14 Aug 2015quarterly activities report▼ Bad
Citadel Exploration, Inc. reported quarterly revenue of $40 thousand and a net loss of $295 thousand for the period ended 2015-06-30.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
20 May 2015quarterly activities report▼ Bad
Citadel Exploration, Inc. reported quarterly revenue of $20 thousand and a net loss of $358 thousand for the period ended 2015-03-31.
14 May 2015late filing notice▼ Bad
Citadel Exploration, Inc. notified the SEC that its quarterly report would be filed late.
30 Apr 2015auditor change● Neutral
On April 24, 2015 the company dismissed its auditor De Joya Griffith and hired Anton & Chia, LLP. The filing says the prior reports had no adverse opinion or disagreements, though they included a going-concern uncertainty paragraph.
31 Mar 2015late filing notice▼ Bad
Citadel Exploration, Inc. notified the SEC that its annual report would be filed late.
30 Mar 2015capital raising announcement● Neutral
On March 30, 2015 the company issued 1,400,000 shares at $0.15 to Cibolo Creek Partners, a Texas private equity firm. This covered converting the $100,000 note (plus $2,164.38 interest) and $107,835.62 of new money. Board member Jim Walesa is a member of Cibolo Creek Partners. This resolves the December 2014 convertible note, but the conversion price of $0.15 is below the note's original $0.33 conversion price in the December filing and dilutes existing holders.
5 Mar 2015drilling progress report▲ GoodMajor
The company said the Yowlumne 2-26 recompletion succeeded and the well has averaged about 25 barrels of oil per day over the past 10 days, following the December 2014 financing for that work. It also said it sued San Benito County on February 27, 2015, asking the court to rule that the new Measure J (described as a measure to ban oil operations in the County) conflicts with state law and is of no force. This follows the earlier adverse Superior Court ruling on Project Indian's approval, and the Measure J suit is unresolved. The release also says a CEQA application for two more Yowlumne exploration wells is within 90 days of completion.
17 Feb 2015substantial holder notice● Neutral
Bard Associates, Inc disclosed a new substantial Citadel Exploration, Inc. shareholding (6.40% of votes).
31 Dec 2014capital raising announcement● NeutralMajor
On December 26, 2014 the company completed two financings. One is a $100,000 one-year note at 10% interest, convertible into stock at $0.33 per share. The other is $300,000 to be used to recomplete the Yowlumne #2-26 well, with investors receiving 75% of the net revenue interest from that well until repaid and then a 3% overriding royalty, pending mineral owner consent. A member of the company's Board of Directors was in the investor group. It also issued 475,000 shares for engineering, accounting and legal expenses, bringing shares issued to 31,389,000. This moves the Yowlumne work from permitting toward actual well work, but gives up most of that well's revenue until the investors are repaid.
17 Nov 2014quarterly activities report▼ Bad
Citadel Exploration, Inc. reported a quarterly net loss of $374 thousand for the period ended 2014-09-30.
17 Nov 2014late filing notice▼ Bad
Citadel Exploration, Inc. notified the SEC that its quarterly report would be filed late.
14 Nov 2014quarterly activities report▼ Bad
Citadel Exploration, Inc. reported a quarterly net loss of $374 thousand for the period ended 2014-09-30.
19 Aug 2014quarterly activities report▼ Bad
Citadel Exploration, Inc. reported quarterly revenue of $19 and a net loss of $603 thousand for the period ended 2014-06-30.
15 Aug 2014late filing notice▼ Bad
Citadel Exploration, Inc. notified the SEC that its quarterly report would be filed late.
13 Aug 2014drilling progress report● NeutralMajor
The company reported that its first Project Indian well, Indian #1-15, produced about six barrels of oil per day over the past seven days, after steam injection in May. It says this is the first oil produced on the structure and plans a Phase II with an environmental impact report for full field development and long-lead equipment purchases. It also noted an adverse Monterey County Superior Court ruling against the County's approval of the project and said it will keep working with the County. Production is small, and the filing does not say how that ruling affects the project.
