11 Oct 2011listing compliance notice▼ BadMajor
CHEETAH OIL & GAS LTD. 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.
20 Dec 2010material agreement● Neutral
On December 14, 2010, Cheetah signed a consulting agreement with Donald Findlay to serve as president of the company for US$1,500 per month. Findlay had signed filings as president in September 2010 and became a director and insider in December 2009; this puts his pay on a formal contract. The filing gives no other terms such as length or bonuses.
17 Sept 2010capital raising announcement▼ Bad
Cheetah borrowed $24,000 from Cornelius O'Connell for two years at 15% interest, with 200,000 warrants at $0.12 expiring September 13, 2013. The loan is secured by a first charge on Cheetah's 8% gross interest in the PPF-12 well at Belmont Lake, and a demand promissory note was also signed.
8 June 2010capital raising announcement▼ Bad
Cheetah cancelled the August 2009 assignment of 57.76% of its 8% interest in the planned Mississippi well to Enertopia Corp., which had paid US$45,000. The well had not been drilled, with the filing citing weather and stating there is doubt over when or if it will be. In exchange, Cheetah issued Enertopia 375,000 restricted shares (deemed $0.12) plus matching $0.20 warrants. This reverses part of the August 2009 revenue-interest sale.
30 Dec 2009capital raising announcement● Neutral
Cheetah reported several equity issuances: 400,000 units at $0.05 for $20,000 (September 14, 2009); 1,180,000 shares to Sage Investments to clear $59,000 of convertible debt and 90,000 shares to Michael Jenks for a $4,500 finder's fee (both October 17, 2009); and 300,000 options at $0.10 to officers and directors (November 27, 2009). It continues funding itself through small share issues.
23 Dec 2009capital raising announcement● Neutral
Cheetah raised $75,000 by selling 1,500,000 units at $0.05, each a share plus a warrant to buy another at $0.20 for 24 months, to three non-US investors. This is another small, dilutive raise at the same price as September's.
What it means for a shareholder
1.5m new shares at US$0.050 to raise about US$75,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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16 Sept 2009capital raising announcement● Neutral
Cheetah sold 1,230,000 units at $0.05 for net proceeds of $61,500 (each unit a share plus a $0.20 warrant exercisable until August 10, 2011) and settled $151,000 of debt owed to two directors by issuing 3,020,000 shares at $0.05. This dilutes existing shareholders.
16 Sept 2009capital raising announcement● Neutral
Cheetah granted 150,000 stock options at $0.10 to Georgina Martin (vested immediately, expiring September 14, 2014) and repriced CEO Robert McAllister's earlier options to $0.10, now 200,000 after a 10-to-1 share consolidation. This is the first mention in these filings of that consolidation.
4 Sept 2009material agreement● NeutralMajor
Cheetah sold revenue interests in its 8% share of the Belmont Lake PP F-12-4 horizontal well: 40.432% to Golden Aria Corp. (which pays 57.76% of costs) and 75% to David DeMartini (limited to a 500% gross payout, paying 100% of costs). Sage Investments also released its security over some of Cheetah's assets. This passes much of the well's revenue to the buyers in return for funding its costs.
7 Apr 2009asset acquisition disposition▲ GoodMajor
Cheetah bought an 8% interest in the Belmont Lake field in Mississippi (two producing wells at roughly 130 bbl/d, 400,000 bbls proven reserves) plus a 40% working interest on an option to drill on over 132,000 acres of exploration lands, for about $186,000. Lexaria, Delta Oil & Gas and The Stallion Group are the other parties; this is a new US asset after the PNG sell-down.
4 Dec 2008material agreement● NeutralMajor
Cheetah agreed to sell its entire interest in LNG Energy (BC) Ltd. to LNG Energy Ltd. for US$250,000, with LNG Energy forgiving Cheetah's Cdn$300,000 8% demand loan from March 12, 2008. Separately, 3,000,000 warrants held by Kepis & Pobe were cancelled. The filing does not explain how LNG BC relates to the Papua New Guinea subsidiary; the loan description matches the Invicta loan, so the counterparty appears to be linked to Invicta (inference).
22 July 2008auditor change▼ Bad
Cheetah dismissed auditor Ernst & Young and engaged Killman Murrell & Company, P.C. in July 2008. The filing reports no disagreements, but notes that Ernst & Young's reports for the past two years expressed substantial doubt about Cheetah's ability to continue as a going concern.
15 July 2008listing compliance notice● Neutral
Cheetah settled with the minority shareholders of its former subsidiary Scotia Petroleum through a mutual release, agreeing to issue 855,000 restricted shares for their Scotia shares; the shares were issued July 11, 2008. This ties off the minority holders' claims connected to the 2005 Scotia reorganisation.
20 Mar 2008capital raising announcement● Neutral
Cheetah agreed to borrow up to $500,000 from Invicta Oil & Gas (an initial $200,000 plus three quarterly draws of $100,000) at 8% interest, repayable 90 days after written demand and secured on its 10% interest in the BC subsidiary. It also agreed to issue Invicta 100,000 shares at a deemed $0.08 as consideration for the loan.
27 Nov 2007capital raising announcement● NeutralMajor
Cheetah completed the Papua New Guinea deal: Kepis & Pobe (assigned to Invicta Oil & Gas Ltd.) took 90% of Cheetah's British Columbia subsidiary holding the PNG licences, settling about $15,000,000 of debt and committing a further $10,000,000 of capital by December 31, 2008. This included taking over and cancelling about US$7,550,000 owed to Macquarie. Cheetah keeps 10% of the subsidiary, and it also issued 1,255,510 shares to three directors and officers under consulting arrangements. This completes the farm-in letter agreement of May 2007.
31 May 2007material agreement● NeutralMajor
Cheetah signed a letter agreement for Kepis & Pobe Investments to earn a 90% working interest in its Papua New Guinea licences (about 8,400,000 acres) by paying the first $11,500,000 of exploration and development costs and cooperating to settle about $13,500,000 of Cheetah's debts. A definitive agreement was due within 30 business days of signing.
3 Oct 2006financial restatement▼ BadMajor
Cheetah said a second set of past financial statements (June and September 2005 quarters, full-year 2005 and March 2006 quarter) should not be relied on. The causes were stock compensation expensed that should have been capitalised, liquidated damages that had been charged to paid-in capital and are now expensed, and the March 2006 Macquarie convertible financing warrants that are now recorded as a liability instead of equity. This follows the earlier restatement over the Scotia acquisition, and amended filings were promised.
12 June 2006financial restatement▼ BadMajor
Cheetah said its financial statements for 2004 and the first three quarters of 2005 should no longer be relied on, because it had accounted for its acquisition of Scotia Petroleum Inc. incorrectly. Amended 2004 figures were filed in the 2005 annual report; the filing gives no amounts.
17 Mar 2006capital raising announcement● NeutralMajor
Cheetah closed the first tranche of a financing: a US$5,000,000 senior secured convertible note due March 14, 2007, plus 3,000,000 warrants at $3.42 per share, issued to a subsidiary of Macquarie Bank (Macquarie Holdings (USA) Inc.). Proceeds are earmarked for Papua New Guinea projects, specifically re-entry drilling and completion of the Kuru #2 well, and working capital; a second tranche on identical terms depends on share price, exploration and drilling criteria being met.