Past year: ▲ 0%(0.01c – 0.01c USD)
Each one in plain English, with the numbers worked through for a shareholder.
10 Dec 2008asset acquisition disposition▼ BadMajor
This amended filing adds the financing behind the Prism purchase: a $9,000,000 note sold by the subsidiary to an unaffiliated lender under a Note Purchase Agreement dated September 3, 2008 at 8% interest, payable on demand after the first anniversary. It is secured by a pledge of the Prism shares and fully guaranteed by Arkanova, so the parent is liable for it. This is far larger than the earlier $600,000 and $500,000 loans.
6 Oct 2008asset acquisition disposition● NeutralMajor
The $6,000,000 Prism Corporation purchase closed on October 3, 2008, about a month later than the September 4 target, because of an oil spill from a ruptured flow line on the Montana unit. The sellers stay financially responsible for cleanup costs under an amendment to the agreement. An unaffiliated lender provided the funds, and the acquired Prism shares were pledged to secure the loan. The company now owns the Montana unit, with new secured debt behind it. This resolves the pending acquisition.
26 Aug 2008material agreement● Neutral
This amendment repeats the previous day's Prism Corporation purchase disclosure ($6,000,000; Two Medicine Cut Bank Sand Unit, Montana; closing set for September 4, 2008), correcting the agreement date typo from 2001 to 2008 and updating the exhibit reference. No new terms are added.
25 Aug 2008material agreement▲ GoodMajor
On August 21, 2008 the company's subsidiary Arkanova Acquisition Corporation agreed to buy all the shares of Prism Corporation (Oklahoma) from Billie J. Eustice and the Gary L. Little Trust for $6,000,000, with closing set for September 4, 2008. Prism indirectly owns the leases of the Two Medicine Cut Bank Sand Unit (~9,900 acres, Montana), where 14 of 82 wells drilled since 1959 produce oil (1,667 barrels in July 2008). This is a new oil-producing area beyond the Arkansas and Colorado acreage. (The filing's text says the agreement was dated 2001, apparently a typo for 2008; the exhibit is dated August 21, 2008.)
23 June 2008material agreement termination▲ GoodMajor
The company obtained signed waivers from all 18 former Arkanova Energy, Inc. shareholders by June 18, 2008, ending an anti-dilution covenant from the 2006 merger that would have given them extra shares if the company issued shares or warrants below $0.80 within 24 months of March 1, 2007. This removes a claim that the company said could harm it, and the March 2008 $0.25 debenture conversion and $0.65 warrants would otherwise likely have triggered it (an inference). It resolves a thread from the merger terms.
23 June 2008director interest notice● Neutral
ARKANOVA ENERGY CORP. Chief Financial Officer Reginald Denny bought 3,013 shares on the open market at $0.30.
26 Mar 2008asset acquisition disposition▼ BadMajor
On March 19, 2008 the company sold a $500,000 debenture at 10% interest to the John Thomas Bridge & Opportunity Fund, due at the earliest of one year, a change of control, or a financing of $1,000,000 gross proceeds. Upon default it converts into shares at $0.25, far below earlier placements at $0.80, and the investor also received 250,000 warrants at $0.65 for five years plus a $40,000 fee. This is new debt with a conversion price that could dilute shareholders; the low prices may also bear on the anti-dilution covenant for earlier merger shareholders (an inference).
20 Feb 2008material agreement▲ Good
Effective February 15, 2008 the company's subsidiary leased 1,320 gross mineral acres in Delores County, Colorado for $93,500 in total, with a 100% working interest, a seven-year initial term, and a 3.5% overriding royalty owed to a third party on 220 net acres. It targets gas in Paradox Formation shales at 8,000-9,500 feet, where an earlier well reportedly showed gas, and plans to ask Colorado for permission to re-enter that well. This adds a second area beyond Arkansas.
13 Dec 2007capital raising announcement● NeutralMajor
The company closed a private placement of 4,966,500 shares at US$0.80 for $3,973,200, with shares issued on August 21 and October 31, 2007. Finders received $187,152 in cash and 292,425 two-year warrants at $1.60. This brings in new money but adds shares, and it continues the funding of the Arkansas program.
What it means for a shareholder
5.0m new shares at US$0.800 to raise about US$4.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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19 Oct 2007director interest notice● Neutral
Reginald Denny became a ARKANOVA ENERGY CORP. Chief Financial Officer and company insider (initial ownership filing).
18 Sept 2007director interest notice● Neutral
ARKANOVA ENERGY CORP. President, CEO, CFO, Secretary Pierre Georges Mulacek bought 187,500 shares on the open market at $0.80.
15 Aug 2007late filing notice▼ Bad
ARKANOVA ENERGY CORP. notified the SEC that its quarterly report would be filed late.
