, the
co-registrant certifies that it has reasonable grounds to
believe that it meets all of the requirements for filing on
Form S-3 and has
duly caused this Post-Effective Amendment No. 2 to the
Registration Statement on
Form S-3
(Registration
No. 333-134157) to
be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Fort Worth, State of Texas, on
the 9th day of August, 2006.
|
|
|
RANGE OPERATING NEW MEXICO, INC. |
|
|
|
|
By: |
/s/ John H. Pinkerton
|
|
|
|
John H. Pinkerton |
|
Chief Executive Officer and President |
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons
in the capacities and on the dates indicated.
|
|
|
|
|
|
|
|
Signature |
|
Title |
|
Date |
|
|
/s/ John H. Pinkerton
John
H. Pinkerton
|
|
Chief Executive Officer,
President and Director
(Principal Executive Officer)
|
|
August 9, 2006
|
|
/s/ Roger S. Manny
Roger
S. Manny
|
|
Chief Financial and
Accounting Officer and Director
(Principal Financial Officer and
Principal Accounting Officer)
|
|
August 9, 2006
|
|
/s/ Rodney L. Waller
Rodney
L. Waller
|
|
Senior Vice President and Director
|
|
August 9, 2006
|
II-17
Pursuant to the requirements of the Securities Act of 1933, the
co-registrant certifies that it has reasonable grounds to
believe that it meets all of the requirements for filing on
Form S-3 and has
duly caused this Post-Effective Amendment No. 2 to the
Registration Statement on
Form S-3
(Registration
No. 333-134157) to
be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Fort Worth, State of Texas, on
the 9th day of August, 2006.
|
|
|
|
RANGE OPERATING TEXAS, L.L.C. |
|
|
|
|
By: RANGE RESOURCES CORPORATION, its Member |
|
|
|
|
|
By: |
/s/ John H. Pinkerton
|
|
|
|
|
John H. Pinkerton |
|
|
|
Chief Executive Officer and President |
|
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons
in the capacities and on the dates indicated.
|
|
|
|
|
|
|
|
Signature |
|
Title |
|
Date |
|
|
/s/ John H.
Pinkerton
|
|
Chief Executive Officer,
President and Director of
Range Resources Corporation
(Principal Executive Officer)
|
|
August 9, 2006
|
|
/s/ Jeffrey L. Ventura
Jeffrey
L. Ventura
|
|
Executive Vice President and
Director of Range Resources Corporation
|
|
August 9, 2006
|
|
/s/ Roger S. Manny
Roger
S. Manny
|
|
Chief Financial and
Accounting Officer
(Principal Financial Officer and Principal Accounting Officer)
|
|
August 9, 2006
|
|
Charles
L. Blackburn
|
|
Chairman of the Board of Range
Resources Corporation
|
|
August 9, 2006
|
|
Anthony
V. Dub
|
|
Director of Range Resources
Corporation
|
|
August 9, 2006
|
II-18
|
|
|
|
|
|
|
|
Signature |
|
Title |
|
Date |
|
|
V.
Richard Eales
|
|
Director of Range Resources
Corporation
|
|
August 9, 2006
|
|
/s/ Allen Finkelson
Allen
Finkelson
|
|
Director of Range Resources
Corporation
|
|
August 9, 2006
|
|
/s/ Jonathan S. Linker
Jonathan
S. Linker
|
|
Director of Range Resources
Corporation
|
|
August 9, 2006
|
|
/s/ Kevin S. McCarthy
Kevin
S. McCarthy
|
|
Director of Range Resources
Corporation
|
|
August 9, 2006
|
II-19
Pursuant to the requirements of the Securities Act of 1933, the
co-registrant certifies that it has reasonable grounds to
believe that it meets all of the requirements for filing on
Form S-3 and has
duly caused this Post-Effective Amendment No. 2 to the
Registration Statement on
Form S-3
(Registration
No. 333-134157) to
be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Fort Worth, State of Texas, on
the 9th day of August, 2006.
