0000945621-16-000785.txt : 20161207 0000945621-16-000785.hdr.sgml : 20161207 20161207145853 ACCESSION NUMBER: 0000945621-16-000785 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20161207 DATE AS OF CHANGE: 20161207 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: Archrock, Inc. CENTRAL INDEX KEY: 0001389050 STANDARD INDUSTRIAL CLASSIFICATION: NATURAL GAS TRANSMISSION [4922] IRS NUMBER: 743204509 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-83096 FILM NUMBER: 162038766 BUSINESS ADDRESS: STREET 1: 16666 NORTHCHASE DRIVE CITY: HOUSTON STATE: TX ZIP: 77060 BUSINESS PHONE: 281-836-8000 MAIL ADDRESS: STREET 1: 16666 NORTHCHASE DRIVE CITY: HOUSTON STATE: TX ZIP: 77060 FORMER COMPANY: FORMER CONFORMED NAME: EXTERRAN HOLDINGS INC. DATE OF NAME CHANGE: 20070619 FORMER COMPANY: FORMER CONFORMED NAME: Iliad Holdings, INC DATE OF NAME CHANGE: 20070206 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: CARLSON CAPITAL L P CENTRAL INDEX KEY: 0001056973 IRS NUMBER: 752494317 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 2100 MCKINNEY AVE STREET 2: STE 1800 CITY: DALLAS STATE: TX ZIP: 75201 BUSINESS PHONE: 2149329600 MAIL ADDRESS: STREET 1: 2100 MCKINNEY AVE STREET 2: STE 1800 CITY: DALLAS STATE: TX ZIP: 75201 SC 13D/A 1 archrockamendmentno3.htm AMENDMENT NO. 3 TO SCHEDULE 13D



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


SCHEDULE 13D


Under the Securities Exchange Act of 1934
 
(Amendment No. 3 )*



Archrock Inc.
(Name of Issuer)
 
 Common Stock, $0.01 par value per share
(Title of Class of Securities)
 
03957W106
(CUSIP Number)
 
Carlson Capital, L.P.
Attn: Shahla Ali
2100 McKinney Avenue
Dallas, TX 75201
(214) 932-9600
 (Name, Address and Telephone Number of Person
 Authorizsed to Receive Notices and Communications)
 
  December 6, 2016
 Date of Event Which Requires Filing of This Statement)
 
 
 
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13D-1(e), rule 13d-1(f) or Rule 13d-1(g), check the following box.  ☒
 
(Page 1 of 27 Pages)
_________________________
* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.
 
The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (the “Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
 



 
CUSIP No. 03957W106
SCHEDULE 13D
Page 2 of 27 Pages
 
 
 
1
 NAMES OF REPORTING PERSON          
    Carlson Capital, L.P.
 
2
 
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 (a)  [   ]
 (b)  [X]
3 SEC USE ONLY
 
4
SOURCE OF FUNDS
             AF
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)
 
       [    ]
6
CITIZENSHIP OR PLACE OF ORGANIZATION
           Delaware
 
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
0
8
SHARED VOTING POWER
6,831,805 Common Shares
9
SOLE DISPOSITIVE POWER
0
10
SHARED DISPOSITIVE POWER
6,831,805 Common Shares
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
       6,831,805 Common Shares
12
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES
 
      [  ]
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES
       9.81%
   
14
TYPE OF REPORTING PERSON
      PN; IA
 
 
 
 

 
 
CUSIP No.  03957W106
SCHEDULE 13D
Page 3 of  27 Pages
 
 
 
1
 NAMES OF REPORTING PERSON          
    Double Black Diamond Offshore Ltd.
 
2
 
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 (a)  [   ]
 (b)  [X]
3 SEC USE ONLY
 
4
SOURCE OF FUNDS
             WC
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)
 
       [    ]
6
CITIZENSHIP OR PLACE OF ORGANIZATION
           Cayman Islands
 
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
0
8
SHARED VOTING POWER
4,053,385 Common Shares
9
SOLE DISPOSITIVE POWER
0
10
SHARED DISPOSITIVE POWER
4,053,385 Common Shares
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
       4,053,385 Common Shares
12
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES
 
      [  ]
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES
       5.82%
   
14
TYPE OF REPORTING PERSON
      CO
 
 

 
 
CUSIP No. 03957W106
SCHEDULE 13D
Page 4 of 27 Pages
 
 
 
1
NAMES OF REPORTING PERSON 
  Black Diamond Relative Value Offshore Ltd
 
2
 
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
3 SEC USE ONLY
 
4
SOURCE OF FUNDS
     WC
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)
 
[ ]
6
CITIZENSHIP OR PLACE OF ORGANIZATION
   Cayman Islands
 
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
0
8
SHARED VOTING POWER
800,409 Common Shares
9
SOLE DISPOSITIVE POWER
0
10
SHARED DISPOSITIVE POWER
800,409 Common Shares
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
800,409 Common Shares
12
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES
 
[ ]
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES
  1.15%
   
14
TYPE OF REPORTING PERSON
  CO
 

 
CUSIP No. 03957W106
SCHEDULE 13D
Page 5 of 27 Pages
 
 
 
1
NAMES OF REPORTING PERSON 
  Black Diamond Relative Value Cayman, L.P.
 
2
 
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
3 SEC USE ONLY
 
4
SOURCE OF FUNDS
WC
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)
 
[ ]
6
CITIZENSHIP OR PLACE OF ORGANIZATION
   Cayman Islands
 
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
0
8
SHARED VOTING POWER
149,758 Common Shares
9
SOLE DISPOSITIVE POWER
0
10
SHARED DISPOSITIVE POWER
149.758 Common Shares
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     149,758 Common Shares
12
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES
 
