13 Mar 2015listing compliance notice▼ BadMajor
Alamo Energy Corp. deregistered its securities, ending its obligation to file reports with the SEC.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
23 Dec 2013asset acquisition disposition▼ BadMajor
On December 23, 2013 Alamo settled a Kentucky lawsuit started around December 16, 2013 by Range Kentucky Holdings, the seller of the KYTX entities. Alamo hands back its membership interests in all three KYTX entities, and the Development Agreement, Additional Shares Agreement and $2,860,000 of Range-held notes are terminated. Range pays $70,000 and returns 6,889,353 Alamo shares, and both sides release all claims. This unwinds the April 2011 Kentucky acquisition and closes the open threads on Range share registration and price-protection top-up.
28 Dec 2012asset acquisition disposition● NeutralMajor
On December 21, 2012 Alamo sold all its interest in UK Licence PEDL 245, and its role as operator, to Northdown Energy for £156,250, and left the related participation and joint operating agreements, with Northdown taking over the obligations and indemnifying Alamo. This completes the exit from the Weald basin licence that was part-farmed out to Northdown in November 2011, and ends the planned seismic survey commitment for Alamo (inference).
2 Aug 2012capital raising announcement▼ BadMajor
On August 1, 2012 Alamo swapped all of its July 2011 discount convertible debentures and the Series A, B and C warrants for 16,724,329 new common shares, extinguishing $1,076,612.52 of principal and accrued interest and warrants over 1,344,150 shares. A separate warrant exchange issued a further 335,410 shares for warrants. This ends that debenture financing and replaces the debt with new shares, so existing holders are diluted; the filing does not state the share count after issuance.
21 Dec 2011material agreement● Neutral
On December 21, 2011 Alamo's board approved a 2011 Stock Option Plan covering up to 7,500,000 shares, to be submitted to shareholders for ratification. No options had been granted yet. If awards are made, existing holders would be diluted.
16 Nov 2011asset acquisition disposition▲ GoodMajor
On November 14, 2011 Alamo assigned 45% of its working interest in UK Licence 245 to Northdown Energy for £60,000, with DECC approval stated as received. Alamo and Northdown each put £325,000 into escrow for a 60 km 2D seismic survey, and Alamo stays sole operator. The press release says Alamo keeps 45% and Aimwell 10%, and Northdown takes on its share of the costs. This resolves the long-open UK licence approval thread from the January 2010 Aimwell letter and shares the exploration cost; the press release targets seismic for the first half of 2012.
8 Nov 2011asset acquisition disposition● Neutral
On November 4, 2011 Alamo sold its working interest in the Lozano Lease (about 110 acres, Frio County, Texas) and the wells on it to United American Petroleum Corp. for $160,000. The press release says these were three wells, a 75% interest acquired in 2009, with about 1,600 barrels produced in the year to April 30, 2011, and calls the asset non-core. Alamo keeps sales proceeds from before October 1, 2011. This is a Texas disposal; the Duffer/Hubbard Texas prospect is not mentioned.
1 Aug 2011capital raising announcement▼ BadMajor
On July 26, 2011 Alamo agreed to sell about $1,310,621 of discount convertible debentures, plus three series of warrants over 2,621,241 shares, for about $1,114,000. The debentures are unsecured, due in two years, pay 5% and convert at $1.00, but the conversion price (and warrant prices) can reset downward to as low as $0.50 from the earlier of the registration's effectiveness or February 1, 2012, so dilution could be larger. The three KYTX subsidiaries guarantee repayment. Alamo must file a resale registration within 45 days, and Rodman & Renshaw, the placement agent, gets a 7% fee and warrants over 91,743 shares. This is a new debt source separate from the Eurasian facilities.
27 June 2011material agreement▲ Good
On June 21, 2011 Alamo's subsidiary KYTX Oil and Gas signed a one-year oil and gas lease with Donnie and Brenda Patrick on land in Knox County, Kentucky, for $10,000 plus a 12.5% royalty on oil and gas and a $10,000 minimum annual royalty. An accompanying press release says this adds about 2,500 acres and describes the KYTX group as holding 71 wells on 4,040 acres, a 23-mile pipeline and a drilling rig (company statements, not verified). It builds on the April 2011 KYTX acquisition.
23 June 2011capital raising announcement● Neutral
On June 21, 2011 Alamo borrowed another $400,000 from Eurasian under the $2,400,000 agreement of April 2011. The note is 8%, due April 12, 2014, convertible at $1.00 a share, with 400,000 warrants at $1.25 for five years. It continues the Eurasian borrowing and adds potential dilution if converted or exercised.
