10 Apr 2008director interest notice● Neutral
DEEP WELL OIL & GAS INC director Donald E H Jones bought 20,000 shares on the open market at $0.61.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
10 Apr 2008director interest notice● Neutral
DEEP WELL OIL & GAS INC 10%+ owner Malik Youyou bought 307,549 shares on the open market.
18 Mar 2008director interest notice● Neutral
Malik Youyou became a DEEP WELL OIL & GAS INC 10%+ owner and company insider (initial ownership filing).
10 Mar 2008director interest notice● Neutral
DEEP WELL OIL & GAS INC director Donald E H Jones bought 50,000 shares on the open market.
26 Feb 2008substantial holder notice● Neutral
Tamm Oil and Gas Corp. disclosed a new substantial DEEP WELL OIL & GAS INC shareholding (26.00% of votes).
26 Feb 2008director interest notice● Neutral
Tamm Oil & Gas Corp. became a DEEP WELL OIL & GAS INC 10%+ owner and company insider (initial ownership filing).
14 Dec 2007material agreement termination▲ GoodMajor
On November 26, 2007 the company settled the Alberta lawsuit with Signet Energy (formerly Surge Global Energy Canada, now owned by Andora Energy), which had sued in June 2007. The February 2005 farmout is effectively terminated, Signet/Andora keeps the earned sections (the filing and press release describe a 40% interest in 12 sections) and reconveys title to 57.5 unearned sections to Deep Well. This ends the farmout and dispute that began in 2005, and returns most of the Sawn Lake lands to the company.
7 Nov 2007director interest notice● Neutral
DEEP WELL OIL & GAS INC director Cyrus James Spaulding bought 108,950 shares on the open market.
2 Nov 2007director interest notice● Neutral
DEEP WELL OIL & GAS INC director Cyrus James Spaulding bought 50,750 shares on the open market.
12 July 2007director interest notice● Neutral
DEEP WELL OIL & GAS INC Chief Operating Officer Cyrus James Spaulding bought 230,000 shares on the open market.
5 July 2007capital raising announcement● NeutralMajor
On June 22, 2007 the company closed a private placement of 8,333,333 units at US$0.60 to one investor for US$5,000,000 gross (US$4,700,000 net after a US$300,000 finder's fee to Cambridge Strategies). Each unit carries one share, a US$0.90 warrant expiring June 22, 2010 and a further 0.12 warrant at US$1.20 expiring June 22, 2012. This is a larger raise than May's at a higher price per share, and it dilutes existing holders.
What it means for a shareholder
8.3m new shares at US$0.600 to raise about US$5.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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13 June 2007capital raising announcement● NeutralMajor
On May 25, 2007 the company closed a private placement of 5,000,000 units at US$0.40 to one investor for US$2,000,000 gross (US$1,850,000 net after a US$150,000 finder's fee to Morgarten). Each unit is one share plus a warrant at US$0.60 expiring May 25, 2010. This brings in cash but dilutes existing holders.
What it means for a shareholder
5.0m new shares at US$0.400 to raise about US$2.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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23 Feb 2007director interest notice● Neutral
DEEP WELL OIL & GAS INC director Donald E H Jones bought 200,000 shares on the open market.
31 Jan 2007capital raising announcement● NeutralMajor
Effective January 22, 2007 the company settled claims by five investors (Grey K Fund and others) that it breached the March 2005 stock purchase and registration rights agreements, with no admission of liability. It issues them 1,600,000 shares, the registration rights agreement ends (releasing the company from its registration and payment obligations) and restrictions on future financings are removed. This resolves the open registration-statement thread from March 2005, at the cost of new shares for existing holders.
14 Dec 2006director interest notice● Neutral
DEEP WELL OIL & GAS INC Chief Operating Officer Cyrus James Spaulding bought 54,700 shares on the open market.
21 Nov 2006director interest notice● Neutral
DEEP WELL OIL & GAS INC director David Roff received a stock option grant for 375,000 shares.
21 Nov 2006director interest notice● Neutral
DEEP WELL OIL & GAS INC Chief Operating Officer Cyrus James Spaulding bought 145,300 shares on the open market.
5 June 2006director interest notice● Neutral
DEEP WELL OIL & GAS INC director Donald E H Jones received a stock option grant for 375,000 shares.
