30 July 2012director interest notice● Neutral
Elmer Dale Reed became a CIRCLE STAR ENERGY CORP. director and company insider (initial ownership filing).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 July 2012director interest notice● Neutral
CIRCLE STAR ENERGY CORP. director Thomas Merrill Richards received 150,000 shares as part of the equity award.
13 July 2012capital raising announcement● NeutralMajor
The company amended an April 17, 2012 agreement with BlueRidge Petroleum and other sellers for Kansas leases. It now pays $50,000 (already paid) and issues 2,611,000 shares for the Sheridan County interests, and gets an option, exercisable by Sept 28, 2012, to buy interests in 80,871 acres (including Rawlins and Graham Counties) for $10,108,875 in cash plus shares worth $1,000,000. This replaces the original $5,308,375 plus 560,000 shares deal and brings a large share issuance for Sheridan. The option is not an obligation, and the filing does not say how the cash would be funded.
19 June 2012material agreement▼ Bad
The Wevco Kansas purchase closing was pushed again, from May 31 to September 28, 2012. The company paid another non-refundable $100,000 and will issue 600,000 shares to Wevco; $500,000 in total has now been credited toward the $5,000,000 price. The deal is still not closed after a second delay, and the company is paying in cash and extra shares to keep it alive.
16 May 2012capital raising announcement▲ Good
The company raised $750,000 by selling 500,000 units at $1.50 to one accredited investor, each unit being one share plus a half warrant exercisable at $2.75 for three years. It says proceeds are aimed at debt payments, acquisition capital and/or general purposes. More new shares and warrants mean some dilution.
3 May 2012capital raising announcement▲ GoodMajor
All 4,800,000 warrants from the June 2011 unit placement were exercised at $0.50, bringing in $2,400,000 and issuing 4,800,000 new shares. The company says it intends to use the money for debt repayment, acquisitions and/or general purposes. This adds cash but dilutes existing holders by the new shares.
30 Apr 2012material agreement▼ Bad
The company extended the closing date of the Wevco Kansas lease purchase from April 30 to May 31, 2012, paying a non-refundable $100,000 extension fee that is credited to the price if the $5,000,000 is paid by the closing date. The deal had not closed by the original date; the filing does not say why.
16 Mar 2012quarterly activities report▼ Bad
CIRCLE STAR ENERGY CORP. reported a quarterly net loss of $2.1 million for the period ended 2012-01-31.
14 Mar 2012material agreement● NeutralMajor
The company agreed to buy Wevco Production's working interests in oil and gas leases of up to 64,575 net acres in Gove and Trego Counties, Kansas, for $5,000,000 at closing plus 1,000,000 shares. It paid a non-refundable $100,000 at signing and owes another $200,000 by March 15, 2012, both credited against the price. This is a new Kansas acquisition thread; the filing does not say how the $5,000,000 will be funded. The company's address also moved to Fort Worth, Texas.
12 Mar 2012director interest notice● Neutral
Morris B Smith became a CIRCLE STAR ENERGY CORP. director and company insider (initial ownership filing).
14 Feb 2012listing compliance notice▼ Bad
CIRCLE STAR ENERGY CORP. withdrew a registration statement, abandoning the offering it covered.
10 Feb 2012material agreement termination▼ BadMajor
The company terminated the planned $9,350,000 sale of JHE to Colonial Royalties on Feb 6, 2012 after Colonial missed the $2,100,000 payment due Jan 29; only the first $100,000 had been received. The company withdrew its shareholder-consent information statement and says it no longer has corporate authority to proceed with that sale, though it keeps the right to pursue Colonial for breach. This resolves the JHE sale announced in January: it did not happen, and the company still owns JHE.
10 Feb 2012capital raising announcement▼ BadMajor
The company issued $2,750,000 of 10% convertible notes (due Feb 8, 2013, convertible at $1.50 per share) and used the proceeds to make the $2,000,000 December 2011 payment to the Edsels on the JHE note, which had been missed and extended twice (a $100,000 payment bought the first extension). The Edsels also pushed the March 2012 payment to April 30, 2012. In return the noteholders get a pledge over JHE and a 3.5% overriding royalty in certain properties the company may acquire, and the company dropped the clauses that would release JHE oil and gas properties from the Edsels' pledge as the note is paid down. The company says it is current on the note after the Feb 8 payment.