|
|
|
|
STROUD ENERGY GP, LLC |
|
|
|
|
By: RANGE OPERATING TEXAS, L.L.C., its Member |
|
|
|
|
By: RANGE RESOURCES CORPORATION, its Member |
|
|
|
|
|
By: |
/s/ John H. Pinkerton
|
|
|
|
|
John H. Pinkerton |
|
|
|
Chief Executive Officer and President |
|
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature
appears below constitutes and appoints John H. Pinkerton,
Rodney L. Waller and Roger S. Manny and each of them, his true
and lawful attorneys-in-fact and agents, with full power of
substitution and resubstitution, for him and in his name, place
and stead, in any and all capacities, to sign any and all
amendments (including pre-and post-effective amendments) to this
Registration Statement and any additional registration statement
pursuant to Rule 462(b) under the Securities Act of 1933,
and to file the same with all exhibits thereto, and other
documents in connection therewith, with the Securities and
Exchange Commission, granting unto said attorneys-in-fact and
agents, and each of them, full power and authority to do and
perform each and every act and thing requisite and necessary to
be done, as fully to all intents and purposes as he might or
could do in person, hereby ratifying and confirming all that
each of said attorneys-in-fact and agents or their substitute or
substitutes may lawfully do or cause to be done by virtue hereof.
II-20
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons
in the capacities and on the dates indicated.
|
|
|
|
|
|
|
|
Signature |
|
Title |
|
Date |
|
|
/s/ John H.
Pinkerton
|
|
Chief Executive Officer,
President and Director of
Range Resources Corporation
(Principal Executive Officer)
|
|
August 9, 2006
|
|
/s/ Jeffrey L. Ventura
Jeffrey
L. Ventura
|
|
Executive Vice President and
Director of Range Resources Corporation
|
|
August 9, 2006
|
|
/s/ Roger S. Manny
Roger
S. Manny
|
|
Chief Financial and
Accounting Officer
(Principal Financial Officer and Principal Accounting Officer)
|
|
August 9, 2006
|
|
Charles
L. Blackburn
|
|
Chairman of the Board of Range
Resources Corporation
|
|
August 9, 2006
|
|
Anthony
V. Dub
|
|
Director of Range Resources
Corporation
|
|
August 9, 2006
|
|
V.
Richard Eales
|
|
Director of Range Resources
Corporation
|
|
August 9, 2006
|
|
/s/ Allen Finkelson
Allen
Finkelson
|
|
Director of Range Resources
Corporation
|
|
August 9, 2006
|
|
/s/ Jonathan S. Linker
Jonathan
S. Linker
|
|
Director of Range Resources
Corporation
|
|
August 9, 2006
|
|
/s/ Kevin S. McCarthy
Kevin
S. McCarthy
|
|
Director of Range Resources
Corporation
|
|
August 9, 2006
|
II-21
Pursuant to the requirements of the Securities Act of 1933, the
co-registrant certifies that it has reasonable grounds to
believe that it meets all of the requirements for filing on
Form S-3 and has
duly caused this Post-Effective Amendment No. 2 to the
Registration Statement on
Form S-3
(Registration
No. 333-134157) to
be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Fort Worth, State of Texas, on
the 9th day of August, 2006.
|
|
|
|
STROUD ENERGY LP, LLC |
|
|
|
|
By: RANGE OPERATING TEXAS, L.L.C., its Member |
|
|
|
|
By: RANGE RESOURCES CORPORATION, its Member |
|
|
|
|
|
By: |
/s/ John H. Pinkerton
|
|
|
|
|
John H. Pinkerton |
|
|
|
Chief Executive Officer and President |
|
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature
appears below constitutes and appoints John H. Pinkerton,
Rodney L. Waller and Roger S. Manny and each of them,
his true and lawful attorneys-in-fact and agents, with full
power of substitution and resubstitution, for him and in his
name, place and stead, in any and all capacities, to sign any
and all amendments (including pre-and post-effective amendments)
to this Registration Statement and any additional registration
statement pursuant to Rule 462(b) under the Securities Act
of 1933, and to file the same with all exhibits thereto, and
other documents in connection therewith, with the Securities and
Exchange Commission, granting unto said attorneys-in-fact and
agents, and each of them, full power and authority to do and
perform each and every act and thing requisite and necessary to
be done, as fully to all intents and purposes as he might or
could do in person, hereby ratifying and confirming all that
each of said attorneys-in-fact and agents or their substitute or
substitutes may lawfully do or cause to be done by virtue hereof.