[ ]
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES
       0.22%
   
14
TYPE OF REPORTING PERSON
       PN
 
 
 

 
CUSIP No. 03957W106
SCHEDULE 13D
Page 6 of 27 Pages
 
 
 
1
NAMES OF REPORTING PERSON 
  Black Diamond Offshore Ltd.
 
2
 
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
3 SEC USE ONLY
 
4
SOURCE OF FUNDS
WC
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)
 
[ ]
6
CITIZENSHIP OR PLACE OF ORGANIZATION
   Cayman Islands
 
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
0
8
SHARED VOTING POWER
264,642 Common Shares
9
SOLE DISPOSITIVE POWER
0
10
SHARED DISPOSITIVE POWER
264,642 Common Shares
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     264,642 Common Shares
12
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES
 
[ ]
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES
       0.38%
   
14
TYPE OF REPORTING PERSON
       CO
 

 
 
 
CUSIP No.  03957W106
SCHEDULE 13D
Page 7 of 27 Pages
 
 
 
1
 NAMES OF REPORTING PERSON          
    Black Diamond SRI Offshore Ltd.
 
2
 
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 (a)  [   ]
 (b)  [X]
3 SEC USE ONLY
 
4
SOURCE OF FUNDS
             WC
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)
 
       [    ]
6
CITIZENSHIP OR PLACE OF ORGANIZATION
           Cayman Islands
 
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
0
8
SHARED VOTING POWER
0 Common Shares
9
SOLE DISPOSITIVE POWER
0
10
SHARED DISPOSITIVE POWER
0 Common Shares
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
       0 Common Shares
12
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES
 
      [  ]
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES
       0%
   
14
TYPE OF REPORTING PERSON
      CO
 
 
 

 
 
 
CUSIP No.  03957W106
SCHEDULE 13D
Page 8 of 27 Pages
 
 
 
1
 NAMES OF REPORTING PERSON          
    Black Diamond Thematic Offshore Ltd.
 
2
 
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 (a)  [   ]
 (b)  [X]
3 SEC USE ONLY
 
4
SOURCE OF FUNDS
             WC
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)
 
       [    ]
6
CITIZENSHIP OR PLACE OF ORGANIZATION
           Cayman Islands
 
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
0
8
SHARED VOTING POWER
1,358,623 Common Shares
9
SOLE DISPOSITIVE POWER
0
10
SHARED DISPOSITIVE POWER
1,358,623 Common Shares
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
       1,358,623 Common Shares
12
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES
 
      [  ]
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES
       1.95%
   
14
TYPE OF REPORTING PERSON
      CO
 
 


 
 
CUSIP No.  03957W106
SCHEDULE 13D
Page 9 of 27 Pages
 
 
 
1
 NAMES OF REPORTING PERSON          
    Black Diamond Energy L/S Offshore Ltd.
 
2
 
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 (a)  [   ]
 (b)  [X]
3 SEC USE ONLY
 
4
SOURCE OF FUNDS
             WC
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)
 
       [    ]
6
CITIZENSHIP OR PLACE OF ORGANIZATION
           Cayman Islands
 
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
0
8
SHARED VOTING POWER
204,988 Common Shares
9
SOLE DISPOSITIVE POWER
0
10
SHARED DISPOSITIVE POWER
204,988 Common Shares
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
       204,988 Common Shares
12
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES
 
      [  ]
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES
       0.29%
   
14
TYPE OF REPORTING PERSON
      CO
 

 
 
CUSIP No.  03957W106
SCHEDULE 13D
Page 10 of 27 Pages
 
 
 
1
 NAMES OF REPORTING PERSON          
    Asgard Investment Corp. II
 
2
 
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 (a)  [   ]
 (b)  [X]
3 SEC USE ONLY
 
4
SOURCE OF FUNDS
             AF
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)
 
       [    ]
6
CITIZENSHIP OR PLACE OF ORGANIZATION
           Delaware
 
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
0
8
SHARED VOTING POWER
6,831,805 Common Shares
9
SOLE DISPOSITIVE POWER
0
10
SHARED DISPOSITIVE POWER
6,831,805 Common Shares
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
       6,831,805 Common Shares
12
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES
 
      [  ]
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES
       9.81%
   
14
TYPE OF REPORTING PERSON
      CO
 
 
 

 
CUSIP No.  03957W106
SCHEDULE 13D
Page 11 of 27 Pages
 
 
 
1
 NAMES OF REPORTING PERSON          
    Asgard Investment Corp.
 
2
 
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 (a)  [   ]
 (b)  [X]
3 SEC USE ONLY
 
4
SOURCE OF FUNDS
             AF
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)
 
       [    ]
6
CITIZENSHIP OR PLACE OF ORGANIZATION
           Delware
 
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
0
8
SHARED VOTING POWER
6,831,805 Common Shares
9
SOLE DISPOSITIVE POWER
0
10
SHARED DISPOSITIVE POWER
6,831,805 Common Shares
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
       6,831,805 Common Shares
12
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES
 
      [  ]
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES
       9.81%
   
14
TYPE OF REPORTING PERSON
      CO
 
 
 

 
 
CUSIP No.  03957W106
SCHEDULE 13D
Page 12 of 27 Pages
 
 
 
1
 NAMES OF REPORTING PERSON          
    Clint D. Carlson
 
2
 
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 (a)  [   ]
 (b)  [X]
3 SEC USE ONLY
 
