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April 26, 2015 2:44 AM ET

Oil, Gas and Consumable Fuels

Company Overview of TransCoastal Corporation

Company Overview

TransCoastal Corporation is engaged in the acquisition, exploration, development, and production of oil and natural gas properties. It holds interests in approximately 100 acquired or divested wells; and 200 undeveloped locations covering approximately 6000 acres of leased oil and gas property located primarily in the panhandle area of west Texas. The company was founded in 1998 and is based in Dallas, Texas.

17304 Preston Road

Suite 700

Dallas, TX 75252

United States

Founded in 1998

21 Employees

Phone:

972-818-0720

Fax:

972-818-0718

Key Executives for TransCoastal Corporation

Founder, Chief Executive Officer, President and Director
Age: 50
Total Annual Compensation: $120.0K
Founder, President of Acquisitions and Director
Age: 50
Total Annual Compensation: $120.0K
Founder, President of Operations and Director
Age: 52
Total Annual Compensation: $120.0K
Compensation as of Fiscal Year 2013.

TransCoastal Corporation Key Developments

TransCoastal Corporation Enters into the Ninth Amendment to Loan Agreement and Forbearance Agreement with Melody Business Finance, LLC

On April 2, 2015, TransCoastal Corporation entered into the Ninth Amendment to Loan Agreement and Forbearance Agreement with Melody Business Finance, LLC. The Ninth Amendment amended the Eighth Amendment to Loan Agreement and Forbearance Agreement dated February 20, 2015, pursuant to which the New Lender assumed the Loan Agreement dated May 2011 with Green Bank N.A. The Ninth Amendment increased the principal amount of the note to $16,729,200.78 and extended the maturity date to June 1, 2015. The New Lender has agreed to extend forbearance on all existing events of default, as listed in the Ninth Amendment, as well as certain anticipated events of default during the forbearance period, which was extended to June 1, 2015.

TransCoastal Corporation Auditor Raises 'Going Concern' Doubt

TransCoastal Corporation filed its 10-K on Mar 31, 2015 for the period ending Dec 31, 2014. In this report its auditor, Whitley Penn, gave an unqualified opinion expressing doubt that the company can continue as a going concern.

TransCoastal Corporation Enters Loan Agreement with Melody Business Finance, LLC

TransCoastal Corporation has entered into a forbearance agreement with Melody Business Finance, LLC pursuant to the new lender assuming the loan agreement dated May 2011 with Green Bank N.A. The principal amount of the note is $15,750,000 with a maturity date of June 1, 2015. The new lender has agreed to enter into a forbearance agreement regarding all existing events of default as well as agreed upon anticipated events of default pursuant to the default provisions of the existing loan agreement. In addition the forbearance agreement alters or adds material terms to the loan agreement including: Contract rate of interest is changed to a payment in kind interest rate of 15%; the rate of interest upon default is 21%; commits the company to engage in best efforts to negotiate and pursue a plan of reorganization of the company by April 6, 2015 and calls for implementation of the reorganization plan within 90 days from the date of execution of the agreement.

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Recent Private Companies Transactions

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Date
Target
Private Placement
July 7, 2014
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Private Placement
June 30, 2014
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