II-22
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons
in the capacities and on the dates indicated.
|
|
|
|
|
|
|
|
Signature |
|
Title |
|
Date |
|
|
/s/ John H.
Pinkerton
|
|
Chief Executive Officer,
President and Director of
Range Resources Corporation
(Principal Executive Officer)
|
|
August 9, 2006
|
|
/s/ Jeffrey L. Ventura
Jeffrey
L. Ventura
|
|
Executive Vice President and
Director of Range Resources Corporation
|
|
August 9, 2006
|
|
/s/ Roger S. Manny
Roger
S. Manny
|
|
Chief Financial and
Accounting Officer
(Principal Financial Officer and Principal Accounting Officer)
|
|
August 9, 2006
|
|
Charles
L. Blackburn
|
|
Chairman of the Board of Range
Resources Corporation
|
|
August 9, 2006
|
|
Anthony
V. Dub
|
|
Director of Range Resources
Corporation
|
|
August 9, 2006
|
|
V.
Richard Eales
|
|
Director of Range Resources
Corporation
|
|
August 9, 2006
|
|
/s/ Allen Finkelson
Allen
Finkelson
|
|
Director of Range Resources
Corporation
|
|
August 9, 2006
|
|
/s/ Jonathan S. Linker
Jonathan
S. Linker
|
|
Director of Range Resources
Corporation
|
|
August 9, 2006
|
|
/s/ Kevin S. McCarthy
Kevin
S. McCarthy
|
|
Director of Range Resources
Corporation
|
|
August 9, 2006
|
II-23
Pursuant to the requirements of the Securities Act of 1933, the
co-registrant certifies that it has reasonable grounds to
believe that it meets all of the requirements for filing on
Form S-3 and has
duly caused this Post-Effective Amendment No. 2 to the
Registration Statement on
Form S-3
(Registration
No. 333-134157) to
be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Fort Worth, State of Texas, on
the 9th day of August, 2006.
|
|
|
|
STROUD OIL PROPERTIES, LP |
|
|
|
|
By: STROUD ENERGY GP, LLC, its General Partner |
|
|
|
|
By: RANGE OPERATING TEXAS, L.L.C., its Member |
|
|
|
|
By: RANGE RESOURCES CORPORATION, its Member |
|
|
|
|
|
By: |
/s/ John H. Pinkerton
|
|
|
|
|
John H. Pinkerton |
|
|
|
Chief Executive Officer and President |
|
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature
appears below constitutes and appoints John H. Pinkerton,
Rodney L. Waller and Roger S. Manny and each of them,
his true and lawful attorneys-in-fact and agents, with full
power of substitution and resubstitution, for him and in his
name, place and stead, in any and all capacities, to sign any
and all amendments (including pre-and post-effective amendments)
to this Registration Statement and any additional registration
statement pursuant to Rule 462(b) under the Securities Act
of 1933, and to file the same with all exhibits thereto, and
other documents in connection therewith, with the Securities and
Exchange Commission, granting unto said attorneys-in-fact and
agents, and each of them, full power and authority to do and
perform each and every act and thing requisite and necessary to
be done, as fully to all intents and purposes as he might or
could do in person, hereby ratifying and confirming all that
each of said attorneys-in-fact and agents or their substitute or
substitutes may lawfully do or cause to be done by virtue hereof.
II-24
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons
in the capacities and on the dates indicated.
|
|
|
|
|
|
|
|
Signature |
|
Title |
|
Date |
|
|
/s/ John H.
Pinkerton
|
|
Chief Executive Officer,
President and Director of
Range Resources Corporation
(Principal Executive Officer)
|
|
August 9, 2006
|
|
/s/ Jeffrey L. Ventura
Jeffrey
L. Ventura
|
|
Executive Vice President and
Director of Range Resources Corporation
|
|
August 9, 2006
|
|
/s/ Roger S. Manny
Roger
S. Manny
|
|
Chief Financial and
Accounting Officer
(Principal Financial Officer and Principal Accounting Officer)
|
|
August 9, 2006
|
|
Charles
L. Blackburn
|
|
Chairman of the Board of Range
Resources Corporation
|
|
August 9, 2006
|
|
Anthony
V. Dub
|
|
Director of Range Resources
Corporation
|
|
August 9, 2006
|
|
V.
