5 Dec 2013listing compliance notice▼ BadMajor
American Energy Development Corp. suspended its duty to file periodic reports with the SEC.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
22 Nov 2013quarterly activities report▼ Bad
American Energy Development Corp. reported a quarterly net loss of $5 thousand for the period ended 2013-09-30.
15 Nov 2013late filing notice▼ Bad
American Energy Development Corp. notified the SEC that its quarterly report would be filed late.
27 Sept 2013late filing notice▼ Bad
American Energy Development Corp. notified the SEC that its annual report would be filed late.
28 May 2013quarterly activities report▼ Bad
American Energy Development Corp. reported quarterly revenue of $49 thousand and a net loss of $318 thousand for the period ended 2013-03-31.
15 May 2013late filing notice▼ Bad
American Energy Development Corp. notified the SEC that its quarterly report would be filed late.
15 Feb 2013late filing notice▼ Bad
American Energy Development Corp. notified the SEC that its quarterly report would be filed late.
6 Feb 2013asset acquisition disposition▼ BadMajor
On February 5, 2013 the company gave back its entire 43.75% working interest in the White-tail Prospect to Range Michigan for $10, effective January 22, 2013, and terminated the June 2012 lease acquisition and operating agreements. The filing states the reason as the company's non-payment of seismic program costs, and no material early termination penalties. This ends the White-tail deal from June 2012; the shares and cash already paid are not addressed in the filing.
19 Nov 2012quarterly activities report▼ Bad
American Energy Development Corp. reported quarterly revenue of $71 thousand and a net loss of $134 thousand for the period ended 2012-09-30.
14 Nov 2012late filing notice▼ Bad
American Energy Development Corp. notified the SEC that its quarterly report would be filed late.
28 Sept 2012late filing notice▼ Bad
American Energy Development Corp. notified the SEC that its annual report would be filed late.
27 June 2012securities registration● Neutral
American Energy Development Corp. filed notice of an exempt private placement.
21 June 2012asset acquisition disposition● NeutralMajor
On June 15, 2012 the company acquired a 43.75% working interest in Range Michigan's leases on the White-tail Prospect (about 4,000 acres in northern Michigan), with Range as operator. It paid $87,500 cash (paid March 20, 2012) plus 476,191 shares valued at $200,000 ($0.42 each), and agreed to pay 100% of the cost of a 3D seismic survey up to $200,000. This is a new Range deal beyond the Dansville prospect; the seismic payment obligation is a new commitment.
1 June 2012asset acquisition disposition● Neutral
This amendment to the March 2012 filing adds audited financial statements for Reservoir Resources Limited, the UK company the company acquired. They show no revenue, a 2011 net loss of $10,770, total assets of $42,650 (mostly an unevaluated license cost of $42,400) and cash of $250 at December 31, 2011. The auditor flags substantial doubt about Reservoir's ability to continue as a going concern. The deal terms are unchanged from the original filing. The text was truncated, so pro forma figures for the company are not visible here.
3 May 2012quarterly activities report▼ Bad
American Energy Development Corp. reported quarterly revenue of $21 thousand and a net loss of $107 thousand for the period ended 2012-03-31.
10 Apr 2012drilling progress report● Neutral
A press release confirmed the Cremer 1-1 well on the Dansville Prospect in Michigan would spud in the week starting April 16, 2012, drilling a vertical well to about 4,500 feet, taking an estimated 10-14 days. This continues the Range drilling program after Brown 2-12; no results are given yet.
5 Apr 2012capital raising announcement● Neutral
On March 30, 2012 the company drew a further $120,000 under the October 2011 financing agreement, issuing 162,163 shares at $0.74 plus warrants at $0.89 for five years. A press release also said the second Dansville well, Cremer 1-1, about a mile from the Brown 2-12 well, was planned to spud in April 2012, with the rig expected in the second week of April. The press release calls Brown 2-12 successful, but the filing gives no production figures.
What it means for a shareholder
162,163 new shares at $0.740 to raise about $120,000. That's 0.16% dilution: every existing holder's slice gets 0.16% smaller. If you held $1,000 of shares (1,351 at the issue price), your slice goes from 0.00133% to 0.00133% of the company. To keep it you'd need 2 more shares - about $1 at the issue price.
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22 Mar 2012capital raising announcement● NeutralMajor
On March 20, 2012 the company drew $1,000,000 under the October 2011 Securities Purchase Agreement, issuing 1,282,052 shares at $0.78 plus 1,282,052 five-year warrants exercisable at $0.94. This is the first drawdown reported since the initial $200,000 and is a larger one, and it dilutes existing holders.
What it means for a shareholder
1.3m new shares at $0.780 to raise about $1.0m. That's 1.4% dilution: every existing holder's slice gets 1.4% smaller. If you held $1,000 of shares (1,282 at the issue price), your slice goes from 0.00147% to 0.00145% of the company. To keep it you'd need 19 more shares - about $15 at the issue price.
