15 Oct 2013securities registration● Neutral
Black Raven Energy, Inc. filed notice of an exempt private placement.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
3 Dec 2012listing compliance notice▼ BadMajor
On Dec 3, 2012 Black Raven filed an amended Form 15 to end its registration of common stock and its duty to file SEC reports under Rule 12g-4(a)(1), reporting about 230 holders of record. The company stops public reporting, so shareholders will no longer receive filings; the form does not say what happens to their shares or their value. Shares are not stated as cancelled or bought out, so this is a deregistration, not an end to ownership.
30 Nov 2012listing compliance notice▼ BadMajor
Black Raven Energy, Inc. terminated the registration of a class of securities, ending its reporting obligation for them.
30 Mar 2012late filing notice▼ Bad
Black Raven Energy, Inc. notified the SEC that its annual report would be filed late.
23 Feb 2012asset acquisition disposition● Neutral
This amendment supplies the financial statements for the Dec 2011 purchase of the remaining 20% of the Adena Field. For the nine months to Sept 30, 2011 the combined properties had revenue of $2,102,443 and direct operating expenses of $1,061,094 (excess $1,041,349); for 2010, revenue was $2,355,185 and direct expenses $1,536,979 (excess $818,206). The seller of the 20% is named as Aspire Investments, LLC. No new transaction terms.
14 Dec 2011asset acquisition disposition● NeutralMajor
On Dec 8, 2011 Black Raven bought the remaining 20% working interest in the Adena Field for $1.7 million, giving it 100% of the 18,760 gross acres; it had bought 80% in July 2011. The strategic partner's share is now stated as 30% of the company's 100% interest after payout of all costs, and the lenders' 3% overriding royalty applies. This completes the Adena position started in May 2011.
21 Nov 2011quarterly activities report● Neutral
Black Raven Energy, Inc. reported quarterly revenue of $1.3 million for the period ended 2011-09-30.
14 Nov 2011late filing notice▼ Bad
Black Raven Energy, Inc. notified the SEC that its quarterly report would be filed late.
12 Oct 2011asset acquisition disposition● Neutral
This amendment adds the financial statements required for the Adena Field purchase. The properties produced revenue of $1,884,937 less direct operating expenses of $1,228,458 in 2010 ($656,479 excess) per the 8-K/A's audited statement, and $539,574 revenue less $304,828 expenses ($234,746 excess) in Q1 2011. Nothing new about the deal itself is announced.
2 Aug 2011asset acquisition disposition● NeutralMajor
On July 27, 2011 Black Raven closed the $15.75 million purchase of an 80% working interest in the Adena Field and will operate it. It financed this with $18.0 million of Tranche A notes (13% interest, due July 27, 2016) and $2.5 million of Tranche B notes (13%, all paid in kind) from Carlyle funds, secured by substantially all company assets, with a 3% overriding royalty given to the noteholders. West Coast Opportunity Fund agreed to subordinate its debenture to the Carlyle notes and pledged all its Black Raven shares to Carlyle. The strategic partner's share is now stated as 24% of the 80% interest after payout, replacing the 30% described in May. This resolves the pending acquisition and adds large new senior debt ahead of the WCOF debenture.
25 May 2011material agreement● NeutralMajor
On May 17, 2011 Black Raven agreed to buy an 80% working interest in 18,760 gross acres of the Adena Field in Morgan County, Colorado from Adena Badger Creek, LLC for $15.75 million, with closing planned for mid to late June. The company estimates 2.76 million barrels of oil equivalent of proved reserves net to that interest, says it plans to fund the purchase with debt, and may terminate if it does not obtain financing; a strategic partner has agreed to purchase 30% of the 80% interest. This is a new oil-focused acquisition, separate from the earlier gas farmout with Atlas.
31 Mar 2011late filing notice▼ Bad
Black Raven Energy, Inc. notified the SEC that its annual report would be filed late.
19 Nov 2010quarterly activities report● Neutral
Black Raven Energy, Inc. reported quarterly revenue of $114 thousand for the period ended 2010-09-30.
15 Nov 2010late filing notice▼ Bad
Black Raven Energy, Inc. notified the SEC that its quarterly report would be filed late.
30 July 2010material agreement● NeutralMajor
On July 23, 2010 Black Raven signed a 10-year farmout with Atlas Resources (a subsidiary of Atlas Energy) covering gas drilling in Phillips and Sedgwick counties, Colorado and Perkins, Chase and Dundy counties, Nebraska. Atlas will drill six initial wells and may drill up to 60 more under its first work plan; Atlas paid $1,000,000 up front, will pay $60,000 per well drilled, and Black Raven keeps a 6% overriding royalty on the assigned drilling units. Separately, West Coast Opportunity Fund agreed that unpaid interest on its debenture from July 1, 2010 through Dec 31, 2011 will be added to principal rather than paid, consented to the farmout and waived certain earlier defaults. This builds on the 2009 restructuring of the WCOF debt (maturity Dec 31, 2011), and the filing does not say which defaults were waived.