Richard Eales
|
|
Director of Range Resources
Corporation
|
|
August 9, 2006
|
|
/s/ Allen Finkelson
Allen
Finkelson
|
|
Director of Range Resources
Corporation
|
|
August 9, 2006
|
|
/s/ Jonathan S. Linker
Jonathan
S. Linker
|
|
Director of Range Resources
Corporation
|
|
August 9, 2006
|
|
/s/ Kevin S. McCarthy
Kevin
S. McCarthy
|
|
Director of Range Resources
Corporation
|
|
August 9, 2006
|
II-25
Pursuant to the requirements of the Securities Act of 1933, the
co-registrant certifies that it has reasonable grounds to
believe that it meets all of the requirements for filing on
Form S-3 and has
duly caused this Post-Effective Amendment No. 2 to the
Registration Statement on
Form S-3
(Registration
No. 333-134157) to
be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Fort Worth, State of Texas, on
the 9th day of August, 2006.
|
|
|
|
STROUD ENERGY MANAGEMENT GP, LLC |
|
|
|
|
By: STROUD OIL PROPERTIES, LP, its Member |
|
|
|
|
By: STROUD ENERGY GP, LLC, its General Partner |
|
|
|
|
By: RANGE OPERATING TEXAS, L.L.C., its Member |
|
|
|
|
By: RANGE RESOURCES CORPORATION, its Member |
|
|
|
|
|
By: |
/s/ John H. Pinkerton
|
|
|
|
|
John H. Pinkerton |
|
|
|
Chief Executive Officer and President |
|
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature
appears below constitutes and appoints John H. Pinkerton,
Rodney L. Waller and Roger S. Manny and each of them,
his true and lawful attorneys-in-fact and agents, with full
power of substitution and resubstitution, for him and in his
name, place and stead, in any and all capacities, to sign any
and all amendments (including pre-and post-effective amendments)
to this Registration Statement and any additional registration
statement pursuant to Rule 462(b) under the Securities Act
of 1933, and to file the same with all exhibits thereto, and
other documents in connection therewith, with the Securities and
Exchange Commission, granting unto said attorneys-in-fact and
agents, and each of them, full power and authority to do and
perform each and every act and thing requisite and necessary to
be done, as fully to all intents and purposes as he might or
could do in person, hereby ratifying and confirming all that
each of said attorneys-in-fact and agents or their substitute or
substitutes may lawfully do or cause to be done by virtue hereof.
II-26
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons
in the capacities and on the dates indicated.
|
|
|
|
|
|
|
|
Signature |
|
Title |
|
Date |
|
|
/s/ John H.
Pinkerton
|
|
Chief Executive Officer,
President and Director of
Range Resources Corporation
(Principal Executive Officer)
|
|
August 9, 2006
|
|
/s/ Jeffrey L. Ventura
Jeffrey
L. Ventura
|
|
Executive Vice President and
Director of Range Resources Corporation
|
|
August 9, 2006
|
|
/s/ Roger S. Manny
Roger
S. Manny
|
|
Chief Financial and
Accounting Officer
(Principal Financial Officer and Principal Accounting Officer)
|
|
August 9, 2006
|
|
Charles
L. Blackburn
|
|
Chairman of the Board of Range
Resources Corporation
|
|
August 9, 2006
|
|
Anthony
V. Dub
|
|
Director of Range Resources
Corporation
|
|
August 9, 2006
|
|
V.
Richard Eales
|
|
Director of Range Resources
Corporation
|
|
August 9, 2006
|
|
/s/ Allen Finkelson
Allen
Finkelson
|
|
Director of Range Resources
Corporation
|
|
August 9, 2006
|
|
/s/ Jonathan S. Linker
Jonathan
S. Linker
|
|
Director of Range Resources
Corporation
|
|
August 9, 2006
|
|
/s/ Kevin S. McCarthy
Kevin
S. McCarthy
|
|
Director of Range Resources
Corporation
|
|
August 9, 2006
|
II-27
Pursuant to the requirements of the Securities Act of 1933, the
co-registrant certifies that it has reasonable grounds to
believe that it meets all of the requirements for filing on
Form S-3 and has
duly caused this Post-Effective Amendment No. 2 to the
Registration Statement on
Form S-3
(Registration
No. 333-134157) to
be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Fort Worth, State of Texas, on
the 9th day of August, 2006.
