20 Feb 2018listing compliance notice▼ BadMajor
Century Petroleum Corp. deregistered its securities, ending its obligation to file reports with the SEC.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 July 2009late filing notice▼ Bad
Century Petroleum Corp. notified the SEC that its annual report would be filed late.
18 Mar 2009late filing notice▼ Bad
Century Petroleum Corp. notified the SEC that its quarterly report would be filed late.
13 Nov 2008capital raising announcement▼ BadMajor
On November 6, 2008 the company closed a private placement of 2,000,000 units at $0.15 for $300,000 to one US person. Each unit has one share and 1.5 warrants (3,000,000 total) exercisable at $0.20 for twelve months. The $0.15 price is far below the 2006-07 raises, diluting existing holders.
What it means for a shareholder
2.0m new shares at US$0.150 to raise about US$300,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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15 Sept 2008late filing notice▼ Bad
Century Petroleum Corp. notified the SEC that its quarterly report would be filed late.
30 July 2008late filing notice▼ Bad
Century Petroleum Corp. notified the SEC that its annual report would be filed late.
24 July 2008capital raising announcement● Neutral
On July 9, 2008 the company issued 300,000 shares to two advisory board members under advisory agreements, which pay each 37,500 restricted shares per financial quarter of service. A small share issue for services, not cash.
7 May 2008material agreement● Neutral
On April 25, 2008 the company signed three letter agreements with three separate parties to sell a total of 4% of its 10% working interest in Alligator Bayou for cash and future considerations. Buyers must pay by May 22, 2008 or the interest reverts to the company at no extra cost. This would partly sell down the interest bought in July 2007; amounts are not stated.
26 Mar 2008capital raising announcement▼ Bad
On March 25, 2008 the company issued 813,953 units at a deemed $0.43 for a $350,000 E&P advance; warrants are exercisable for three years at $0.64. The $350,000 is below the $500,000 minimum multiples stated in the original agreement (the filing does not explain this). Deemed unit price continues to fall.
18 Mar 2008late filing notice▼ Bad
Century Petroleum Corp. notified the SEC that its quarterly report would be filed late.
25 Oct 2007capital raising announcement● Neutral
Another $500,000 E&P advance on October 22, 2007, with directors approving 757,576 units at a deemed $0.66. Continues the E&P funding arrangement; the E&P commitment of up to $5,000,000 is being drawn in steps.
12 Oct 2007capital raising announcement● Neutral
A further $500,000 E&P advance (notice September 14, funds late September 2007): directors approved on October 10 issuing 961,538 units at a deemed $0.52. Continues the E&P funding and share issuance.
25 July 2007capital raising announcement▲ GoodMajor
On July 12, 2007 the company completed the purchase of a 10% interest in the Alligator Bayou Prospect from CTC Minerals for $800,000 (effective May 1, 2007), resolving the May letter of intent. It also took a $1,000,000 E&P advance, issuing 1,785,714 units at $0.56.
What it means for a shareholder
1.8m new shares at US$0.560 to raise about US$1.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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13 July 2007capital raising announcement▼ Bad
Fourth E&P advance of $500,000 on July 2, 2007: 961,538 units at a deemed $0.52. The deemed price has fallen from $2.05 to $0.52 across the E&P tranches, so each tranche issues many more shares.
11 May 2007material agreement● Neutral
On May 8, 2007 the company signed a letter of intent with CTC Minerals, Inc. to buy a 10% interest in the Alligator Bayou Prospect in Matagorda and Brazoria Counties, Texas. It is subject to a definitive agreement, economic analysis, land and title review and further due diligence.
1 May 2007capital raising announcement▼ Bad
Third E&P advance of $500,000 on April 23, 2007: 495,050 units at a deemed $1.01 each. The deemed price is about half the previous tranche's $2.05, so each $500,000 now brings roughly twice as many new shares.