10 Apr 2006director interest notice● Neutral
Donald E H Jones became a DEEP WELL OIL & GAS INC director and company insider (initial ownership filing).
10 Apr 2006director interest notice● Neutral
David Roff became a DEEP WELL OIL & GAS INC director and company insider (initial ownership filing).
20 Mar 2006director interest notice● Neutral
Moses Ling became a DEEP WELL OIL & GAS INC company insider (initial ownership filing).
13 Mar 2006director interest notice● Neutral
Cyrus James Spaulding became a DEEP WELL OIL & GAS INC director and company insider (initial ownership filing).
6 Mar 2006capital raising announcement● Neutral
On January 13, 2006 the company sold 73,000 units at US$1.50 to four investors for US$109,500 gross (US$101,820 net after a US$7,680 finder's fee to Solomon Group). Each unit is one share plus a warrant at US$2.25 expiring January 13, 2009. It is a small raise that adds new shares and warrants, and the unit price is well above the $0.40 units sold in 2005.
What it means for a shareholder
73,000 new shares at US$1.50 to raise about US$109,500. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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3 Mar 2006material agreement● Neutral
On November 28, 2005 the board adopted a stock option plan capping options at 10% of issued shares (no more than 500,000 per person per year). It granted 375,000 options at $0.71 to each director and to Moses Ling, a director of a subsidiary, plus 390,000 options at $0.71 to consulting firms wholly owned by directors Spaulding, Schmid and Sparrow. The options vest over several years and expire after five years, so they could dilute existing holders if exercised.
21 Nov 2005material agreement▲ GoodMajor
The company settled the Surge dispute on November 15, 2005 and reinstated the farmout it had terminated. All conditions are deemed satisfied as of September 25, 2005, the earning period for Surge's 10 wells is extended to February 25, 2008, and 6.5 more sections are added. Surge Canada pays US$1,000,000 for the prospect fee and the company receives 7,550,000 Surge Canada shares (Surge US holds a voting proxy until February 25, 2007) instead of Surge US shares. All legal claims are dismissed. This reverses the September termination, so the company gives up its position that Surge was in default, in return for cash and shares.
27 Oct 2005drilling progress report▼ BadMajor
The farmout dispute with Surge went to court in Alberta. Surge filed a motion on October 13 seeking a declaration that it earned 50% of the company's interest in one land location. The company sued on October 14 for a declaration that the farmout is terminated, plus CAD$1,000,000 for trespass and CAD$250,000 in punitive damages. On October 21 the parties agreed to consolidate the actions into one trial. This continues the September termination, and no outcome is reported.
19 Oct 2005capital raising announcement▲ GoodMajor
On October 11, 2005 the company raised US$1,260,000 gross (US$1,224,000 net of a US$36,000 finder's fee) by selling 3,150,000 units at $0.40 to three investors, each unit being one share plus a warrant at $0.60 expiring October 11, 2008. The press release says $1,000,000 will repay the company's only outstanding secured debt, with the rest for working capital. This is dilutive, but it clears the secured debt on the Sawn Lake interest.
29 Sept 2005material agreement termination● NeutralMajor
On September 26, 2005 the company terminated its February 25, 2005 farmout agreement with Surge Global Energy, saying Surge failed to spud a first well by the extended deadline of September 25, 2005 and breached other provisions. Under the deal Surge could have earned up to a 40% working interest in the lands. The press release describes the company and Northern Alberta Oil as holding an 80% working interest in the 63 sections at Sawn Lake.
17 Aug 2005capital raising announcement● Neutral
On August 12, 2005 the company raised US$200,000 by selling 500,000 units at $0.40 to three investors, each unit being one share plus a warrant at $0.60 expiring August 12, 2008. It also exchanged US$84,378.40 of debt with one holder for 210,946 units on the same terms. New shares and warrants dilute existing holders; the debt exchange reduces what the company owes.
10 Aug 2005auditor change● Neutral
The company reports that Deloitte & Touche resigned and Madsen & Associates was re-engaged as auditor on April 22, 2005. Deloitte issued no reports while engaged and there were no disagreements. This reverses the August 2004 switch away from Madsen and was disclosed about four months after it happened.