Past year: ▼ 89%(0.01c – 0.11c USD)
Each one in plain English, with the numbers worked through for a shareholder.
5 May 2017auditor change▼ Bad
RBSM LLP resigned as auditor on May 1, 2017, and the company engaged Pinaki & Associates, LLC to audit the years ended December 31, 2016 and 2017. RBSM never issued a report on the 2016 financial statements, and the filing says there were no disagreements or reportable events. This is the second auditor change since MaloneBailey was replaced by RBSM in September 2013. No reason for the resignation is given.
30 Jan 2017capital raising announcement▼ BadMajor
On January 24, 2017 the company signed a second settlement with Rockwell Capital Partners, which acquired at least $158,419.46 of company liabilities; a Florida court approved it on January 25, 2017. From Jan 6 to Jan 26, 2017 the company issued Rockwell 251,008,000 common shares. This is a very large further dilution on top of the 395,429,557 shares outstanding after the December 2016 issuances; the filing does not give a new total.
5 Jan 2017capital raising announcement▼ BadMajor
Around December 30, 2016 the company issued 150,000,000 restricted common shares each to Meyers Associates, L.P. and Gregory Traina (300,000,000 total) for placement agent and other services. Shares outstanding rose from 95,429,557 to 395,429,557, and the two holders together have 59.36% of voting power, which the filing reports as a change in control. This takes over from Crawford's Series A Preferred voting stake of November 2015, which was about 65% of votes before this issuance.
29 Dec 2016capital raising announcement▼ BadMajor
Under the Rockwell court order, the company issued 7,500,000 shares to an unrelated third party through Dec 21, 2016 and another 4,500,000 around Dec 27, 2016. Shares outstanding rose from 83,429,557 (as of the Dec 12 information statement) to 95,429,557. This is the first look at share dilution since the 35,944,750 shares shown on the Dec 31, 2013 balance sheet.
19 Dec 2016material agreement▼ BadMajor
On December 1, 2016 the company signed a settlement with Rockwell Capital Partners, which had acquired at least $123,980.24 of the company's liabilities from creditors. A Florida court approved the deal's fairness on December 2, 2016, allowing shares to be issued to Rockwell without registration. The filing does not state how many shares; later issuances would show the dilution (inference).
12 May 2016quarterly activities report▼ Bad
Cardinal Energy Group, Inc. reported quarterly revenue of $20 thousand and a net loss of $7.4 million for the period ended 2016-03-31.
24 Nov 2015capital raising announcement▼ BadMajor
On about November 24, 2015 the company issued CEO Timothy Crawford 1,000,000 new Series A Preferred shares, valued at about $100,000, as deferred compensation. Each carries 110 votes, which the filing says gives him about 65% of the voting power, so he now controls the company's votes. Existing common shareholders are diluted in voting terms. The filing also shows the company's address as Abilene, Texas.
23 Nov 2015quarterly activities report▼ Bad
Cardinal Energy Group, Inc. reported quarterly revenue of $23 thousand and a net loss of $2.9 million for the period ended 2015-09-30.
16 Nov 2015late filing notice▼ Bad
Cardinal Energy Group, Inc. notified the SEC that its quarterly report would be filed late.
19 Aug 2015quarterly activities report▼ Bad
Cardinal Energy Group, Inc. reported quarterly revenue of $660 thousand and a net loss of $271 thousand for the period ended 2015-06-30.
14 Aug 2015late filing notice▼ Bad
Cardinal Energy Group, Inc. notified the SEC that its quarterly report would be filed late.
1 July 2015material agreement▲ Good
The company and its subsidiary CEGX of Texas settled a lawsuit with Concho Oilfield Services and Hudson Petroleum under an agreement effective March 10, 2015. The company pays Concho $100,000 and Concho keeps a $25,000 deposit; Concho will provide a rig for up to five days to try to repair the Dawson-Conway 195B #5 well at no cost (with a fishing-company fee of up to $25,000 if it cannot) and will plug it if the company asks. On June 30, 2015 the claims were reported as dismissed with prejudice. This ends a dispute over a well on the Dawson-Conway lease bought in 2013; the CEO says the well was among its best producers before Concho worked on it in February 2014.
15 May 2015quarterly activities report▼ Bad
Cardinal Energy Group, Inc. reported quarterly revenue of $40 thousand and a net loss of $1.5 million for the period ended 2015-03-31.
31 Mar 2015late filing notice▼ Bad
Cardinal Energy Group, Inc. notified the SEC that its annual report would be filed late.
10 Mar 2015substantial holder notice● Neutral
Manoj Yajnik disclosed a new substantial Cardinal Energy Group, Inc. shareholding (8.82% of votes).
10 Feb 2015substantial holder notice● Neutral
BlackRock, Inc reported a Cardinal Energy Group, Inc. shareholding of 2,816,638 shares (4.90% of votes) in a periodic institutional filing.
3 Feb 2015substantial holder notice● Neutral
BlackRock, Inc disclosed a new substantial Cardinal Energy Group, Inc. shareholding (6.40% of votes).
14 Nov 2014quarterly activities report▼ Bad
Cardinal Energy Group, Inc. reported quarterly revenue of $1.0 million and a net loss of $115 thousand for the period ended 2014-09-30.
8 Aug 2014quarterly activities report▼ Bad
Cardinal Energy Group, Inc. reported quarterly revenue of $60 thousand and a net loss of $1.2 million for the period ended 2014-06-30.