4
SOURCE OF FUNDS
             AF
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)
 
       [    ]
6
CITIZENSHIP OR PLACE OF ORGANIZATION
           United States
 
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
0
8
SHARED VOTING POWER
6,831,805 Common Shares
9
SOLE DISPOSITIVE POWER
0
10
SHARED DISPOSITIVE POWER
6,831,805 Common Shares
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
       6,831,805 Common Shares
12
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES
 
      [  ]
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES
       9.81%
   
14
TYPE OF REPORTING PERSON
      IN
 
 

 
CUSIP No. 03957W106
SCHEDULE 13D
Page 13 of 27 Pages
 
 
 
 
 Item 1. SECURITY AND ISSUER
   
  This Amendment No. 3 to Schedule 13D (this “Amendment No. 1”) relates to shares of common stock, par value $0.01 per share (the "Common Shares”), of Archrock Inc., a Delaware corporation (the “Issuer”). The Issuer’s principal executive offices are located at 16666 Northchase Drive, Houston, Texas 77060.
   
Item 2. IDENTITY AND BACKGROUND
   
 
(a) This Amendment No. 3 is filed by: (i) Double Black Diamond Offshore Ltd., a Cayman Islands exempted company (“DOF”); (ii) Black Diamond Relative Value Offshore Ltd., a Cayman Islands exempted company ("ROF"); (iii) Black Diamond Relative Value Cayman, L.P., a Cayman Islands exempted limited partnership ("RVC"); (iv) Black Diamond Offshore Ltd., a Cayman Islands exempted company ("OFF"); (v) Black Diamond SRI Offshore Ltd., a Cayman Islands exempted company ("SRI"); (vi) Black Diamond Energy L/S Offshore Ltd., a Cayman Islands exempted company ("ENO"); (vii) Black Diamond Thematic Offshore Ltd., a Cayman Islands exempted company (“TOF” and together with DOF, ROF, RVC, OFF, SRI and ENO, the “Funds”); (viii) Worldwide Transactions Ltd., a British Virgin Islands limited corporation (the "Managed Account"); (ix) Carlson Capital, L.P., a Delaware limited partnership (“Carlson Capital”); (x) Asgard Investment Corp. II, a Delaware corporation and the general partner of Carlson Capital (“Asgard II”); (xi) Asgard Investment Corp., a Delaware corporation and the sole stockholder of Asgard II (“Asgard I”); and (xii) Clint D. Carlson, an individual (“Mr. Carlson” and, together with the Funds, the Managed Account, Carlson Capital, Asgard II and Asgard I, the “Reporting Persons”). The name, citizenship, present principal occupation or employment and business address of each director and executive officer of Asgard I and Asgard II are set forth in Appendix A attached hereto.
   
 
(b) The principal business address of each of the Reporting Persons is 2100 McKinney Avenue, Suite 1800, Dallas, TX 75201.
   
 
(c) The principal business of the Funds and the Managed Account is to invest in securities. The principal business of Carlson Capital is to serve as the investment manager to the Funds and to certain managed accounts, including the Managed Account.  The principal business of Asgard II is serving as the general partner of Carlson Capital. The principal business of Asgard I is serving as the sole stockholder of Asgard II. The principal occupation of Mr. Carlson is serving as President of Asgard II, Asgard I and Carlson Capital.
   
 
(d) None of the Reporting Persons or persons listed on Appendix A has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
   
 
(e) None of the Reporting Persons or persons listed on Appendix A has, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceedings was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
   
 
(f) Mr. Carlson is a citizen of the United States.  The places of organization of each of the other Reporting Person are listed in paragraph (a) of this Item 2.
   
Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
   
 
From October 12, 2016 through December 6 2016, the Reporting Persons sold 2,426,444 shares of common stock for an aggregate consideration of $32,374,656.
   
 
The source of the funds used to acquire the Common Shares reported herein is the working capital of the Funds and margin borrowings described in the following sentence. Such Common Shares are held by the Reporting Persons in commingled margin accounts, which may extend margin credit to the Reporting Persons from time to time, subject to applicable federal margin regulations, stock exchange rules and credit policies. In such instances, the positions held in the margin account are pledged as collateral security for the repayment of debit balances in the account. The margin accounts bear interest at a rate based upon the broker’s call rate from time to time in effect. Because other securities are held in the margin accounts, it is not possible to determine the amounts, if any, of margin used to purchase the Common Shares reported herein.

CUSIP No. 03957W106
SCHEDULE 13D
Page 14 of 27 Pages
 
   
Item 4. PURPOSE OF TRANSACTION
   
 
(a)-(j) The Reporting Persons and their representatives intend, from time to time, to engage in discussions and correspondence with management and the Issuer’s Board of Directors (the “Board”) regarding, among other things, the Issuer’s business, management and strategic alternatives and direction. The Reporting Persons believe that the Issuer’s Common Shares trade at a substantial discount to the Issuer’s intrinsic value and represent an attractive investment opportunity. The Reporting Persons intend to have discussions and correspondence with the Issuer’s management and the Board to discuss ways in which this undervaluation can be rectified, including among other things, reducing the Issuer’s expenses, altering the Company’s capital allocation and other changes to the Issuer’s corporate strategy, including changes to the composition of the Board.
 