|
|
|
|
STROUD ENERGY, LTD. |
|
|
|
|
By: STROUD ENERGY MANAGEMENT GP, LLC, its General Partner |
|
|
|
|
By: STROUD OIL PROPERTIES, LP, its Member |
|
|
|
|
By: STROUD ENERGY GP, LLC, its General Partner |
|
|
|
|
By: RANGE OPERATING TEXAS, L.L.C., its Member |
|
|
|
|
By: RANGE RESOURCES CORPORATION, its Member |
|
|
|
|
|
By: |
/s/ John H. Pinkerton
|
|
|
|
|
John H. Pinkerton |
|
|
|
Chief Executive Officer and President |
|
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature
appears below constitutes and appoints John H. Pinkerton,
Rodney L. Waller and Roger S. Manny and each of them,
his true and lawful attorneys-in-fact and agents, with full
power of substitution and resubstitution, for him and in his
name, place and stead, in any and all capacities, to sign any
and all amendments (including pre-and post-effective amendments)
to this Registration Statement and any additional registration
statement pursuant to Rule 462(b) under the Securities Act
of 1933, and to file the same with all exhibits thereto, and
other documents in connection therewith, with the Securities and
Exchange Commission, granting unto said attorneys-in-fact and
agents, and each of them, full power and authority to do and
perform each and every act and thing requisite and necessary to
be done, as fully to all intents and purposes as he might or
could do in person, hereby ratifying and confirming all that
each of said attorneys-in-fact and agents or their substitute or
substitutes may lawfully do or cause to be done by virtue hereof.
II-28
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons
in the capacities and on the dates indicated.
|
|
|
|
|
|
|
|
Signature |
|
Title |
|
Date |
|
|
/s/ John H.
Pinkerton
|
|
Chief Executive Officer,
President and Director of
Range Resources Corporation
(Principal Executive Officer)
|
|
August 9, 2006
|
|
/s/ Jeffrey L. Ventura
Jeffrey
L. Ventura
|
|
Executive Vice President and
Director of Range Resources Corporation
|
|
August 9, 2006
|
|
/s/ Roger S. Manny
Roger
S. Manny
|
|
Chief Financial and
Accounting Officer
(Principal Financial Officer and Principal Accounting Officer)
|
|
August 9, 2006
|
|
Charles
L. Blackburn
|
|
Chairman of the Board of Range
Resources Corporation
|
|
August 9, 2006
|
|
Anthony
V. Dub
|
|
Director of Range Resources
Corporation
|
|
August 9, 2006
|
|
V.
Richard Eales
|
|
Director of Range Resources
Corporation
|
|
August 9, 2006
|
|
/s/ Allen Finkelson
Allen
Finkelson
|
|
Director of Range Resources
Corporation
|
|
August 9, 2006
|
|
/s/ Jonathan S. Linker
Jonathan
S. Linker
|
|
Director of Range Resources
Corporation
|
|
August 9, 2006
|
|
/s/ Kevin S. McCarthy
Kevin
S. McCarthy
|
|
Director of Range Resources
Corporation
|
|
August 9, 2006
|
II-29
Index of exhibits
|
|
|
|
|
|
|
|
Exhibit | |
|
|
number | |
|
|
|
Description |
|
|
1 |
.1* |
|
|
|
Form of Underwriting Agreement
|
|
4 |
.1 |
|
|
|
Restated Certificate of
Incorporation of Range Resources Corporation (incorporated by
reference to Exhibit 3.1.1 to Companys Form 10-Q
Restated (File No. 001-12209) as filed with the SEC on
May 5, 2004)
|
|
4 |
.2 |
|
|
|
Certificate of First Amendment to
Restated Certificate of Incorporation of Range Resources
Corporation (incorporated by reference to Exhibit 3.1 to
the Companys Form 10-Q (File No. 001-12209) as filed
with the SEC on July 28, 2005)
|
|
4 |
.3 |
|
|
|
Amended and Restated By-laws of the
Company dated December 5, 2003 (incorporated by reference
to Exhibit 3.2 to the Companys Form 10-K (File
No. 001-12209) as filed with the SEC on March 3, 2004)
|
|
4 |
.4 |
|
|
|
Indenture, dated May 23, 2006,
by and among Range Resources Corporation, the subsidiary
guarantors named therein and J.P. Morgan Trust Company, National
Association, as trustee (incorporated by reference to
Exhibit 4.1 to the Companys Form 8-K (File
No. 001-12209) dated May 18, 2006)
|
|
4 |
.5 |
|
|
|
First Supplemental Indenture, dated
May 23, 2006, by and among Range Resources Corporation, the
subsidiary guarantors named therein and J.P. Morgan Trust
Company, National Association, as trustee (incorporated by
reference to Exhibit 4.2 to the Companys
Form 8-K (File No. 001-12209) dated May 18, 2006)
|
|
4 |
.6 |
|
|
|
Form of Note for the
71/2%
Senior Subordinated Notes due 2016 (included in Exhibit 4.4)
|
|
5 |
.1 |
|
|
|
Opinion of Vinson & Elkins
L.L.P.
