2 Jan 2014asset acquisition disposition▲ Good
Another Campbell County well and its three leases went for about $1.0 million, a $380,000 gain, with a 1.75% royalty retained - more of the 2011 package sold to raise cash.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
27 Nov 2013material agreement▲ Good
Arete took working interests of about 1% each in three horizontal wells to be drilled in Campbell County, Wyoming - its first step back towards drilling after two years of selling assets, though at stakes too small to move the company either way.
14 Nov 2013quarterly activities report● Neutral
ARETE INDUSTRIES INC reported quarterly revenue of $692 thousand and net income of $118 thousand for the period ended 2013-09-30.
9 Aug 2013quarterly activities report▼ Bad
ARETE INDUSTRIES INC reported quarterly revenue of $516 thousand and a net loss of $42 thousand for the period ended 2013-06-30.
2 Aug 2013director interest notice● Neutral
Burlingame Asset Management, LLC became a ARETE INDUSTRIES INC 10%+ owner and company insider (initial ownership filing).
2 Aug 2013substantial holder notice● Neutral
Burlingame Equity Investors Master Fund, LP, Burlingame Equity Investors II, LP, Burlingame Asset Management, LLC, Blair E. Sanford reported a ARETE INDUSTRIES INC shareholding of 1,460,000 shares (11.10% of votes) in a periodic institutional filing.
5 July 2013capital raising announcement▼ BadMajor
To escape the 15% preferred issued in 2011, Arete cut its conversion price from $3.35 to $0.75 and holders - the Burlingame funds plus directors Davis and Scheidt - swapped 497.5 preferred shares for 5.2 million ordinary shares and gave up their dividends. Heavy dilution bought an end to the dividend drain.
20 May 2013quarterly activities report▼ Bad
ARETE INDUSTRIES INC reported quarterly revenue of $459 thousand and a net loss of $92 thousand for the period ended 2013-03-31.
16 May 2013late filing notice▼ Bad
ARETE INDUSTRIES INC notified the SEC that its quarterly report would be filed late.
3 May 2013debt financing▼ BadMajor
A second and larger loan from Scheidt's Apex Financial, $1 million at 7.5% on the same three-quarters-of-income security. Scheidt is now chief executive, so Arete's main lender and its boss are the same man.
2 Apr 2013late filing notice▼ Bad
ARETE INDUSTRIES INC notified the SEC that its annual report would be filed late.
14 Feb 2013substantial holder notice● Neutral
Burlingame Equity Investors Master Fund, LP, Burlingame Equity Investors II, LP, Burlingame Asset Management, LLC, Blair E. Sanford disclosed a new substantial ARETE INDUSTRIES INC shareholding (8.90% of votes).
14 Nov 2012quarterly activities report▼ Bad
ARETE INDUSTRIES INC reported quarterly revenue of $645 thousand and a net loss of $128 thousand for the period ended 2012-09-30.
1 Nov 2012securities registration● Neutral
ARETE INDUSTRIES INC filed the final prospectus for a registered offering.
26 Oct 2012securities registration● Neutral
ARETE INDUSTRIES INC amended a filing by which it registered a securities offering with the SEC.
4 Oct 2012debt financing▼ BadMajor
Arete borrowed $455,000 at 12% from Apex Financial, owned by shareholder and consultant Nicholas Scheidt, pledging three-quarters of all oil and gas income and of any future asset-sale proceeds. Expensive insider money, on terms that leave little cash for anything else.
24 Aug 2012quarterly activities report▼ Bad
ARETE INDUSTRIES INC reported quarterly revenue of $481 thousand and a net loss of $295 thousand for the period ended 2012-06-30.
16 Aug 2012quarterly activities report▼ Bad
ARETE INDUSTRIES INC reported quarterly revenue of $481 thousand and a net loss of $295 thousand for the period ended 2012-06-30.
15 Aug 2012late filing notice▼ Bad
ARETE INDUSTRIES INC notified the SEC that its quarterly report would be filed late.
29 May 2012securities registration● Neutral
ARETE INDUSTRIES INC registered a securities offering with the SEC.
15 May 2012quarterly activities report● Neutral
ARETE INDUSTRIES INC reported quarterly revenue of $1.1 million and net income of $275 thousand for the period ended 2012-03-31.
30 Mar 2012late filing notice▼ Bad
ARETE INDUSTRIES INC notified the SEC that its annual report would be filed late.
6 Feb 2012asset acquisition disposition▲ Good
Arete sold a Niobrara County, Wyoming well and its 1,897-acre lease for about $1.1 million, a roughly $750,000 gain, keeping a 2.575% royalty. The pattern set in 2011 continued: fund the debt by selling off pieces of what was just bought.
21 Nov 2011quarterly activities report● Neutral
ARETE INDUSTRIES INC reported quarterly revenue of $437 thousand and net income of $2.2 million for the period ended 2011-09-30.
17 Nov 2011quarterly activities report● Neutral
ARETE INDUSTRIES INC reported quarterly revenue of $437 thousand and net income of $2.2 million for the period ended 2011-09-30.
15 Nov 2011late filing notice▼ Bad
ARETE INDUSTRIES INC notified the SEC that its quarterly report would be filed late.
31 Oct 2011securities registration● Neutral
ARETE INDUSTRIES INC filed notice of an exempt private placement.
7 Oct 2011asset acquisition disposition▲ GoodMajor
Arete made the final payment on 30 September and completed the DNR and Tindall purchase, funded by breaking escrow on a private placement that raised $5.2 million of 15% convertible preferred stock. A deal signed in 2009 was finally paid for, at the price of expensive preferred ranking ahead of ordinary shareholders.
22 Sept 2011material agreement● Neutral
A second amendment pushed the September instalment back a fortnight but pulled the final payment forward to the same date - the sellers effectively demanding the whole remaining balance on 30 September.
29 Aug 2011asset acquisition disposition▲ GoodMajor
Arete sold part of the package it had only just bought for about $5.0 million, booking a $2.66 million gain, and put $3.7 million of it straight back to the sellers. The acquisition was in effect being paid for by breaking it up.