 
Based on the above discussions with the Issuer, the Reporting Persons may (i) have discussions regarding the Issuer with other stockholders, persons that may be interested in transactions with the Company, and other interested market and industry participants; (ii) make additional proposals to the Issuer concerning its business, management, strategic alternatives and direction; (iii) acquire additional Common Shares and/or other equity, debt, notes or other securities, including but not limited to derivative or other instruments that are based upon or relate to the value of the Common Shares or the Issuer (collectively, “Securities”) in the open market or otherwise; (iv) dispose of any or all of their Securities in the open market or otherwise; (v) nominate or recommend candidates to serve on the Board; (vi) propose or consider any one or more of the actions described in subsections (a) through (j) of Item 4 of Schedule 13D; or (vii) change their intention with respect to any and all matters referred to in this Item 4.
 
 
 Item 5. INTEREST IN SECURITIES OF THE ISSUER
   
  (a) and (b)
   
 
The Reporting Persons may be deemed to beneficially own in the aggregate 6,831,805 Common Shares. Based upon a total of 69,626,230 Common Shares outstanding as of March 2, 2016, as reported in the Issuer’s Proxy Statement on Schedule 14A for the Issuer’s 2016 annual meeting of stockholders, filed with the Securities and Exchange Commission (the “SEC”) on March 18, 2016, the Reporting Persons’ shares represent approximately 9.81% of the outstanding Common Shares.
   
 
Carlson Capital, Asgard II, Asgard I and Mr. Carlson may be deemed to beneficially own and have the power to vote and direct the disposition of (i) the 4,053,385 Common Shares reported herein as owned by DOF, (ii) the 800,409 Common Shares reported herein as owned by ROF, (iii) the 149,758 Common Shares reported herein as owned by RVC, (iv) the 264,642 Common Shares reported herein as owned by OFF, (v) the 1,358,623 Common Shares reported herein as owned by TOF, and (vi) the 204,988 Common Shares reported herein as owned by ENO.
   
 
DOF may be deemed to beneficially own and has the power to vote and dispose the 4,053,385 Common Shares reported herein as owned by it, which shares represent approximately 5.82% of the outstanding Common Shares.
   
 
ROF may be deemed to beneficially own and has the power to vote and dispose the 800,409 Common Shares reported herein as owned by it, which shares represent approximately 1.15% of the outstanding Common Shares.

 
CUSIP No. 03957W106
SCHEDULE 13D
Page 15 of 27 Pages
 
 
   
 
RVC may be deemed to beneficially own and has the power to vote and dispose the 149,758 Common Shares reported herein as owned by it, which shares represent approximately 0.22% of the outstanding Common Shares.
   
 
OFF may be deemed to beneficially own and has the power to vote and dispose the 264,642 Common Shares reported herein as owned by it, which shares represent approximately 0.38% of the outstanding Common Shares.
   
 
TOF may be deemed to beneficially own and has the power to vote and dispose the 1,358,623 Common Shares reported herein as owned by it, which shares represent approximately 1.95% of the outstanding Common Shares.
   
 
ENO may be deemed to beneficially own and has the power to vote and dispose the 204,988 Common Shares reported herein as owned by it, which shares represent approximately 0.29% of the outstanding Common Shares.
   
 
(c)  Information concerning transactions in the Common Shares effected by the Reporting Persons during the past sixty days is set forth in Appendix B hereto and is incorporated herein by reference.
   
 
(d) Except as set forth herein, no person other than the Reporting Persons is known to have the right to receive or the power to direct the receipt of dividendg from, or the proceeds from the sale of, Common Shares.
   
   (e) Not applicable.
   
Item 6.  CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER
   
  The Reporting Persons are parties to an agreement with respect to the joint filing of this Schedule 13D and any amendments thereto. A copy of such agreement is attached hereto as Exhibit 1 and is incorporated by reference herein.
   
 
Except as set forth herein, there are no contracts, understandings or relationships among the Reporting Persons or between the Reporting Persons and any other person with respect to the Common Shares.
   
Item 7. MATERIAL TO BE FILED AS EXHIBITS
   
 Exhibit Description
   
 1 Joint Filing Agreement, dated December 7, 2016.
   
  

 
 
 
CUSIP No.  03957W106
SCHEDULE 13D
Page 16 of 27 Pages
 
 
 
 

SIGNATURES


After reasonable inquiry and to the best of his or its knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.
 
DATED: December 7, 2016

    DOUBLE BLACK DIAMOND OFFSHORE LTD.
     
    By: Carlson Capital, L.P., its investment manager
     
    By: Asgard Investment Corp. II, its general partner
       
       
   
By:
/s/ Clint D. Carlson
 
     
Name:       Clint D. Carlson  
     
Title:         President
 
  BLACK DIAMOND RELATIVE VALUE OFFSHORE LTD.
     
    By: Carlson Capital, L.P., its investment manager
     
    By: Asgard Investment Corp. II, its general partner
       
       
   
By:
/s/ Clint D. Carlson
 
     
Name: Clint D. Carlson
     
Title: President
 
    BLACK DIAMOND RELATIVE VALUE CAYMAN, L.P.
     
    By: Carlson Capital, L.P., its investment manager
     
    By: Asgard Investment Corp. II, its general partner
       
       
   
By:
/s/ Clint D. Carlson
 
     
Name:       Clint D. Carlson  
     
Title:         President
 
  BLACK DIAMOND OFSHORE LTD.
     
    By: Carlson Capital, L.P., its investment manager
     
    By: Asgard Investment Corp. II, its general partner
       
       
   
By:
/s/ Clint D. Carlson
 
     
Name:       Clint D. Carlson  
     
Title:         President
 

 
 
 
 
 
CUSIP No.  03957W106
SCHEDULE 13D
Page 17 of 27 Pages
 
 
 
  BLACK DIAMOND SRI OFFSHORE LTD.
     