19 Jan 2012director interest notice● Neutral
Thomas Merrill Richards became a CIRCLE STAR ENERGY CORP. director and company insider (initial ownership filing).
5 Jan 2012auditor change● NeutralMajor
The company agreed on December 30, 2011 to sell 100% of its JHE Holdings interests, the assets bought in June 2011, to Colonial Royalties, LLC for $9,350,000. Payments are $100,000 received December 30, then $2,100,000, $3,200,000 and $3,950,000 due in January to March 2012, with the transfer happening March 29, 2012. Of the total, High Plains, owned by CEO and director S. Jeffrey Johnson, gets $935,000 for its retained 10% profits interest in JHE, and a majority of shareholders consented in writing. This reverses the JHE acquisition less than seven months after it closed. The same filing reports that the company dismissed auditor Silberstein Ungar, PLLC around October 17, 2011 (no disagreements reported; its earlier reports carried going concern uncertainty) and engaged Hein & Associates LLP, effective November 1, 2011.
23 Dec 2011material agreement● Neutral
The company amended CFO G. Jonathan Pina's July 2011 employment agreement so his share grants vest later. Instead of 500,000 shares at signing, 500,000 at 12 months and 500,000 at 24 months, he gets 1,000,000 at 12 months and 500,000 at 24 months, and the 500,000 shares originally issued were cancelled. The total of 1,500,000 shares is unchanged.
20 Dec 2011quarterly activities report▼ Bad
CIRCLE STAR ENERGY CORP. reported a quarterly net loss of $1.4 million for the period ended 2011-10-31.
16 Dec 2011late filing notice▼ Bad
CIRCLE STAR ENERGY CORP. notified the SEC that its quarterly report would be filed late.
7 Dec 2011material agreement● Neutral
The company signed a letter agreement to buy interests in the Redfish 56 Prospect in Glasscock County, Texas from Ingebritson Energy LLC, GTP Energy Partners, LLC, Wind Rush Energy, LLC, Gabriel Barerra and Charles T. Brackett. The sellers get 203,572 company shares and the company takes on certain operating expenses and capital spending. It has 90 days for due diligence and can reduce the price or walk away if title or environmental defects are found, including if they exceed $25,000.
14 Oct 2011director interest notice● Neutral
Terry Dorris became a CIRCLE STAR ENERGY CORP. director and company insider (initial ownership filing).
14 Oct 2011director interest notice● Neutral
CIRCLE STAR ENERGY CORP. Chief Executive Officer S Jeff Johnson received 1,514,500 shares as part of the equity award.
19 Sept 2011capital raising announcement● NeutralMajor
Now named Circle Star Energy Corp., the company issued $1,500,000 of 6% convertible notes due September 14, 2014, convertible at $1.50 per share, sold to non-U.S. investors. The filing says the proceeds went toward the $1,500,000 September 1, 2011 installment on the JHE promissory note, which addresses the funding gap flagged in June. The filing says only that the proceeds paid 'a portion' of that installment.
19 Sept 2011quarterly activities report▼ Bad
CIRCLE STAR ENERGY CORP. reported a quarterly net loss of $5.1 million for the period ended 2011-07-31.
15 Sept 2011late filing notice▼ Bad
CIRCLE STAR ENERGY CORP. notified the SEC that its quarterly report would be filed late.
30 Aug 2011securities registration● Neutral
CIRCLE STAR ENERGY CORP. filed notice of an exempt private placement.
19 Aug 2011director interest notice● Neutral
Terry Dorris became a CIRCLE STAR ENERGY CORP. director and company insider (initial ownership filing).
20 July 2011director interest notice● Neutral
CIRCLE STAR ENERGY CORP. President/Secretary/Treasurer J David Brow received a stock option grant for 100,000 shares.
13 July 2011director interest notice● Neutral
G. Jonathan Pina became a CIRCLE STAR ENERGY CORP. Chief Financial Officer and company insider (initial ownership filing).
13 July 2011director interest notice● Neutral
CIRCLE STAR ENERGY CORP. Chief Financial Officer G. Jonathan Pina received 1,500,000 shares and a 350,000-share option grant as part of the equity award.
30 June 2011director interest notice● Neutral
S Jeff Johnson became a CIRCLE STAR ENERGY CORP. director and company insider (initial ownership filing).