20 June 2014asset acquisition disposition● NeutralMajor
On June 16, 2014 the company closed another $525,000 tranche of its senior secured convertible notes with four investors, with warrants on 210,000 shares; net proceeds were $467,250 after $57,750 to placement agent Syndicated Capital, which also gets 52,500 warrants at $1.00. Total issued so far is $4,500,000 of a $5,000,000 offering, up from $825,000 in March, with net proceeds of $3,985,000 after $515,000 of fees. It also bought a 93.75% working interest (70.3125% NRI) in seven wells on the Bradford leases in Shackelford County, Texas for $225,000 cash from Bluff Creek Petroleum, with an obligation to start drilling the first earning well by September 15, 2014, and a small property in Shackelford County for $110,000 from Shack Acidizing to use as a field office and yard. The company says the proceeds are for well work-overs, drilling and more Texas properties. More notes mean more debt and potential dilution (inference).
15 May 2014quarterly activities report▼ Bad
Cardinal Energy Group, Inc. reported quarterly revenue of $15 thousand and a net loss of $746 thousand for the period ended 2014-03-31.
1 May 2014asset acquisition disposition● NeutralMajor
On April 22, 2014 the company sold its Ohio and California oil and gas assets (acquired in 2011: interests in 11 wells in Licking and Knox Counties, 2 wells in Holmes County, the Armstrong #17-1 and #17-3 gas wells and a 652-acre Colusa County, California lease, plus seismic data and a $20,000 bond) to California Hydrocarbons, Inc., an unrelated party. Payment was 3,000,000 company shares held by the buyer, which it agreed to cancel; the filing values them at $2,010,000. The company's remaining properties are the Texas leases. An unaudited pro forma balance sheet shows total assets falling from $1,546,795 to $881,050 and equity going from $246,548 to negative $410,558 had the sale happened by Dec 31, 2013. The shares are recorded as treasury stock, and the filing does not say whether they are cancelled or held.
12 Mar 2014asset acquisition disposition● Neutral
This amendment to the March 2014 8-K fixes a typo: the placement agent's commission and expenses are $99,000, not $99,700. The rest of the text repeats the earlier filing, including the Texas lease purchases and the $825,000 senior secured convertible notes. The excerpt is truncated. Note the figures as given: $725,300 gross proceeds plus $99,000 does not equal $825,000, and the filing does not explain the gap.
7 Mar 2014asset acquisition disposition▼ BadMajor
The company closed the two small Texas purchases: Stroybel-Broyles leases in Eastland County from HD ($75,000, March 6, 2014) and Powers-Sanders leases in Shackelford County from Sabor X ($600,000, March 5), each 100% working interest and 80% NRI. It paid with proceeds of $825,000 of 12% senior secured convertible notes (issued March 4 to seven investors, maturing December 31, 2015), which raised $725,300 gross, with $99,700 going to placement agent Syndicated Capital. The notes convert at $1.00 per share, come with warrants on 330,000 shares at $1.00 (expiring 2019, with a resetting price and floors), carry a 2% net revenue payment, and are secured on the Conway-Dawson, Powers-Sanders and Stroebel-Broyles leases plus a pledge of shares worth 200% of the debt. Default terms include conversion at 50% of market price and interest rising to up to 30%. These terms are costly for shareholders and could dilute them (inference). The excerpt is truncated.
7 Mar 2014securities registration● Neutral
Cardinal Energy Group, Inc. filed notice of an exempt private placement.
18 Feb 2014material agreement termination● NeutralMajor
The company terminated the January 2014 Pawnee County, Kansas term sheets ($18.5M cash plus $4M stock) and the Downing-Nelson operations term sheet on February 3, 2014, citing declining oil production at the wells, and says it expects no termination penalties. It also ended the Mojave Gold letter of intent on February 11, 2014 because Mojave failed to meet its obligations. In their place it signed two small Texas purchases: Eastland County from HD Special Situations for $75,000 and Shackelford County leases from Sabor X for $600,000, both for 100% working interest and 80% NRI, closing by March 5, 2014. The large Kansas plans are dropped, so the company's near-term growth is now small Texas properties.
29 Jan 2014material agreement● NeutralMajor
On January 24, 2014 the company signed binding term sheets with 16 sellers to buy 100% working interests in Pawnee County, Kansas leases for $18.5 million cash plus $4 million in restricted stock, with closing February 28, 2014 (postponable to March 5). Missing the closing would owe the sellers $2 million in restricted shares as liquidated damages. A separate $500,000 deal with Downing-Nelson Oil Co. for the operations would close at the same time. This is a new Kansas deal after the earlier Kansas Petroleum Resources agreement, which the filing does not mention.
30 Dec 2013director interest notice● Neutral
Timothy Crawford became a Cardinal Energy Group, Inc. Chief Executive Officer and company insider (initial ownership filing).
13 Nov 2013quarterly activities report▼ Bad
Cardinal Energy Group, Inc. reported quarterly revenue of $5 thousand and a net loss of $571 thousand for the period ended 2013-09-30.
8 Nov 2013material agreement● NeutralMajor
Effective November 8, 2013 the company signed a binding letter of intent to lend $1,750,000 (option to raise funding to $5,000,000) to Mojave Gold Corporation, which is exploring for platinum and palladium in Guyana. The loan would carry 6% interest and run 24 months; Mojave would issue 2,500,000 shares into escrow and grant an option on 35% of its equity for $5,000,000. This is a mineral exploration bet outside the company's oil and gas assets so far. The filing doesn't say how the loan would be funded, and it does not mention the Kansas purchase.