17 June 2011asset acquisition disposition● Neutral
This amends the April 12, 2011 filing on the Kentucky acquisition. It adds audited financial statements for the three acquired companies and pro forma financial information, and it amends the amount received in the first instalment of the new Eurasian facility. The purchase terms in the visible text are unchanged ($6,775,000, with 8,500,000 shares). The amended instalment figure is not in the text provided, and the financial figures are not visible either.
27 May 2011capital raising announcement● Neutral
On May 24, 2011 Alamo borrowed $50,000 from Eurasian, the first draw reported under the new $2,400,000 agreement of April 2011. Its terms differ from the 2009 facility: 8%, due April 12, 2014, convertible at $1.00 a share, with 50,000 warrants at $1.25 for five years. The higher conversion and warrant prices mean less dilution per dollar borrowed than the earlier notes.
21 Apr 2011capital raising announcement● Neutral
On April 19, 2011 Alamo signed a third advisory board agreement, with David Henderson, on the same terms as before: at least four meetings a year at $1,000 each and 100,000 shares subject to vesting. The filing also confirms that Alamo is obliged to issue 100,000 shares each to Terry Davis and Richard Edmonson. Together the three advisors add about 300,000 shares of potential dilution.
13 Apr 2011asset acquisition disposition● NeutralMajor
On April 12, 2011 Alamo bought all the membership interests in three Kentucky companies (KYTX Oil and Gas, KYTX Pipeline and KYTX Drilling) from Range Kentucky Holdings for $6,775,000: $400,000 cash and 8,500,000 new shares valued at $0.75. For 5,500,000 of those shares the seller has price protection for up to 24 months: if the 10-day average price falls to $0.60 or $0.35 or below, it can elect to have extra shares issued, which would dilute other holders. Alamo must also register 3,000,000 of the shares for resale and agreed to a development agreement covering certain Kentucky counties. The seller will provide accounting services at cost plus 10%. The same day Alamo took a final $115,095 under the 2009 Eurasian facility and signed a new Eurasian facility of up to $2,400,000, with a first instalment of $460,000 and 460,000 warrants. This is a much larger Kentucky commitment than the earlier small Taylor program units. The filing text provided is cut off before the rest of the new facility's terms.
30 Mar 2011material agreement● Neutral
On March 28, 2011 Alamo signed an advisory board agreement with Terry W. Davis. He will help with introductions and advice, attend at least four meetings a year for $1,000 per meeting, and receive 100,000 shares subject to vesting. Either side can end it at any time. It repeats the October 2010 Edmonson arrangement and adds a small amount of dilution.
25 Mar 2011listing compliance notice▼ Bad
Alamo Energy Corp. withdrew a registration statement, abandoning the offering it covered.
1 Mar 2011capital raising announcement● Neutral
On March 1, 2011 Alamo borrowed another $160,000 from Eurasian under the original $2,000,000 agreement, on the same terms: 8%, due November 18, 2012, convertible at $0.50, with 160,000 warrants at $1.00 for five years. It is the largest single draw since the facility's first instalment in November 2009, and adds to possible dilution.
10 Feb 2011capital raising announcement● Neutral
On February 8, 2011 Alamo borrowed another $100,000 from Eurasian under the original $2,000,000 agreement from November 2009. The note is 8%, due November 18, 2012, and convertible at $0.50 a share, with 100,000 warrants at $1.00 for five years. This continues the drip-feed of borrowing from Eurasian, and conversion or exercise could dilute shareholders.
16 Dec 2010capital raising announcement● NeutralMajor
On December 15, 2010 Alamo borrowed another $75,000 from Eurasian under the original $2,000,000 agreement (8% note due November 18, 2012, convertible at $0.50, with 75,000 warrants at $1.00 for five years). That brings the total to roughly $1.6 million by my sum of the filings' figures (an inference), leaving about $400,000 undrawn. The same day it exercised its option under the Allied participation agreement to join the recompletion of the WVIC D-12 well on the Eco Forrest Lease (about 493 acres, Ritchie County, West Virginia). The filing gives no cost or interest for that well; the press release calls it the third Allied re-entry well.
22 Oct 2010material agreement● Neutral
On October 18, 2010 Alamo signed an advisory board agreement with Richard Edmonson, who will help with introductions to partners and investors, attend at least four meetings a year for $1,000 per meeting, and receive 100,000 common shares subject to vesting. The agreement can be ended at any time by either side. The share grant adds a small amount of dilution.
21 Oct 2010material agreement● Neutral
On October 15, 2010 Alamo and Allied amended their West Virginia agreements. The Dillon #1 well in Pleasants County is replaced with the Goose Creek #4 re-entry well in Ritchie County, and an accounting-procedures exhibit is added to the operating agreements. The press release says work is expected to start shortly after unseasonal weather delayed operations, and repeats the company's belief that the well could produce up to 20,000 barrels. This changes the August announcement, which named Dillon #1; the filing does not say why.