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16 Mar 2012asset acquisition disposition● NeutralMajor
The company closed its purchase of Reservoir Resources Limited from Pepper Canister Nominees Limited on March 12, 2012, paying 12,500,000 new shares. Reservoir holds, through Fairfax Shelfco 307, a 95% share in UK licence PEDL236 (a 24,700 acre block in the Weald Basin) plus 2D seismic data. This completes the UK deal announced in September 2011. The company must spud a 400 meter well by December 31, 2012 (extendable to March 13, 2013 for force majeure), or the seller can cancel the deal and take back the company, keeping 6,250,000 shares and returning 6,250,000 for cancellation. A 2.5% overriding royalty to the seller is also agreed. The press release says the UK regulator (DECC) gave assurance it does not intend to revoke the license, and that the first well is planned for the second half of 2012. The share issue dilutes existing holders.
14 Feb 2012quarterly activities report▼ Bad
American Energy Development Corp. reported quarterly revenue of $2 thousand and a net loss of $120 thousand for the period ended 2011-12-31.
6 Dec 2011debt financing● Neutral
CFO Joel Felix lent the company $109,961.50 on a promissory note due June 2, 2012 at 5% annual interest. A press release said well completion and production equipment installation on the Brown #2-12 well in Michigan are finished and production testing is about to start, continuing the drilling that began in October.
9 Nov 2011quarterly activities report▼ Bad
American Energy Development Corp. reported quarterly revenue of $0 and a net loss of $119 thousand for the period ended 2011-09-30.
18 Oct 2011capital raising announcement● Neutral
The company reported issuing 500,000 shares at $0.40 plus warrants at $0.48 for $200,000 on October 12, 2011 under the October 3 Securities Purchase Agreement. This appears to be the same $200,000 first drawdown described in the earlier filing (the dates differ, so it is unclear if it is a reporting update or a separate issuance); the filing adds no new amounts.
What it means for a shareholder
500,000 new shares at $0.400 to raise about $200,000. That's 0.291% dilution: every existing holder's slice gets 0.291% smaller. If you held $1,000 of shares (2,500 at the issue price), your slice goes from 0.00146% to 0.00146% of the company. To keep it you'd need 7 more shares - about $3 at the issue price.
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7 Oct 2011capital raising announcement● NeutralMajor
The company signed an agreement letting it sell up to $7,800,000 of stock with warrants to an investor over two years at the higher of $0.40 or 80% of the recent average price, at its own option and subject to the investor accepting its use of proceeds. It drew $200,000 immediately (500,000 shares at $0.40 plus warrants at $0.48), and as a condition Joel Felix agreed to cancel 85,000,000 of his shares, leaving 86,667,100 shares outstanding. A press release also said drilling began on the Brown #2-12 well at the Dansville prospect, the first of the wells under the Range deal.
What it means for a shareholder
500,000 new shares at $0.400 to raise about $200,000. That's 0.291% dilution: every existing holder's slice gets 0.291% smaller. If you held $1,000 of shares (2,500 at the issue price), your slice goes from 0.00146% to 0.00146% of the company. To keep it you'd need 7 more shares - about $3 at the issue price.
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22 Sept 2011capital raising announcement● NeutralMajor
The company set its working interest in the Magnolia Prospect at 1.4% under an agreement with operator Crown Energy Company, tied to payments earlier made via Mid-OK Energy Partners. It also extended its deadline to join the Range Michigan wells from December 31, 2011 to July 1, 2012, and agreed that Range can withhold the first $100,000 of production proceeds from the first well to cover the option fee (otherwise due by early 2012). It appointed Des Oswald as an advisor for $900 per meeting and 90,000 vesting shares. The Range extension continues the June 2011 Michigan deal.
20 Sept 2011material agreement● NeutralMajor
American Energy Development Corp. agreed to buy Reservoir Resources Limited from Pepper Canister Nominees Limited, which holds an oil and gas exploration license in the United Kingdom, for 12,500,000 new shares. Closing happens 10 days after the UK Department of Energy and Climate Change (the filing writes 'Control') agrees not to revoke the license; the company must spud a well of at least 400 meters by December 31, 2012 or the seller can cancel the deal and keep 50% of the shares, and the seller also gets a 2.5% overriding royalty. This adds a UK exploration asset alongside the Michigan acreage and would dilute existing holders by the shares issued.
28 June 2011securities registration● Neutral
American Energy Development Corp. filed notice of an exempt private placement.
20 June 2011asset acquisition disposition● NeutralMajor
The company, then named LJM Energy Corp. (the name in this filing; later American Energy Development Corp.), bought interests in oil and gas leases and seismic data in Ingham County, Michigan from Range Michigan LLC for 400,000 shares of its common stock. It must also do a 30-for-1 forward stock split within 30 days, drill three required wells in the Dansville Prospect by December 31, 2011 (paying about 70% of costs, for a 43.75% interest), and paid for an option on three further prospects ($100,000 option fee). The filing says the company no longer believes it is a shell company, citing these deals plus its Oklahoma working interests.
13 May 2011quarterly activities report▼ Bad
American Energy Development Corp. reported a quarterly net loss of $22 thousand for the period ended 2011-03-31.
14 Feb 2011quarterly activities report▼ Bad
American Energy Development Corp. reported a quarterly net loss of $22 thousand for the period ended 2010-12-31.