20 Mar 2007late filing notice▼ Bad
Century Petroleum Corp. notified the SEC that its quarterly report would be filed late.
27 Feb 2007material agreement▲ GoodMajor
On February 16, 2007 the company signed a non-final letter of intent with Houston Energy, Inc. and Red Willow Offshore, LLC to buy an 8.92353% interest before casing point (7.585% after) in the Shadyside Prospect, St. Mary Parish, Louisiana. A participation agreement and joint operating agreement were to be signed within 30 days; no price is stated.
2 Feb 2007capital raising announcement● Neutral
A second $500,000 E&P advance: 243,902 units issued at a deemed $2.05, with warrants at $3.075 running to January 25, 2010. Continues the E&P funding arrangement.
31 Jan 2007director interest notice● Neutral
Century Petroleum Corp. President Eric John Plexman sold 2,000,000 shares at $0.00.
17 Jan 2007director interest notice● Neutral
James B Hersch became a Century Petroleum Corp. President, CEO and company insider (initial ownership filing).
17 Jan 2007capital raising announcement▼ BadMajor
Under the E&P agreement, the company issued 248,756 units at $2.01 for a $500,000 advance. It also amended president James B. Hersch's employment deal (US$11,000 monthly fee) and issued him 5,000,000 restricted shares held in escrow, with 250,000 vesting every three months from October 1, 2006. The 5,000,000 shares are a large issue to management. (The filing is signed by Johannes Petersen as Secretary and Director and refers to Hersch as president.)
What it means for a shareholder
248,756 new shares at US$2.01 to raise about US$500,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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19 Dec 2006material agreement● NeutralMajor
On December 15, 2006 the company agreed with E&P Investments GmbH that E&P would advance up to $5,000,000, in tranches of at least $500,000, in exchange for units of one share plus one warrant (warrant strike 150% of the unit price, three years). This sets up future share issuance to E&P, which would dilute existing holders.
18 Dec 2006late filing notice▼ Bad
Century Petroleum Corp. notified the SEC that its quarterly report would be filed late.
14 Nov 2006asset acquisition disposition● Neutral
On November 1, 2006 the company acquired a 4% interest in an oil and gas property and leases in southern Louisiana from Kossic Oil & Gas, LP, paying $222,551.96 including prospect fees and estimated property expenses. The filing also shows the head office moved from Denver to The Woodlands, Texas.
2 Nov 2006capital raising announcement▼ BadMajor
The company terminated the August 10, 2006 Falcon Natural Gas lease assignment (no reason given in the filing), reversing the DeWitt County deal. It also closed a placement on October 25, 2006 of 600,000 units for $750,000, each with a warrant at $1.75 for three years, for working capital.
15 Sept 2006late filing notice▼ Bad
Century Petroleum Corp. notified the SEC that its quarterly report would be filed late.
17 Aug 2006asset acquisition disposition● NeutralMajor
Now filing as Century Petroleum Corp., the company took an assignment from Falcon Natural Gas Corporation of its leases in DeWitt County, Texas under a September 1, 2005 Participation Agreement, for $512,750.14 (of which $336,060 goes to Southern Resource Company). Falcon keeps a 2% carried working interest. Separately, on August 15, 2006 it sold 425,000 units for $425,000, each with a warrant at $1.50 for 24 months. Note the earlier unit price was far higher ($10.50 warrant strike vs $1.50 now).
1 Aug 2006late filing notice▼ Bad
Century Petroleum Corp. notified the SEC that its annual report would be filed late.
21 June 2006asset acquisition disposition▲ GoodMajor
On June 15, 2006 the company bought a 100% working interest and 75% net revenue interest in oil and gas properties in Beauregard Parish, Louisiana from Site Drilling Force Limited (BVI) for $2,000,000 cash. The deal covers 32 leases on 1,224 gross acres (1,209 net), with leases expiring between November 2008 and March 2009. This is the first producing-area asset position shown in these filings.