    By: Carlson Capital, L.P., its investment manager
     
    By: Asgard Investment Corp. II, its general partner
       
       
   
By:
/s/ Clint D. Carlson
 
     
Name:       Clint D. Carlson  
     
Title:         President
 
  BLACK DIAMOND THEMATIC OFFSHORE LTD.
     
    By: Carlson Capital, L.P., its investment manager
     
    By: Asgard Investment Corp. II, its general partner
       
       
   
By:
/s/ Clint D. Carlson
 
     
Name: Clint D. Carlson
     
Title: President
 
    BLACK DIAMOND ENERGY L/S OFFSHORE LTD.
     
    By: Carlson Capital, L.P., its investment manager
     
    By: Asgard Investment Corp. II, its general partner
       
       
   
By:
/s/ Clint D. Carlson
 
     
Name:       Clint D. Carlson  
     
Title:         President

  CARLSON CAPITAL, L.P.
     
    By: Asgard Investment Corp. II, its general partner
       
       
   
By:
/s/ Clint D. Carlson
 
     
Name:       Clint D. Carlson  
     
Title:         President


CUSIP No.  03957W106
SCHEDULE 13D
Page 18 of 27 Pages
 
ASGARD INVESTMENT CORP. II
       
       
   
By:
/s/ Clint D. Carlson
 
     
Name:       Clint D. Carlson  
     
Title:         President
 
 
  ASGARD INVESTMENT CORP
       
       
   
By:
/s/ Clint D. Carlson
 
     
Name:       Clint D. Carlson  
     
Title:         President
    CLINT D. CARLSON 
       
   
 
/s/ Clint D. Carlson
 
     
 
     
 
 
 

CUSIP No.  03957W106
SCHEDULE 13D
Page 19 of 27 Pages
 
 
Appendix A
 
DIRECTORS AND EXECUTIVE OFFICERS OF ASGARD I AND ASGARD II
 
    The following sets forth the name, position and principal occupation of each director and executive officer of Asgard I and Asgard II, respectively. Except as otherwise indicated, the business address of each director and officer is 2100 McKinney Avenue, Suite 1800, Dallas, TX 75201. To the best of the Reporting Persons' knowledge, except as set forth in this Schedule 13D, none of the directors or executive officers of Asgard I or Asgard II owns any Common Shares.


Asgard I
     
       
Name
Position
Principal Occupation
Citizenship
       
Clint Carlson
Director/President
Investment Manager
United States
       
Nancy Carlson
Secretary/Treasurer
Executive
United States
       
Asgard II
     
       
Name
Position
Principal Occupation
Citizenship
       
Clint Carlson
Director/President
Investment Manager
United States
       
Nancy Carlson
Secretary/Treasurer
Executive
United States

 

 
 
CUSIP No.  03957W106
SCHEDULE 13D
Page 20 of 27 Pages
 
 
Appendix B
 
TRANSACTIONS IN THE ISSUER'S COMMON SHARES BY THE REPORTING PERSONS IN THE PAST SIXTY DAYS
 
    The following tables set forth all transactions in the Common Shares effected by any of the Reporting Persons in the past sixty days, as applicable.  All such transactions were effected in the open market through brokers and the price per share is net of commissions.
 

Double Black Diamond Offshore Ltd.