20 June 2007debt financing● NeutralMajor
On June 15, 2007 the company issued a $600,000 promissory note to Global Project Finance AG at 10% interest, due on demand any time after July 31, 2007 and possibly secured against its Phillips and Monroe County, Arkansas leases. It must be repaid from any financing of $5,000,000 or more completed before July 31, 2007, and default interest is 16%. This is the first debt in the company's story here.
23 May 2007material agreement● NeutralMajor
On May 21, 2007 the company agreed with David Griffin to issue 3,117,974 shares at $1.25 to settle the $3,897,467.75 option payment for about 14,172.61 net acres in Desha (spelled 'Deshea' in the filing) County, Arkansas, once the option is exercised and the company elects to pay in stock. A second agreement says that, after a $1,000,000 payment to Griffin, he will accept company shares at $1.25 (at the company's election) for any further payments on the roughly 50,000 acres of Phillips and Monroe County leases, for which $8,498,205 had been paid. This continues the Arkansas land buildup and lets the company pay in shares rather than cash, which would dilute shareholders if it elects to do so.
15 May 2007late filing notice▼ Bad
ARKANOVA ENERGY CORP. notified the SEC that its quarterly report would be filed late.
2 May 2007director interest notice● Neutral
Pierre Georges Mulacek became a ARKANOVA ENERGY CORP. CEO, CFO, Pres, Treas & Sec and company insider (initial ownership filing).
27 Apr 2007director interest notice● Neutral
ARKANOVA ENERGY CORP. director Erich Hofer bought 300,000 shares on the open market at $0.00.
27 Apr 2007director interest notice● Neutral
ARKANOVA ENERGY CORP. director John W Legg bought 300,000 shares on the open market at $0.00.
9 Mar 2007substantial holder notice● Neutral
Christian Russenberger disclosed a new substantial ARKANOVA ENERGY CORP. shareholding (7.70% of votes).
7 Mar 2007business combination● NeutralMajor
The merger with Arkanova Delaware closed on March 1, 2007: its shareholders received 13,000,000 shares, the former president's 10,000,000 shares were cancelled without payment, and 6,312,500 shares were sold at $0.80 in a private placement. That left 30,932,500 shares outstanding, with the former Arkanova shareholders holding about 42%, well short of the $13,000,000 placement assumed earlier. The company ceased to be a shell company; it reports pro forma accumulated deficit of $128,081, working capital of $2,203,933 and no revenue to date. This resolves the merger thread and starts the company's life as an oil and gas explorer.
8 Jan 2007material agreement● Neutral
The company, Arkanova Acquisition Corp. and Arkanova Delaware agreed by letter on December 31, 2006 to push the merger closing date from December 31, 2006 to January 31, 2007. All other merger terms stay the same; this is a second delay to the pending merger.
1 Dec 2006business combination● NeutralMajor
An information statement tied to the pending merger says the company, now named Arkanova Energy Corporation, had not been as successful as hoped with its sole asset, an option on a 160-acre mineral claim in Ontario, and entered the merger to move into oil and gas. The closing date was pushed from November 30 to December 31, 2006; the merger shares would be about 31.8% of roughly 40,870,000 shares if a full $13,000,000 private placement at $0.80 is completed and the president's 10,000,000 shares are cancelled. Board control would pass to John Legg (or an alternate) with the current directors resigning. This continues the merger thread, and share counts here are assumptions that depend on the placement.
23 Oct 2006business combination● NeutralMajor
Alton Ventures, Inc. (the company, later renamed Arkanova Energy Corp.) agreed on October 20, 2006 to merge with a private Delaware company, Arkanova Energy, Inc., whose shareholders would receive 13,000,000 post-split shares. Arkanova held leases for a 100% working interest in about 19,000 gross acres in the Fayetteville Shale trend in Phillips and Monroe Counties, Arkansas, with commitments to acquire 31,000 more acres and an option on 15,000 acres in Deshea County. Closing depended on conditions including a name change, a 2-for-1 stock split, the president returning 5,000,000 shares for cancellation, and a private placement of at least US$5,000,000; the filing says there is no assurance it will close.
14 Nov 2005late filing notice▼ Bad
ARKANOVA ENERGY CORP. notified the SEC that its quarterly report would be filed late.
1 Feb 2005securities registration● Neutral
ARKANOVA ENERGY CORP. amended a filing by which it registered a small-business securities offering with the SEC.
10 Jan 2005securities registration● Neutral
ARKANOVA ENERGY CORP. amended a filing by which it registered a small-business securities offering with the SEC.
20 Dec 2004securities registration● Neutral
ARKANOVA ENERGY CORP. amended a filing by which it registered a small-business securities offering with the SEC.
9 Nov 2004securities registration● Neutral
ARKANOVA ENERGY CORP. amended a filing by which it registered a small-business securities offering with the SEC.
18 Oct 2004securities registration● Neutral
ARKANOVA ENERGY CORP. amended a filing by which it registered a small-business securities offering with the SEC.
10 Aug 2004securities registration● Neutral
ARKANOVA ENERGY CORP. registered a small-business securities offering with the SEC.