|
|
12 |
.1** |
|
|
|
Computation of Ratio of Earnings to
Fixed Charges
|
|
23 |
.1 |
|
|
|
Consent of Vinson & Elkins
L.L.P. (included in their opinion filed as Exhibit 5.1
hereto)
|
|
23 |
.2** |
|
|
|
Consent of Ernst & Young
LLP (Range Resources Corporation)
|
|
23 |
.3** |
|
|
|
Consent of PricewaterhouseCoopers
LLP (Stroud Energy, Inc.)
|
|
23 |
.4** |
|
|
|
Consent of Degolyer and MacNaughton
|
|
23 |
.5** |
|
|
|
Consent of H.J. Gruy and
Associates, Inc.
|
|
23 |
.6** |
|
|
|
Consent of Wright and Company
|
|
24 |
.1 |
|
|
|
Powers of Attorney (included on the
first signature page of this Registration Statement)
|
|
25 |
.1 |
|
|
|
Form T-1 Statement of
Eligibility of Trustee under the Indenture
|
|
Previously filed
* To be filed either by amendment or as an exhibit to a
report filed under the Securities Exchange Act of 1934 and
incorporated by reference to this registration statement.
** Filed herewith.
exv12w1
Exhibit 12.1
Range Resources Corporation
Computation of Ratio of Earnings to Fixed Charges
(in thousands except ratios)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months |
|
|
|
|
|
|
|
|
|
|
|
|
2006 |
|
2005 |
|
2004 |
|
2003 |
|
2002 |
|
2001 |
|
|
|
EARNINGS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before provision for income taxes |
|
$ |
170,178 |
|
|
$ |
177,379 |
|
|
$ |
66,776 |
|
|
$ |
49,413 |
|
|
$ |
22,408 |
|
|
$ |
17,257 |
|
Add: Fixed charges |
|
|
22,990 |
|
|
|
39,523 |
|
|
|
23,680 |
|
|
|
22,693 |
|
|
|
23,715 |
|
|
|
32,732 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total earnings |
|
$ |
193,168 |
|
|
$ |
216,902 |
|
|
$ |
90,456 |
|
|
$ |
72,106 |
|
|
$ |
46,123 |
|
|
$ |
49,989 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIXED CHARGES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
$ |
22,554 |
|
|
$ |
38,797 |
|
|
$ |
23,119 |
|
|
$ |
22,165 |
|
|
$ |
23,153 |
|
|
$ |
32,179 |
|
Amortization of debt issuance costs (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest portion of rental expense |
|
|
436 |
|
|
|
726 |
|
|
|
561 |
|
|
|
528 |
|
|
|
562 |
|
|
|
553 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total fixed charges |
|
$ |
22,990 |
|
|
$ |
39,523 |
|
|
$ |
23,680 |
|
|
$ |
22,693 |
|
|
$ |
23,715 |
|
|
$ |
32,732 |
|
|
|
|
|
Ratio of earnings to fixed charges |
|
|
8.4 |
|
|
|
5.5 |
|
|
|
3.8 |
|
|
|
3.2 |
|
|
|
1.9 |
|
|
|
1.5 |
|
|
|
|
(1) |
|
Amortization of debt issuance costs is included in interest expense |
exv23w2
Exhibit 23.2
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Directors and Stockholders
Range Resources Corporation:
We consent to the reference to our firm under the caption Experts in this Post-Effective
Amendment No. 2 to the Registration Statement on Form S-3 (Registration Number
333-134157) and related Prospectus of Range Resources Corporation for the registration of debt
securities and to the incorporation by reference therein of our reports dated February 21, 2006
with respect to the consolidated financial statements of Range Resources Corporation, Range
Resources Corporation managements assessment of the effectiveness of internal control over
financial reporting, and the effectiveness of internal control over financial reporting of Range
Resources Corporation, included in its Annual Report (Form 10-K) for the year ended December 31,
2005, filed with the Securities and Exchange Commission.