8 Aug 2014capital raising announcement● Neutral
On August 4, 2014 the company issued 800,000 shares at $0.34 for $272,000 on early conversion of warrants. It also issued 400,000 shares to service providers valued at $0.34, bringing shares issued to 30,914,000. The additional shares dilute existing holders somewhat.
15 May 2014quarterly activities report▼ Bad
Citadel Exploration, Inc. reported a quarterly net loss of $263 thousand for the period ended 2014-03-31.
4 Apr 2014capital raising announcement● Neutral
On March 31, 2014 the company closed a $500,000 bridge loan from two individual investors. The notes run 180 days at 10% interest, and the investors also received 500,000 warrants to buy stock at $1.00 per share for two years. This is new debt that must be repaid or refinanced. The filing also mentions investor meetings in New York on April 7-9.
1 Apr 2014late filing notice▼ Bad
Citadel Exploration, Inc. notified the SEC that its annual report would be filed late.
27 Jan 2014capital raising announcement▲ GoodMajor
On January 22, 2014 the company raised $505,000 by selling 918,183 shares at $0.55. It also issued 918,183 shares to cancel about $307,500 of debt from September 2013 and 205,085 shares to service providers, leaving 29,714,000 shares issued. On January 24 it began drilling at Project Indian with the Indian #1-15 well, which it paid for 100%, and says the well confirmed its geologic interpretation of a heavy oil deposit. Commercial viability is still to be determined through completion and thermal recovery work.
14 Nov 2013quarterly activities report▼ Bad
Citadel Exploration, Inc. reported a quarterly net loss of $274 thousand for the period ended 2013-09-30.
13 Aug 2013quarterly activities report▼ Bad
Citadel Exploration, Inc. reported a quarterly net loss of $255 thousand for the period ended 2013-06-30.
13 May 2013quarterly activities report▼ Bad
Citadel Exploration, Inc. reported a quarterly net loss of $417 thousand for the period ended 2013-03-31.
5 Mar 2013capital raising announcement● Neutral
On February 28, 2013 the company sold 100,000 shares at $0.34 for $34,000. It also issued 162,640 shares to cancel about $55,000 of debt and 750,000 shares to cancel about $257,500 of debt, both at $0.34. The debts dated from July 2011 and November 2012. This follows the earlier February 2013 raise at the same price and adds more shares.
8 Feb 2013capital raising announcement● NeutralMajor
On February 4, 2013 the company raised about $1.39 million by selling 4,086,000 shares at $0.34 each in a private placement, with no commissions. The press release says the money is for the Rancho Grande prospect in the San Joaquin Basin (with partner Sojitz Energy Ventures), Project Indian, more acreage and working capital. It describes Project Indian as a proposed 5-well pilot with the company at 60% and Sojitz at 40%. The sale adds new shares, diluting existing holders.
What it means for a shareholder
4.1m new shares at $0.340 to raise about $1.4m. That's 17% dilution: every existing holder's slice gets 17% smaller. If you held $1,000 of shares (2,941 at the issue price), your slice goes from 0.0145% to 0.0121% of the company. To keep it you'd need 591 more shares - about $201 at the issue price.
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19 Nov 2012quarterly activities report▼ Bad
Citadel Exploration, Inc. reported a quarterly net loss of $302 thousand for the period ended 2012-09-30.
15 Nov 2012late filing notice▼ Bad
Citadel Exploration, Inc. notified the SEC that its quarterly report would be filed late.
17 Sept 2012director interest notice● Neutral
Phillip James Mcpherson became a Citadel Exploration, Inc. CFO, Secretary, and Treasurer and company insider (initial ownership filing).
17 Sept 2012substantial holder notice● Neutral
Philip J. McPherson disclosed a new substantial Citadel Exploration, Inc. shareholding (11.00% of votes).
29 Aug 2012quarterly activities report▼ Bad
Citadel Exploration, Inc. reported a quarterly net loss of $152 thousand for the period ended 2012-06-30.