Hallador Energy Company (NASDAQ:HNRG) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02.Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 13, 2019, Hallador Energy Company (the “Company”), announced that R. Todd Davis has been appointed as the Company’s Chief Accounting Officer and Senior Vice President, and will serve as the Company’s principal accounting officer. Mr. Davis, age 46, currently serves as the Director of Compliance and Financial Reporting for Sunrise Coal LLC (“Sunrise Coal”), a wholly-owned subsidiary of the Company, a position he has held since March 2016. Prior to joining Sunrise Coal, Mr. Davis served as a Senior Manager and Engagement Director with CliftonLarsonAllen LLP (formerly Clifton Gunderson LLP) where he worked from October 1998 to February 2016. Mr. Davis is a licensed Certified Public Accountant and received his Bachelor of Science degree in Accounting from Illinois State University.
Item 8.01 Other Events
Yorktown Energy Partners VIII, L.P. (“Yorktown VIII”) notified us that it distributed 1,000,000 shares (3.3% of the total outstanding shares) of Hallador common stock to its general and limited partners after the close of the stock market on March 18, 2019. Afterthe distribution, Yorktown VIII will hold 950,000 shares (3.14% of the total outstanding shares) of Hallador common stock. Yorktown Energy Partners VI, L.P. continues to own 604,904 shares (2% of the total outstanding shares) of Hallador common stock, and Yorktown Energy Partners VII, L.P. continues to own 361,094 shares (1.2% of the total outstanding shares) of Hallador common stock. We were advised that the distributed shares could be sold immediately.
We expect that over time these distributions will improve our liquidity and float.
About Hallador Energy Company (NASDAQ:HNRG)
Hallador Energy Company is an oil and gas exploration company focused on developing coal reserves in the Illinois Basin. The Company, through its subsidiary, Sunrise Coal, LLC, is engaged in coal mining in the state of Indiana serving the electric power generation industry. Its projects include Carlisle Mine, Ace in the Hole Mine, Oaktown 1 Mine, Oaktown 2 Mine and Bulldog Mine. It develops over 10 million tons of coal annually and has customers in the mid-west and southeastern United States. It has over 40.6 million tons of the Indiana coal V seam. It also has over 69.3 million controlled tons in both Knox County, Indiana and Lawrence County, Illinois. Its Carlisle underground coal mine is located near the town of Carlisle, Indiana in Sullivan County. The Ace mine is located approximately 40 miles northeast of the Carlisle Mine. Its Bulldog Mine controls over 35.8 million tons of coal reserves.