Ernst & Young, LLP
Fort Worth, Texas
August 9, 2006
exv23w3
Exhibit 23.3
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We hereby consent to the incorporation by reference in this Post-Effective Amendment No. 2 to
Registration Statement on Form S-3 (No. 333-134157) of Range Resources Corporation of our report
dated April 5, 2006 relating to the consolidated financial statements of Stroud Energy, Inc. which
appears in the Current Report on Form 8-K of Range Resources
Corporation filed August 9, 2006. We
also consent to the references to us under the headings Experts in such Registration Statement.
/s/ PricewaterhouseCoopers LLP
Fort Worth, Texas
August 9, 2006
exv23w4
Exhibit 23.4
CONSENT OF DEGOLYER AND MACNAUGHTON
We hereby consent to
incorporation by reference in this Post-Effective Amendment No. 2 to Form S-3 (Registration
Statement) of Range
Resources Corporation and in the related Prospectus (collectively, the Registration Statement) of
the Range Resources Annual Report on Form 10-K for the year ended December 31, 2005, which uses the
name DeGolyer and MacNaughton and refers to DeGolyer and MacNaughton and incorporates information
contained in our Appraisal Report as of December 31, 2005, of Certain Interests owned by Range
Resources Corporation, provided, however, that we are necessarily unable to verify the accuracy of
the reserves and discounted present worth values contained therein because our estimates of
reserves and discounted present worth have been combined with estimates of reserves and present
worth prepared by other petroleum consultants. We further consent to
the use of our name in the
Reserve Engineers section of the Registration Statement.
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Dallas, Texas
August 7, 2006 |
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DeGolyer and MacNaughton
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exv23w5
H.J. GRUY AND ASSOCIATES, INC.
333 Clay Street, Suite 3850, Houston, Texas 77002 TEL. (713) 739-1000 FAX (713) 739-6112
EXHIBIT
23.5
CONSENT OF H.J. GRUY AND ASSOCIATES, INC.
We hereby consent to the use of the name H.J. Gruy and Associates, Inc. and of references to H.J.
Gruy and Associates, Inc. and to inclusion of and reference to our report, or information contained
therein, dated February 13, 2006, prepared for Range Resources
Corporation in this Post-Effective
Amendment No. 2 to Registration Statement on Form S-3 of Range Resources Corporation, and the
related Prospectus (collectively, the Registration Statement) and the Range Resources Corporation
Annual Report on Form 10-K for the year ended December 31, 2005, and in the Reserve Engineers
section of the Registration Statement. We are unable to verify the accuracy of the reserves and
discounted present worth values contained therein because our estimates of reserves and discounted
present worth have been combined with estimates of reserves and present worth prepared by other
petroleum consultants.
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H.J. GRUY AND ASSOCIATES, INC. |
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by: |
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/s/ Sylvia Castilleja |
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Sylvia Castilleja, P.E. |
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Senior Vice President |
August 7, 2006
Houston, Texas
exv23w6
Exhibit 23.6
CONSENT OF WRIGHT & COMPANY, INC.
We
hereby consent to the incorporation by reference in this Post-Effective Amendment No. 2 to
Automatic Shelf Registration Statement on Form S-3 (Registration
Number 333-134157) of Range
Resources Corporation and in the related Prospectus (collectively, the Registration Statement) of
the Range Resources Corporation Annual Report on Form 10-K for the year ended December 31, 2005
which uses the name Wright & Company, Inc., refers to Wright & Company, Inc., and includes
information from our report prepared for Range Resources Corporation. We further consent to the use
of our name in the Reserve Engineers section of the Registration Statement.
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WRIGHT & COMPANY |
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/s/ D. Randall Wright
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By:
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D. Randall Wright |
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President |
Brentwood, TN
August 7, 2006