Type
 
Qty
 
Price
 
Net Amount
 
Trade Date
Sell
 
69,024
 
12.6943
 
875,156.89
 
11/14/2016
Sell
 
73,257
 
12.6943
 
928,827.20
 
11/14/2016
Sell
 
5,409
 
13.0103
 
70,291.57
 
11/15/2016
Sell
 
15,862
 
13.0103
 
206,126.94
 
11/15/2016
Sell
 
20,580
 
13.0014
 
267,254.27
 
11/15/2016
Sell
 
22,207
 
12.9697
 
287,685.02
 
11/15/2016
Sell
 
65,130
 
12.9697
 
843,721.18
 
11/15/2016
Sell
 
22,463
 
12.9132
 
289,732.26
 
11/16/2016
Sell
 
65,885
 
12.9132
 
849,779.35
 
11/16/2016
Sell
 
3,899
 
13.067
 
50,889.74
 
11/16/2016
Sell
 
11,434
 
13.067
 
149,233.31
 
11/16/2016
Sell
 
13,233
 
13.3875
 
176,958.29
 
11/18/2016
Sell
 
38,807
 
13.3875
 
518,935.26
 
11/18/2016
Sell
 
2,616
 
13.2791
 
34,698.89
 
11/18/2016
Sell
 
7,675
 
13.2791
 
101,799.73
 
11/18/2016
Sell
 
30,057
 
13.6145
 
408,760.17
 
11/21/2016
Sell
 
88,154
 
13.6145
 
1,198,824.17
 
11/21/2016
Sell
 
16,724
 
13.5656
 
226,620.24
 
11/22/2016
Sell
 
23,638
 
13.5656
 
320,302.08
 
11/22/2016
Sell
 
52,995
 
13.5656
 
718,098.37
 
11/22/2016
Sell
 
31,279
 
13.5656
 
423,839.96
 
11/22/2016
Sell
 
5,095
 
13.4952
 
68,680.12
 
11/23/2016
Sell
 
10,816
 
13.4952
 
145,801.84
 
11/23/2016
Sell
 
24,935
 
13.4952
 
336,121.45
 
11/23/2016
Sell
 
32,531
 
13.78989
 
448,101.16
 
11/25/2016
Sell
 
121
 
13.7899
 
1,666.72
 
11/25/2016
Sell
 
6,552
 
13.8498
 
90,643.63
 
11/30/2016
Sell
 
4,076
 
13.8498
 
56,389.41
 
11/30/2016
Sell
 
29,912
 
13.7168
 
409,839.29
 
11/30/2016
Sell
 
8,615
 
13.7171
 
118,041.01
 
11/30/2016
Sell
 
18,287
 
13.7171
 
250,564.83
 
11/30/2016
Sell
 
10,368
 
13.7158
 
142,046.79
 
11/30/2016
Sell
 
17,983
 
13.7158
 
246,376.09
 
11/30/2016
Sell
 
5,896
 
13.5419
 
79,752.86
 
12/1/2016
Sell
 
10,227
 
13.5419
 
138,336.58
 
12/1/2016
Sell
 
44,001
 
13.0512
 
573,593.31
 
12/1/2016
Sell
 
29,752
 
13.004
 
386,440.29
 
12/1/2016
Sell
 
32,646
 
13.4041
 
437,091.02
 
12/1/2016
Sell
 
9,446
 
13.4034
 
126,464.07
 
12/1/2016
Sell
 
20,052
 
13.4034
 
268,458.34
 
12/1/2016
Sell
 
26,989
 
13.2325
 
356,719.32
 
12/2/2016
Sell
 
57,291
 
13.2325
 
757,227.26
 
12/2/2016
Sell
 
20,747
 
13.0479
 
270,387.66
 
12/2/2016
Sell
 
141,088
 
13.6092
 
1,917,936.63
 
12/5/2016
Sell
 
62,558
 
13.5773
 
848,411.84
 
12/5/2016
Sell
 
135,041
 
13.9209
 
1,877,825.66
 
12/6/2016




CUSIP No.  03957W106
SCHEDULE 13D
Page 21 of 27 Pages
 
 


Black Diamond Offshore Ltd.

Type
 
Qty
 
Price
 
Net Amount
 
Trade Date
Sell
 
2,615
 
12.6943
 
33,155.64
 
11/14/2016
Sell
 
14,154
 
12.6943
 
179,458.89
 
11/14/2016
Sell
 
204
 
13.0103
 
2,651.04
 
11/15/2016
Sell
 
601
 
13.0103
 
7,810.00
 
11/15/2016
Sell
 
3,976
 
13.0014
 
51,632.80
 
11/15/2016
Sell
 
841
 
12.9697
 
10,894.90
 
11/15/2016
Sell
 
2,467
 
12.9697
 
31,958.55
 
11/15/2016
Sell
 
852
 
12.9132
 
10,989.27
 
11/16/2016
Sell
 
2,497
 
12.9132
 
32,206.10
 
11/16/2016
Sell
 
147
 
13.067
 
1,918.64
 
11/16/2016
Sell
 
432
 
13.067
 
5,638.33
 
11/16/2016
Sell
 
500
 
13.3875
 
6,686.25
 
11/18/2016
Sell
 
1,471
 
13.3875
 
19,670.52
 
11/18/2016
Sell
 
100
 
13.2791
 
1,326.41
 
11/18/2016
Sell
 
290
 
13.2791
 
3,846.51
 
11/18/2016
Sell
 
1,141
 
13.6145
 
15,517.02
 
11/21/2016
Sell
 
3,341
 
13.6145
 
45,434.93
 
11/21/2016
Sell
 
420
 
13.5656
 
5,691.25
 
11/22/2016
Sell
 
1,178
 
13.5656
 
15,962.26
 
11/22/2016
Sell
 
2,599
 
13.5656
 
35,217.23
 
11/22/2016
Sell
 
6,043
 
13.5656
 
81,884.48
 
11/22/2016
Sell
 
198
 
13.4952
 
2,669.02
 
11/23/2016
Sell
 
432
 
13.4952
 
5,823.45
 
11/23/2016
Sell
 
1,222
 
13.4952
 
16,472.44
 
11/23/2016
Sell
 
1,398
 
13.78989
 
19,256.88
 
11/25/2016
Sell
 
203
 
13.7899
 
2,796.24
 
11/25/2016
Sell
 
520
 
13.8498
 
7,193.94
 
11/30/2016
Sell
 
5,779
 
13.7168
 
79,180.97
 
11/30/2016
Sell
 
335
 
13.7171
 
4,590.10
 
11/30/2016
Sell
 
730
 
13.7171
 
10,002.31
 
11/30/2016
Sell
 
392
 
13.7158
 
5,370.59
 
11/30/2016
Sell
 
681
 
13.7158
 
9,330.04
 
11/30/2016
Sell
 
223
 
13.5419
 
3,016.42
 
12/1/2016
Sell
 
386
 
13.5419
 
5,221.27
 
12/1/2016
Sell
 
2,561
 
13.0512
 
33,384.97
 
12/1/2016
Sell
 
1,732
 
13.004
 
22,496.46
 
12/1/2016
Sell
 
6,308
 
13.4041
 
84,456.60
 
12/1/2016
Sell
 
368
 
13.4034
 
4,926.82
 
12/1/2016
Sell
 
801
 
13.4034
 
10,723.87
 
12/1/2016
Sell
 
1,051
 
13.2325
 
13,891.29
 
12/2/2016
Sell
 
2,290
 
13.2325
 
30,267.42
 
12/2/2016
Sell
 
1,207
 
13.0479
 
15,730.37
 
12/2/2016
Sell
 
8,212
 
13.6092
 
111,633.13
 
12/5/2016
Sell
 
12,087
 
13.5773
 
163,923.94
 
12/5/2016
Sell
 
7,859
 
13.9209
 
109,284.07
 
12/6/2016




CUSIP No.  03957W106
SCHEDULE 13D
Page 22 of 27 Pages
 
 
 