27 Sept 2010capital raising announcement● Neutral
On September 24, 2010 Alamo borrowed another $40,000 from Eurasian under the original $2,000,000 agreement (8% note due November 18, 2012, convertible at $0.50, with 40,000 warrants at $1.00 for five years). Summing the notes in these filings gives roughly $1.52 million drawn, an inference from the filings' own figures. Conversion could dilute shareholders.
9 Sept 2010asset acquisition disposition▲ GoodMajor
On September 3, 2010 Alamo agreed to pay $97,500 to Berry Resources for 6.5 units in Berry Prospect #22-A, two wells to be drilled in Tennessee. Each unit is about 3.33% working interest (about 2.33% net revenue interest) in each well, and Berry will operate. On September 7 it also borrowed $70,000 from Eurasian (8%, due November 18, 2012, convertible at $0.50, 70,000 warrants at $1.00), stated to be under the original $2,000,000 agreement. The press release says about $1,484,000 of that commitment has been received, and that a first well has been drilled with 110 feet of pay; it places the lease in Fentress County, not Pickett County as the filing does. Tennessee is a new state for the company.
19 Aug 2010capital raising announcement● Neutral
On August 18, 2010 Alamo issued Eurasian a $150,000 note (8%, due November 18, 2012, convertible at $0.50) with 150,000 warrants at $1.00 for five years. It is another draw on the Eurasian financing (inference; the filing does not name the facility). Conversion or warrant exercise could dilute existing shareholders.
16 Aug 2010capital raising announcement● Neutral
On August 12, 2010 Alamo issued Eurasian a further $25,000 note (8%, due November 18, 2012, convertible at $0.50) with 25,000 warrants at $1.00 for five years. It is another small draw on the Eurasian financing (inference, as the filing does not name the facility). It could add to dilution if converted.
5 Aug 2010material agreement● NeutralMajor
On August 4, 2010 Alamo agreed with Allied Energy to take a 50% working interest in the M. Dillon Lease and the Dillon #1 re-entry well in Pleasants County, West Virginia, paying $179,125 in drilling and completion costs. Its interests are 70% (59.08 net revenue interest) before payout and 50% (42.2%) after. It also gets an option to join re-entries of sixteen more Allied wells in West Virginia. This extends the West Virginia program begun in May; the Dillon #1 well was later swapped out (see October 2010).
26 July 2010capital raising announcement● Neutral
On July 22, 2010 Alamo issued Eurasian Capital Partners a $175,000 note (8%, due November 18, 2012, convertible at $0.50 per share) with 175,000 warrants at $1.00 for five years. The filing does not name the November 2009 facility, but the terms match it (inference). Conversion or warrant exercise could dilute existing shareholders.
21 May 2010auditor change● NeutralMajor
On May 18, 2010 Alamo bought a 50% working interest in the Florence Valentine Lease in Ritchie County, West Virginia from Allied Energy (operator), paying $153,500 in drilling and completion costs for the Valentine #1 re-entry well. Until Allied is paid back ("payout") Alamo holds 70% of the well (59.08 net revenue interest); after payout it drops to 50% (42.2%). This is the company's first West Virginia asset. The same filing shows Alamo dismissed Kelly & Company (in place only since March 17, 2010, no reports issued, no disagreements) and hired Q Accountancy Corporation, the fifth auditor engaged since November 2009 (counting Mendoza Berger and Quintanilla), continuing the auditor-churn thread.
21 Apr 2010asset acquisition disposition● NeutralMajor
On April 15, 2010, Alamo issued another $250,000 Eurasian note (8%, due November 18, 2012, convertible at $0.50) with 250,000 warrants at $1.00. On April 16 it agreed with WEJCO, Inc. to take participation rights in the Duffer Re-entry Prospect, Hubbard H-1 well in Brown County, Texas, paying $18,050 (20% of $90,250 in geologic, land and seismic costs) plus a share of drilling and completion costs; WEJCO will operate. Eurasian notes announced since February now total $730,000 against the $2,000,000 commitment, counting the $334,905 first instalment.
30 Mar 2010capital raising announcement● Neutral
On March 25, 2010, Alamo issued a further $100,000 Eurasian note (8%, due November 18, 2012, convertible at $0.50) with 100,000 warrants at $1.00. Separately, it dismissed Quintanilla on March 17, 2010 and hired Kelly & Company as auditor, with no disagreements reported and no audit reports issued by Quintanilla. This is the company's third auditor in about two months.