14 Dec 2007director interest notice● Neutral
BREK ENERGY CORP director Ian Robinson disposed of 1,011,132 shares via option/appreciation-right settlement.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
14 Dec 2007director interest notice● Neutral
BREK ENERGY CORP President, CEO and CFO Richard Jeffs disposed of 14,788,633 shares via option/appreciation-right settlement.
14 Dec 2007listing compliance notice▼ BadMajor
BREK ENERGY CORP deregistered its securities, ending its obligation to file reports with the SEC.
14 Dec 2007director interest notice● Neutral
BREK ENERGY CORP director Gregory M Pek disposed of 1,599,704 shares via option/appreciation-right settlement.
14 Dec 2007director interest notice● Neutral
BREK ENERGY CORP director Eugene J Sweeney disposed of 2,000,814 shares via option/appreciation-right settlement.
14 Dec 2007director interest notice● Neutral
BREK ENERGY CORP director Shawne Patrick Malone disposed of 677,368 shares via option/appreciation-right settlement.
14 Dec 2007director interest notice● Neutral
BREK ENERGY CORP director Michael L Nazmack disposed of 1,012,480 shares via option/appreciation-right settlement.
13 Dec 2007director interest notice● Neutral
BREK ENERGY CORP President and CEO Richard Jeffs bought 817,275 shares on the open market at $0.26.
12 Dec 2007business combination● NeutralMajor
At a December 12, 2007 special meeting, Brek shareholders approved the Gasco merger and the merger agreement as amended on January 31, May 29 and October 22, 2007. The vote was 61,563,110 shares, more than 76% of shares outstanding and entitled to vote. This clears the shareholder approval condition; the filing does not say the merger has closed.
10 Dec 2007asset acquisition disposition● NeutralMajor
On November 30, 2007 Brek completed the spin-off of Rock City Energy, which holds Vallenar Energy and its Rocksprings Prospect interests in Texas (being developed by an unrelated third party). Shareholders with 1,000 or more shares got Rock City stock at a rate of .100403 per share (8,000,000 shares distributed); others got cash at $0.022 per share. The filing says the spin-off was a condition of the Gasco merger, so Brek's shareholders now hold the Rocksprings assets outside Brek.
14 Nov 2007director interest notice● Neutral
BREK ENERGY CORP director Shawne Patrick Malone bought 375,000 shares on the open market at $0.16.
13 Nov 2007director interest notice● Neutral
BREK ENERGY CORP director Gregory M Pek bought 62,500 shares on the open market at $0.16.
13 Nov 2007director interest notice● Neutral
BREK ENERGY CORP director Michael L Nazmack bought 187,500 shares on the open market at $0.16.
1 Nov 2007director interest notice● Neutral
BREK ENERGY CORP director Ian Robinson bought 156,250 shares on the open market at $0.16.
1 Nov 2007capital raising announcement● Neutral
Brek sold 937,500 shares at $0.16 each, for $150,000, to five people: directors Nazmack, Robinson, Pek and Malone, and Susan Jeffs, wife of CEO Richard Jeffs. The proceeds are for working capital, including expenses of completing the Gasco merger. This adds new shares and shows insiders funding the pending deal.
What it means for a shareholder
937,500 new shares at $0.160 to raise about $150,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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23 Oct 2007business combination● Neutral
Brek and Gasco signed a Third Amendment extending the optional termination date for the merger from October 31, 2007 to December 31, 2007. All other terms stay in force, so the Gasco merger is still not completed more than a year after it was signed.
3 Oct 2007director interest notice● Neutral
BREK ENERGY CORP director Shawne Patrick Malone bought 16,342 shares on the open market at $0.17.
15 Aug 2007director interest notice● Neutral
BREK ENERGY CORP director Shawne Patrick Malone bought 138,250 shares on the open market at $0.20.
3 Apr 2007late filing notice▼ Bad
BREK ENERGY CORP notified the SEC that its annual report would be filed late.
1 Feb 2007business combination● Neutral
Brek and Gasco extended the date after which either side can terminate the merger from January 31, 2007 to May 31, 2007. All other merger terms stay the same, so the Gasco deal from September 2006 is still pending and not yet completed.
21 Dec 2006director interest notice● Neutral
BREK ENERGY CORP director Shawne Patrick Malone bought 567,368 shares on the open market.
8 Dec 2006director interest notice● Neutral
BREK ENERGY CORP director Eugene J Sweeney bought 1,160,365 shares on the open market.
17 Nov 2006substantial holder notice● Neutral
Richard N. Jeffs disclosed a new substantial BREK ENERGY CORP shareholding (17.46% of votes).
3 Oct 2006material agreement● NeutralMajor
On September 28, 2006 Brek cut the exercise price of all 18,534,460 outstanding warrants to one-third of their original $0.25-$0.90 prices, through the earlier of October 31, 2006 or each warrant's expiry. If every holder exercised, Brek would receive about $2,303,242 and issue more shares. Holders need not accept, and the original prices return after the period.
2 Oct 2006substantial holder notice● Neutral
Gasco Energy, Inc disclosed a new substantial BREK ENERGY CORP shareholding (33.00% of votes).
21 Sept 2006business combination● NeutralMajor
On September 20, 2006 Brek agreed to be acquired by Gasco Energy (the company whose preferred stock Brek has held since 2001), with Brek surviving as a wholly owned Gasco subsidiary. Gasco will issue 11 million of its common shares for all Brek common shares, calculated on a fully diluted basis. It needs Brek shareholder approval and an effective S-4 registration. Brek could owe a $1.0 million termination fee plus up to $1.0 million of Gasco's expenses in some circumstances. Insiders including CEO Jeffs (about 18%) signed a voting agreement to back the deal. The agreement text also refers to a subsidiary spin-off, but the visible text does not detail it.
24 July 2006director interest notice● Neutral
BREK ENERGY CORP director Shawne Patrick Malone bought 16,000 shares on the open market at $0.50.
30 May 2006material agreement▲ GoodMajor
Brek's Vallenar Energy subsidiary, through Nathan Oil Partners, signed a letter agreement with Chesapeake Exploration to develop the Rocksprings Prospect in Edwards County, Texas. Nathan Oil assigns its interest in leases below 1,500 feet; Chesapeake can earn 75% by drilling, and Nathan can back in for 25% after the first 10 wells recover their costs. Chesapeake pays for a 3-D seismic survey and owes $500,000 if it fails to drill an initial well before a lease expires and cannot extend or replace it. The filing says the press release gives the later-well back-in as 6.5% while the agreement says 6.25%.
3 Apr 2006late filing notice▼ Bad
BREK ENERGY CORP notified the SEC that its annual report would be filed late.
20 Mar 2006auditor change● Neutral
Amendment #2 to the February 2006 auditor change report restates that Hall & Company resigned on February 21, 2006 and Mendoza Berger was engaged. It keeps the March 3 correction that Hall's 2004 and 2003 reports were modified for going concern uncertainty, and adds Hall's March 13, 2006 letter agreeing with the statements about its firm. This only completes the earlier correction and adds no new facts.