Black Diamond Relative Value Offshore Ltd.
Type
 
Qty
 
Price
 
Net Amount
 
Trade Date
Sell
 
38,192
 
12.6943
 
484,237.26
 
11/14/2016
Sell
 
11,165
 
13.0103
 
145,092.52
 
11/15/2016
Sell
 
604
 
13.0103
 
7,848.99
 
11/15/2016
Sell
 
45,844
 
12.9697
 
593,895.26
 
11/15/2016
Sell
 
2,481
 
12.9697
 
32,139.91
 
11/15/2016
Sell
 
46,377
 
12.9132
 
598,179.82
 
11/16/2016
Sell
 
2,509
 
12.9132
 
32,360.87
 
11/16/2016
Sell
 
8,047
 
13.067
 
105,029.44
 
11/16/2016
Sell
 
436
 
13.067
 
5,690.55
 
11/16/2016
Sell
 
27,316
 
13.3875
 
365,283.21
 
11/18/2016
Sell
 
1,478
 
13.3875
 
19,764.12
 
11/18/2016
Sell
 
5,402
 
13.2791
 
71,652.67
 
11/18/2016
Sell
 
293
 
13.2791
 
3,886.30
 
11/18/2016
Sell
 
19,720
 
13.6009
 
267,908.10
 
11/21/2016
Sell
 
62,051
 
13.6145
 
843,862.57
 
11/21/2016
Sell
 
3,360
 
13.6145
 
45,693.32
 
11/21/2016
Sell
 
12,180
 
13.554
 
164,901.42
 
11/22/2016
Sell
 
7,279
 
13.5656
 
98,634.81
 
11/22/2016
Sell
 
17,893
 
13.5656
 
242,455.59
 
11/22/2016
Sell
 
27,400
 
13.4951
 
369,346.67
 
11/23/2016
Sell
 
3,222
 
13.4952
 
43,432.25
 
11/23/2016
Sell
 
6,700
 
13.4952
 
90,317.34
 
11/23/2016
Sell
 
5,448
 
13.7171
 
74,647.41
 
11/30/2016
Sell
 
11,329
 
13.7171
 
155,227.70
 
11/30/2016
Sell
 
15,002
 
13.7158
 
205,534.92
 
11/30/2016
Sell
 
684
 
13.7158
 
9,371.15
 
11/30/2016
Sell
 
8,531
 
13.5419
 
115,395.46
 
12/1/2016
Sell
 
389
 
13.5419
 
5,261.84
 
12/1/2016
Sell
 
5,974
 
13.4034
 
79,980.55
 
12/1/2016
Sell
 
12,422
 
13.4034
 
166,307.07
 
12/1/2016
Sell
 
17,070
 
13.2325
 
225,617.79
 
12/2/2016
Sell
 
35,490
 
13.2325
 
469,078.83
 
12/2/2016





CUSIP No.  03957W106
SCHEDULE 13D
Page 23 of 27 Pages
 
 


Black Diamond Relative Value Cayman, L.P.

Type
 
Qty
 
Price
 
Net Amount
 
Trade Date
Sell
 
7,358
 
12.6943
 
93,292.25
 
11/14/2016
Sell
 
2,149
 
13.0103
 
27,926.90
 
11/15/2016
Sell
 
117
 
13.0103
 
1,520.42
 
11/15/2016
Sell
 
8,827
 
12.9697
 
114,351.13
 
11/15/2016
Sell
 
483
 
12.9697
 
6,256.97
 
11/15/2016
Sell
 
8,929
 
12.9132
 
115,168.02
 
11/16/2016
Sell
 
488
 
12.9132
 
6,294.18
 
11/16/2016
Sell
 
1,550
 
13.067
 
20,230.60
 
11/16/2016
Sell
 
85
 
13.067
 
1,109.40
 
11/16/2016
Sell
 
5,261
 
13.3875
 
70,352.72
 
11/18/2016
Sell
 
287
 
13.3875
 
3,837.82
 
11/18/2016
Sell
 
1,040
 
13.2791
 
13,794.66
 
11/18/2016
Sell
 
57
 
13.2791
 
756.03
 
11/18/2016
Sell
 
3,780
 
13.6
 
51,350.17
 
11/21/2016
Sell
 
11,950
 
13.6145
 
162,514.03
 
11/21/2016
Sell
 
655
 
13.6145
 
8,907.47
 
11/21/2016
Sell
 
2,320
 
13.5652
 
31,435.77
 
11/22/2016
Sell
 
4,594
 
13.5656
 
62,250.10
 
11/22/2016
Sell
 
5,183
 
13.4951
 
69,865.82
 
11/23/2016
Sell
 
1,811
 
13.4952
 
24,412.10
 
11/23/2016
Sell
 
3,062
 
13.7171
 
41,954.91
 
11/30/2016
Sell
 
2,888
 
13.7158
 
39,567.05
 
11/30/2016
Sell
 
133
 
13.7158
 
1,822.16
 
11/30/2016
Sell
 
1,642
 
13.5419
 
22,210.69
 
12/1/2016
Sell
 
75
 
13.5419
 
1,014.49
 
12/1/2016
Sell
 
3,357
 
13.4034
 
44,943.86
 
12/1/2016
Sell
 
9,593
 
13.2325
 
126,792.70
 
12/2/2016


Black Diamond Thematic Offshore Ltd.

