12 May 2015listing compliance notice▼ BadMajor
CHANCELLOR GROUP INC. 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.
25 July 2014asset acquisition disposition▼ BadMajor
Chancellor sold its last remaining oil and gas assets -- four wells and a water disposal well in Gray County, Texas -- to S&W Oil & Gas for $95,000, exiting the oil and gas business entirely to focus on its Pimovi and Fuelist technology investments.
20 Aug 2013debt financing● NeutralMajor
Chancellor agreed to acquire 51% of Fuelist, LLC, a California startup, for $271,200 paid over 12 months plus 2 million shares of Chancellor stock -- a second bet on technology ventures far from its oil and gas roots.
15 Jan 2013material agreement● NeutralMajor
Chancellor moved further from oil and gas, agreeing to fund a new 61%-owned technology startup, Pimovi, Inc., with $250,000 over eight months in exchange for preferred equity and board control.
16 Dec 2011asset acquisition disposition▼ BadMajor
Chancellor closed the LCB Resources sale, covering about 82% of its remaining consolidated assets, for $2.05 million cash.
20 Oct 2011material agreement▼ BadMajor
Chancellor agreed to sell substantially all of Gryphon's remaining oil and gas assets to LCB Resources for $2.05 million, keeping only four producing wells -- continuing to wind down its original oil and gas business.
23 Mar 2011material agreement termination▼ BadMajor
Chancellor's board terminated the Zimbabwe gold exploration agreement with Munda We Gold, citing governance concerns and regional political instability -- the diversification bet abandoned within four months.
26 Jan 2011auditor change● Neutral
Chancellor fired De Joya Griffith as its auditor after less than three months and hired StarkSchenkein instead -- no disagreements were cited.
2 Dec 2010capital raising announcement● NeutralMajor
Chancellor agreed to fund a new Zimbabwe gold exploration venture with local partner Munda We Gold at $50,000 a month during a 90-day diligence period -- a striking diversification attempt for a small Texas Panhandle oil and gas company just two years removed from bankruptcy.
27 Oct 2010auditor change● Neutral
Chancellor's auditor resigned to focus on tax work and was replaced with De Joya Griffith & Company -- a routine, no-disagreement change.
2 June 2010asset acquisition disposition● Neutral
Chancellor completed the small Hutchinson County acquisition for $150,000 cash.
10 May 2010asset acquisition disposition● Neutral
Chancellor's subsidiary Gryphon agreed to buy a small package of Hutchinson County, Texas oil and gas leases from a sole proprietor for $150,000 -- a token bolt-on acquisition as it slowly rebuilt after bankruptcy.
5 Sept 2008asset acquisition disposition▲ GoodMajor
Chancellor closed the Legacy Reserves sale: the $13.25 million deal paid off Western National Bank and Capwest Resources in full, funded a $110,000 buyback of dissenting shareholder New Concept Energy's stock as part of a litigation settlement, and left Chancellor debt-free with about $3 million in working capital and roughly 30% of its original oil and gas acreage.
19 Aug 2008bankruptcy or receivership▲ GoodMajor
Rather than reorganize, Chancellor agreed to sell about 80% of its oil and gas production to Legacy Reserves for $13.25 million -- enough to pay its secured lenders in full and leave it debt-free -- and the bankruptcy court dismissed its and its subsidiaries' Chapter 11 cases so the sale could close, over the objection of shareholder New Concept Energy.
2 Nov 2007bankruptcy or receivership▼ BadMajor
Chancellor Group and its two operating subsidiaries, Gryphon Production and Gryphon Field Services, filed for Chapter 11 bankruptcy protection in the Northern District of Texas, intending to reorganize while continuing operations as debtor-in-possession and repay creditors in full.
21 Nov 2000asset acquisition disposition● Neutral
Chancellor Group acquired Getty Petroleum, Inc. (no relation to the major oil company of the same name) from Southwin Financial for 4.5 million shares of stock, adding oil and gas leases in Pecos County, Texas adjoining its existing Glass Mountain lease -- a stock-funded bolt-on acquisition, with a large block of the new shares going to a trust benefiting a company director.