2 Feb 2017capital raising announcement▼ Bad
Houston American raised $1.2 million selling 12%-dividend Series A convertible preferred stock, a high-cost financing typical of the funding strain the company faced through this period.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
5 Jan 2017material agreement▲ GoodMajor
Houston American agreed to buy a 25% working interest in about 800 acres (the Johnson and O'Brien leases in Reeves County, Texas) from Founders Oil and Gas III for $1.1 million, with Founders operating -- the company's first move into the Permian Basin, diversifying beyond Colombia.
27 Sept 2016listing compliance notice▼ BadMajor
Houston American missed the September 19, 2016 deadline to fix its stock-price deficiency; NYSE MKT granted an extension to January 3, 2017.
1 July 2016material agreement termination▼ Bad
The Tamboran Resources investment fell through -- Tamboran failed to satisfy the closing conditions (likely the requirement to raise matching outside capital) -- and Houston American terminated the subscription agreement.
6 June 2016listing compliance notice● Neutral
NYSE MKT accepted Houston American's plan to regain compliance with the stockholders'-equity standard, extending the cure period to September 2017; the separate low-price deadline stayed at September 19, 2016.
22 Mar 2016listing compliance notice▼ BadMajor
NYSE MKT notified Houston American it had fallen out of compliance on stockholders' equity (only $5.5 million against a required $6 million, given five straight years of losses) and flagged its stock price as too low for a sustained period, requiring a reverse split or price recovery by September 2016 -- the start of a listing-standards struggle that would run for years.
25 Feb 2016material agreement● Neutral
Houston American agreed to buy a 12.5% equity stake in Tamboran Resources Limited, an Australian shale-gas company, for $1 million, with anti-dilution top-up rights -- contingent on Tamboran itself raising a minimum of additional outside capital.
3 Oct 2012material agreement▼ BadMajor
Houston American raised about $10 million in a unit offering (14.8 million units at $0.675/unit) through C.K. Cooper -- a per-unit price roughly a third of May's $2.12 offering, reflecting how far the stock had fallen after the Cachirre and Tamandua drilling setbacks.
2 July 2012listing compliance notice● Neutral
NYSE MKT warned Houston American it was out of compliance on board-independence and audit-committee-size requirements after a director's resignation; the company cured the deficiency the same day by appointing Keith Grimes to the board and audit committee.
28 June 2012well test result● NeutralMajor
The Cachirre #1 well (drilled to 9,486 feet) became a point of dispute among partners: Houston American elected to test the C-9 sand at its own sole risk after partners SK Innovation and Gulf United Energy wanted to abandon the well, having deemed the other objective sands non-productive. (Originally tagged production_update, but no production figures appear -- this is a well test, not established production -- corrected to well_test_result.)
3 May 2012material agreement▲ GoodMajor
Houston American raised about $13.1 million in a registered direct unit offering (shares plus warrants) at $2.12/unit through Canaccord Genuity and Pareto Securities -- continued funding for Colombian development.
5 Oct 2011drilling progress report● NeutralMajor
Houston American's first well on the new CPO-4 block, Tamandua #1, ran into serious drilling trouble -- a strong hydrocarbon kick forced a shut-in, and stuck drill pipe later forced a sidetrack -- but the strong shows of oil and gas in the target C-7 sand were seen as an encouraging validation of the block's prospectivity despite the setbacks.
26 July 2010listing compliance notice▲ GoodMajor
the New York Stock Exchange certified ABUNDIA GLOBAL IMPACT GROUP, INC.'s securities for listing, clearing them to begin trading.
26 July 2010listing compliance notice▼ BadMajor
ABUNDIA GLOBAL IMPACT GROUP, INC.'s securities were notified for removal from listing and registration on its exchange.
16 July 2010listing compliance notice▲ Good
Houston American voluntarily moved its listing again, from Nasdaq to NYSE Amex, citing added visibility, reduced volatility and better liquidity -- a further uplisting move, not a compliance issue.
3 Dec 2009material agreement▲ GoodMajor
Houston American raised about $13.3 million in a registered direct offering of 3 million shares at $4.68/share through a syndicate of placement agents -- funding capital for its growing Colombian exploration program.
16 Oct 2009farm in farm out agreement▲ GoodMajor
Houston American finalized a Farmout Agreement and Joint Operating Agreement with SK Energy for the CPO-4 block (about 345,000 acres in Colombia's Llanos Basin), earning a 25% interest by paying 12.5% of seismic costs and 25% of other costs, after Colombia's hydrocarbons regulator approved the assignment -- a second major Colombian exploration block alongside Hupecol/Tambaqui. (Originally tagged material_agreement, but the filing documents entry into a farmout/JOA earning arrangement -- corrected here.)
5 Feb 2009material agreement● NeutralMajor
Houston American agreed to provide up to $300,000 in bankruptcy debtor-in-possession financing to Yazoo Pipeline, Sterling Exploration & Production and Matagorda Operating Company, with an eye toward buying the debtors' seismic data and other oil and gas assets out of Chapter 11 for up to $5.6 million -- a distressed-asset acquisition play, contingent on bankruptcy court approval.
22 Jan 2009auditor change● Neutral
Houston American switched auditors again, from Malone & Bailey to GBH CPAs, following the same audit partner between firms; Malone & Bailey had flagged a material weakness in internal controls for FY2007.
3 July 2007listing compliance notice▲ GoodMajor
Nasdaq certified ABUNDIA GLOBAL IMPACT GROUP, INC.'s securities for listing, clearing them to begin trading.
3 July 2007listing compliance notice▼ BadMajor
ABUNDIA GLOBAL IMPACT GROUP, INC.'s securities were notified for removal from listing and registration on its exchange.
22 June 2007listing compliance notice▲ Good
Houston American voluntarily moved its stock listing from AMEX to the Nasdaq Capital Market, adopting the ticker "HUSA" -- an uplisting, not a compliance failure.
19 Apr 2007auditor change▼ Bad
Houston American dismissed auditor Thomas Leger & Co. and hired Malone & Bailey, PC, disclosing that Leger had flagged material weaknesses in the company's internal controls for both 2005 and 2006.
20 Nov 2006financial restatement● Neutral
Auditor Thomas Leger & Co. confirmed in writing that it agreed with the company's restatement disclosure -- a required companion letter, no new information.
9 Nov 2006financial restatement▼ BadMajor
Houston American disclosed that its 2005 quarterly financial statements could no longer be relied on: the company had failed to properly account for embedded derivatives in 2005 convertible notes and warrants, requiring restatement of the June and September 2005 10-QSBs.
25 July 2006listing compliance notice▲ GoodMajor
the American Stock Exchange certified ABUNDIA GLOBAL IMPACT GROUP, INC.'s securities for listing, clearing them to begin trading.
5 May 2006capital raising announcement● Neutral
Holders converted the full $2.125 million of Houston American's 2005 convertible notes into 2.125 million shares, closing out that debt.
28 Apr 2006capital raising announcement▲ GoodMajor
Houston American raised $16.6 million in a private placement of 5.5 million shares at roughly $3/share, a much larger capital raise than its 2005 note deal, with Sanders Morris Harris as placement agent.
7 Nov 2005listing compliance notice▼ Bad
ABUNDIA GLOBAL IMPACT GROUP, INC. withdrew a registration statement, abandoning the offering it covered.
10 May 2005capital raising announcement● Neutral
Houston American sold $2.125 million of 8% subordinated convertible notes due 2010 to a group of private investors, convertible into stock at $1.00/share.