Type
 
Qty
 
Price
 
Net Amount
 
Trade Date
Sell
 
66,132
 
13.5656
 
896,128.28
 
11/22/2016
Sell
 
31,117
 
13.4952
 
419,463.38
 
11/23/2016
Sell
 
40,747
 
13.78989
 
561,273.19
 
11/25/2016
Sell
 
13,264
 
13.8498
 
183,500.78
 
11/30/2016




CUSIP No.  03957W106
SCHEDULE 13D
Page 24 of 27 Pages
 
 


Black Diamond Energy L/S Offshore Ltd.

Type
 
Qty
 
Price
 
Net Amount
 
Trade Date
Sell
 
29,692
 
12.6943
 
376,465.56
 
11/14/2016
Sell
 
8,341
 
13.0014
 
108,317.20
 
11/15/2016
Sell
 
12,678
 
13.5656
 
171,790.76
 
11/22/2016
Sell
 
12,124
 
13.7168
 
166,117.00
 
11/30/2016
Sell
 
13,231
 
13.4041
 
177,147.31
 
12/1/2016
Sell
 
25,355
 
13.5773
 
343,864.61
 
12/5/2016


Black Diamond SRI Offshore Ltd.

Type
 
Qty
 
Price
 
Net Amount
 
Trade Date
Sell
 
7,140
 
13.2364
 
94,398.73
 
11/18/2016
Sell
 
3,110
 
13.2459
 
41,147.20
 
11/18/2016
Sell
 
2,350
 
13.5718
 
31,857.78
 
11/22/2016
Sell
 
3,241
 
13.9213
 
45,111.17
 
12/6/2016
Sell
 
8,262
 
13.9213
 
114,998.02
 
12/6/2016
Sell
 
7,597
 
13.9213
 
105,741.95
 
12/6/2016


Worldwide Transactions Limited

Type
 
Qty
 
Price
 
Net Amount
 
Trade Date
Sell
 
6,325
 
12.8551
 
81,211.85
 
10/12/2016
Sell
 
35,984
 
12.8551
 
462,028.07
 
10/12/2016
Sell
 
678
 
12.8551
 
8,705.40
 
10/12/2016
Sell
 
917
 
12.8551
 
11,774.11
 
10/12/2016
 

 
CUSIP No.  03957W106
SCHEDULE 13D
Page 25 of 27 Pages
 
 
 
Exhibit 1
 
 
 
 JOINT ACQUISITION STATEMENT
PURSUANT TO RULE 13d-1(k)


    The undersigned acknowledge and agree that the foregoing statement on Schedule 13D is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on Schedule 13D shall be filed on behalf of each of the undersigned without the necessity of filing additional joint filing agreements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained herein and therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that he or it knows or has reason to believe that such information is inaccurate.
 
DATE: December 7, 2016

    DOUBLE BLACK DIAMOND OFFSHORE LTD.
     
    By: Carlson Capital, L.P., its investment manager
     
    By: Asgard Investment Corp. II, its general partner
       
       
   
By:
/s/ Clint D. Carlson
 
     
Name:       Clint D. Carlson  
     
Title:         President
 
  BLACK DIAMOND RELATIVE VALUE OFFSHORE LTD.
     
    By: Carlson Capital, L.P., its investment manager
     
    By: Asgard Investment Corp. II, its general partner
       
       
   
By:
/s/ Clint D. Carlson
 
     
Name: Clint D. Carlson
     
Title: President
 
    BLACK DIAMOND RELATIVE VALUE CAYMAN, L.P.
     
    By: Carlson Capital, L.P., its investment manager
     
    By: Asgard Investment Corp. II, its general partner
       
       
   
By:
/s/ Clint D. Carlson
 
     
Name:       Clint D. Carlson  
     
Title:         President
 
  BLACK DIAMOND OFSHORE LTD.
     
    By: Carlson Capital, L.P., its investment manager
     
    By: Asgard Investment Corp. II, its general partner
       
       
   
By:
/s/ Clint D. Carlson
 
     
Name:       Clint D. Carlson  
     
Title:         President


CUSIP No.  03957W106
SCHEDULE 13D
Page 26 of 27 Pages
 
 
 
BLACK DIAMOND SRI OFFSHORE LTD.
     
    By: Carlson Capital, L.P., its investment manager
     
    By: Asgard Investment Corp. II, its general partner
       
       
   
By:
/s/ Clint D. Carlson
 
     
Name:       Clint D. Carlson
     
Title:         President
 
BLACK DIAMOND THEMATIC OFFSHORE LTD.
     
    By: Carlson Capital, L.P., its investment manager
     
    By: Asgard Investment Corp. II, its general partner
       
       
   
By:
/s/ Clint D. Carlson
 
     
Name: Clint D. Carlson
     
Title: President
 
  BLACK DIAMOND ENERGY L/S OFFSHORE LTD.
     
    By: Carlson Capital, L.P., its investment manager
     
    By: Asgard Investment Corp. II, its general partner
       
       
   
By:
/s/ Clint D. Carlson
 
     
Name:       Clint D. Carlson  
     
Title:         President

  CARLSON CAPITAL, L.P.
     
    By: Asgard Investment Corp. II, its general partner
       
       
   
By:
/s/ Clint D. Carlson
 
     
Name:       Clint D. Carlson  
     
Title:         President
 
 

 
CUSIP No.  03957W106
SCHEDULE 13D
Page 27 of 27 Pages
 
 
ASGARD INVESTMENT CORP. II
       
       
   
By:
/s/ Clint D. Carlson
 
     
Name:       Clint D. Carlson  
     
Title:         President
 
  ASGARD INVESTMENT CORP
       
       
   
By:
/s/ Clint D. Carlson
 
     
Name:       Clint D. Carlson  
     
Title:         President
     
    CLINT D. CARLSON 
       
   
 
/s/ Clint D. Carlson