18 May 2010late filing notice▼ Bad
Black Raven Energy, Inc. notified the SEC that its quarterly report would be filed late.
1 Apr 2010late filing notice▼ Bad
Black Raven Energy, Inc. notified the SEC that its annual report would be filed late.
17 Nov 2009auditor change● Neutral
This amended filing clarifies that the company dismissed auditor Hein & Associates on Aug 28, 2009 and engaged Deloitte & Touche on Oct 26, 2009, initially to audit the years ended 2007 and 2008. Hein's 2006 report was unqualified, there were no disagreements, and Hein has done no work since the Q3 2007 10-Q.
22 Sept 2009substantial holder notice● Neutral
West Coast Opportunity Fund, LLC, West Coast Asset Management, Inc, R. Atticus Lowe, Lance W. Helfert, Paul J. Orfalea reported a Black Raven Energy, Inc. shareholding of 15,166,667 shares (91.00% of votes) in a periodic institutional filing.
21 Sept 2009director interest notice● Neutral
Black Raven Energy, Inc. 10%+ owner West Coast Opportunity Fund LLC bought 750,000 shares on the open market at $1500000.00.
31 Aug 2009director interest notice● Neutral
Black Raven Energy, Inc. 10%+ owner West Coast Opportunity Fund LLC bought 250,000 shares on the open market at $500000.00.
9 July 2009director interest notice● Neutral
Black Raven Energy, Inc. 10%+ owner West Coast Opportunity Fund LLC bought 500,000 shares on the open market at $2.00.
19 May 2009director interest notice● Neutral
Black Raven Energy, Inc. 10%+ owner West Coast Asset Management INC bought 166,667 shares on the open market at $3.00.
1 May 2009capital raising announcement● NeutralMajor
The plan took effect Feb 2, 2009 and the company became Black Raven Energy. An April 2009 agreement releases West Coast Opportunity Fund from guaranteeing $7.5M of new equity; instead it bought 166,667 shares for $500,000 ($3.00 each) and must buy a further $3M of securities at $2.00 per share of common stock before Sept 10, 2010. Its loans now bear 2.5% interest until over $7.5M gross proceeds are raised, then 10%, mature Dec 31, 2011, and carry no prepayment penalty.
19 Feb 2009substantial holder notice● Neutral
R. Atticus Lowe, Lance W. Helfert, Paul J. Orfalea, West Coast Asset Management, Inc, West Coast Opportunity Fund, LLC disclosed a new substantial Black Raven Energy, Inc. shareholding (90.00% of votes).
17 Feb 2009director interest notice● Neutral
West Coast Asset Management INC became a Black Raven Energy, Inc. 10%+ owner and company insider (initial ownership filing).
21 Jan 2009bankruptcy or receivership▼ BadMajor
On Jan 16, 2009 the court confirmed the reorganization plan: all 8,721,994 existing shares are cancelled and holders receive nothing, while 15.0M new shares go to West Coast Opportunity Fund (13.5M, 90%) and unsecured creditors including convertible noteholders (1.5M combined). WCOF will also hold a $16.95M secured claim at 10% interest (first $3.75M due Dec 31, 2009, rest Dec 31, 2010), lend $1.5M exit financing and guarantee at least $7.5M of new equity raised within 90 days. The board becomes Gus Blass, William Hayworth and Atticus Lowe, and the company will be renamed Black Raven Energy.
31 Dec 2008capital raising announcement▼ BadMajor
The company said the court approved its reorganization plan, with a confirmation hearing set for Jan 16, 2009. If confirmed, all existing common stock will be cancelled, West Coast Opportunity Fund will get 90% of new stock and certain unsecured creditors 10%, and WCOF intends to lend $1.5M in exit financing.
27 May 2008bankruptcy or receivership● NeutralMajor
On May 19, 2008 the bankruptcy court approved a debtor-in-possession loan from PRB Acquisition LLC of up to $1.4M: $400,000 for operations and $1M only at the lender's sole discretion for property development. It carries 18% interest, a 3% commitment fee and a $100,000 due diligence fee, is secured by substantially all assets, expires June 30, 2008, and does not give the lender exclusive rights to negotiate a reorganization plan.
17 Apr 2008listing compliance notice● NeutralMajor
Black Raven Energy, Inc.'s exchange filed to remove a class of its securities from listing.