Each one in plain English, with the numbers worked through for a shareholder.
9 Feb 2022bankruptcy or receivership▼ BadMajor
This amendment to the April 2020 bankruptcy notice says that on January 10, 2022 the bankruptcy court (Eastern District of Texas, Sherman Division) approved bidding procedures for selling the assets of the three subsidiaries (Amazing Energy, LLC, Amazing Energy Holdings, LLC and Amazing Energy MS, LLC), in connection with the liquidation of those subsidiaries under Case No. 20-41558. This continues the April 2020 Chapter 11 filings and shows the subsidiaries' Texas, New Mexico and Mississippi holdings are being put up for sale to qualified bidders. The filing says the parent company itself has not filed for bankruptcy, and it does not say what shareholders will receive.
On April 6, 2020 three wholly owned subsidiaries, Amazing Energy, LLC, Amazing Energy Holdings, LLC and Amazing Energy MS, LLC, filed Chapter 11 bankruptcy petitions in the Southern District of Mississippi. These subsidiaries own and operate the company's holdings in Texas, New Mexico and Mississippi. The parent company itself has not filed. What happens to shareholders' equity is not stated.
On March 16, 2020 the company issued 8,333,333 restricted shares to Cicero Transact Group, Inc., valued at $250,000 and equal to 7% of shares outstanding. The filing does not say what was received in return. Existing holders are diluted.
The company issued a press release on January 14, 2020 giving an operational update on the Denver Mint Project. The filing text gives no figures; the exhibit is listed with the title of the earlier November 2019 release, so the update's details are not in this filing.
29 Nov 2019asset acquisition disposition● NeutralMajor
On November 22, 2019 the company's subsidiary bought the Denver Mint Project in Mississippi (about 900 acres, nine oil wells and a saltwater disposal well) for about $3,050,000. The company funded it by selling an overriding royalty interest for $4,500,000, about $1,400,000 of which goes to working capital, and in return must deliver 146,470 barrels of oil over 48 months, with monthly minimums starting February 2020 ranging from 280 to 4,560 barrels. This is a financing that commits future production to the buyer.
On September 18, 2019 the company borrowed $250,000 from FirstFire Global Opportunities Fund with a 10% original issue discount, 12% interest, maturing March 9, 2020, convertible at a 50% discount to market. It issued 1,875,000 commitment-fee shares, with 1,562,500 cancelled if repaid by maturity. This is the third loan of this type in about a month (after Labrys and Morningview), for working capital.
On September 11, 2019 the company borrowed $250,000 from Morningview Financial with a 10% original issue discount, 12% interest, maturing March 2, 2020, convertible at a 50% discount to market. It issued 1,875,000 commitment-fee shares, with 1,562,500 cancelled if repaid by maturity. This is the second loan of the same type after Labrys, adding to short-term debt and potential dilution.
On August 20, 2019 the company borrowed $400,000 from Labrys Fund with a 10% original issue discount, 12% interest, maturing February 20, 2020, and convertible into common stock at a 50% discount to market price. It also issued 3,000,000 shares as a commitment fee, of which 2,500,000 are returned and cancelled if the loan is repaid by maturity. Proceeds are for working capital. Terms of this kind could dilute shareholders if the loan is converted.
On August 23, 2019 the company closed the Wilson 49-2 Wolfcamp recompletion offering, raising $537,500 from five accredited investors, who get a working interest plus four shares per dollar (2,150,000 shares in total). Between January 1 and February 28, 2020 investors can put their working interests back to the company for 4 more shares per dollar invested, which could mean further share issuance. Four board members took part.
18 June 2019capital raising announcement● NeutralMajor
On June 17, 2019 the company closed a working interest offering for the Moe-35 horizontal well, raising $1,640,000 from 17 accredited investors, each also getting four common shares per dollar invested. The company will issue 6,560,000 shares, a much heavier share issue than the January offering (one share per $2); four board members took part on the same terms.
What it means for a shareholder
6.6m new shares at about $0.250 to raise about $1.6m. That's 6.5% dilution: every existing holder's slice gets 6.5% smaller. If you held $1,000 of shares (4,000 at the issue price), your slice goes from 0.00425% to 0.00397% of the company. To keep it you'd need 279 more shares - about $70 at the issue price.
5 Apr 2019security holder rights change● NeutralMajor
Effective April 1, 2019 the company redeemed all 9,000 Series A preferred shares held by director Jed Miesner at $100 each, $900,000 in total, paid by raising the principal on a note owed to him by subsidiary Amazing Energy, LLC from $1,940,000 to $2,840,000. The shares are retired, ending the Series A voting block (90,000,000 votes equivalent) that was set out earlier. No cash left the company; the cost is added debt.
On February 28, 2019 Jed Miesner, sole holder of the 9,000 Series A preferred shares (voting power equal to 90,000,000 common shares), agreed not to vote them until at least April 1, 2019 on anything other than a change of control of the company or its assets. This temporarily limits his voting power. Resolved in the next filing, when the Series A was redeemed.
1 Feb 2019asset acquisition disposition▲ GoodMajor
Effective January 28, 2019 the company completed buying working interests in three leases in Lea County, New Mexico from Wyatt, for $100,000 cash and a $1,900,000 seller note at 7% due in one year. It gets 56% in two leases and 100% in a third (Devon Energy holds 30% in two of them), covering 10,501 net acres, with nine wells producing about 104 boepd, and the company will operate. The deal adds a fractional interest in Wyatt's Chateau Project in Mississippi. This is the second Wyatt deal, after the October 2018 Texas leases, and adds new debt due within a year.
On January 10, 2019 the company closed a working interest offering raising $1,260,000 from 13 accredited investors, who get a share in the WWJD#31 horizontal well program plus one common share per $2 invested. The filing states 630,000 shares will be issued; six board members took part on the same terms as others. A press release attached says the WWJD #31H well, the first horizontal San Andres well, reached total depth.
What it means for a shareholder
630,000 new shares at about $2.00 to raise about $1.3m. That's 0.735% dilution: every existing holder's slice gets 0.735% smaller. If you held $1,000 of shares (500 at the issue price), your slice goes from 0.000588% to 0.000583% of the company. To keep it you'd need 4 more shares - about $8 at the issue price.
26 Oct 2018security holder rights change▼ BadMajor
On October 24, 2018 the company borrowed $500,000 from Bories Capital, LLC on an unsecured two-year loan with interest-only payments until maturity. As extra consideration, a warrant held by Gulf South Holdings (an affiliate of the lender) had its exercise price cut from $1.00 to $0.40 and its expiry extended to April 1, 2024, and the Series B preferred shares held by the lender were changed to remove the company's call right until April 1, 2024. The proceeds are to pay down existing debt and fund working capital. These concessions favor the lender and could dilute other holders if exercised. The address in the filing is now Plano, Texas.
22 Oct 2018asset acquisition disposition▲ GoodMajor
On October 17, 2018 the company bought oil and gas leases from Wyatt Petroleum and Wyatt Permian for $500,000 cash, gaining deep rights to 21,000 mostly contiguous acres in Pecos County, Texas. The company says it now controls all drilling rights to all depths in 61,000 acres, plus mineral and drilling rights to 3,000 feet on another 9,000 acres. The money came from a loan from Tony Alford, now described as Chairman of the Board.
