5 May 2011director interest notice● Neutral
DevMar Equities, Inc. Vice President & Interim CFO Nadine C Smith bought 1,000 shares on the open market at $0.52.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
4 May 2011director interest notice● Neutral
DevMar Equities, Inc. Vice President; Interim CFO Nadine C Smith bought 18,400 shares on the open market.
2 May 2011director interest notice● Neutral
DevMar Equities, Inc. Vice President & Interim CFO Nadine C Smith bought 1,000 shares on the open market at $0.52.
1 Apr 2011late filing notice▼ Bad
DevMar Equities, Inc. notified the SEC that its annual report would be filed late.
31 Mar 2011director interest notice● Neutral
DevMar Equities, Inc. Interim CFO and VP Nadine C Smith bought 87,000 shares on the open market.
31 Mar 2011director interest notice● Neutral
DevMar Equities, Inc. Chief Executive Officer Rivera Andres Gutierrez received 43,169 shares and a 43,169-share option grant as part of the equity award.
16 Nov 2010financial restatement● Neutral
On November 12, 2010 management concluded the same warrant-valuation error also affected the September 2009 quarterly report, and restated it: the net loss for the three months was reduced by $258,826 (restated loss $94,926) and for the nine months by $2,050,469 (restated net income $634,725). This continues the August 2010 restatement; the filing says no cash impact and no effect on the audited 2009 annual statements.
15 Nov 2010director interest notice● Neutral
DevMar Equities, Inc. director Alexander (ferdinand Diederik) Berger received a stock option grant for 150,000 shares.
15 Nov 2010quarterly activities report▼ Bad
DevMar Equities, Inc. reported a quarterly net loss of $329 thousand for the period ended 2010-09-30.
4 Nov 2010director interest notice● Neutral
DevMar Equities, Inc. director Llano Jaime Ruiz received a stock option grant for 50,000 shares.
4 Nov 2010director interest notice● Neutral
DevMar Equities, Inc. Chief Executive Officer Rivera Andres Gutierrez received a stock option grant for 36,693 shares.
27 Oct 2010director interest notice● Neutral
DevMar Equities, Inc. Interim CFO & VP Nadine C Smith received a stock option grant for 87,500 shares.
27 Oct 2010director interest notice● Neutral
DevMar Equities, Inc. director Richard G Stevens received a stock option grant for 50,000 shares.
23 Sept 2010production update● NeutralMajor
A September 23, 2010 update said Mirto-2 in Maranta reached 11,590 ft with oil and gas shows in the N and U sands and will be tested on the U sand, with the Agapanto-1 well to follow, expected to start by end of October; Mirto-1 is now producing about 60 bopd at roughly 88% water (down from ~145 bopd and 82% in April), with a second workover planned. Putumayo 4 has begun community consultations and plans about 104 km of 2D seismic by Q4 2010 and a first well in the first half of 2011, while Puerto Barco production is now planned to restart before the end of Q1 2011. The Maranta 20% assignment is still not yet filed with the ANH, which Emerald will do once the company supplies documents within about two weeks.
18 Aug 2010financial restatement● Neutral
On August 12, 2010 management concluded that the method used to value warrant instruments in the June 2009 quarterly report was wrong (Black-Scholes was used; a probability-weighted scenario model should have been). The restatement reduced the reported net loss for the three and six months ended June 30, 2009 by $1,791,643 each, turning them into restated net income of $1,449,977 and $729,651; the filing says there is no cash impact and no effect on the audited 2009 annual statements, and that the effect on the September 2009 quarter is still being assessed.
16 Aug 2010quarterly activities report▼ Bad
DevMar Equities, Inc. reported a quarterly net loss of $2.9 million for the period ended 2010-06-30.
18 May 2010late filing notice▼ Bad
DevMar Equities, Inc. notified the SEC that its quarterly report would be filed late.
7 May 2010substantial holder notice● Neutral
Macquarie Bank Limited disclosed a new substantial DevMar Equities, Inc. shareholding (5.50% of votes).
23 Apr 2010capital raising announcement▲ GoodMajor
On April 19, 2010 the company closed the fourth and final round of its private placement, selling 5,905,121 units at $1.75 for $10.33 million (Macquarie Bank Limited led with $3.0 million). This brings the whole placement, begun in December 2009, to 8,762,264 units and $15.33 million, up from the roughly $5 million tallied so far, and each unit includes a share plus a warrant for half a share at $3.00 until April 18, 2013. Cash stood at $15,968,125 after the closing (vs $2,376,585 at Dec 31, 2009); management says it does not expect to need more capital before May 2011 but will after that, and investors can demand registration if no registration filing or exchange listing is completed by October 16, 2010. The 10-Q-style cash figure is dated 'April 22, 2009' in the text, which appears to be a typo for 2010 (inference).
What it means for a shareholder
5.9m new shares at US$1.75 to raise about US$10.3m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
13 Apr 2010production update▼ BadMajor
An April 2010 update said the Mirto-1 well in Maranta tested at up to 732 barrels of oil a day, but a workover on March 6, 2010 failed to shut out water, so it is producing about 145 barrels a day gross with 82% water. The company and Emerald still plan two appraisal wells, with Mirto-2 expected to start in late April or early May 2010. Putumayo-4 is still in preparation (103 km of seismic expected in the second half of 2010, with a $1.6 million Phase 1 program due by September 2012), and the Avante Colombia fields are being planned with partner Vetra. The 20% Maranta interest still awaits ANH approval.
1 Apr 2010late filing notice▼ Bad
DevMar Equities, Inc. notified the SEC that its annual report would be filed late.
17 Mar 2010securities registration● Neutral
DevMar Equities, Inc. filed notice of an exempt private placement.
15 Mar 2010substantial holder notice● Neutral
AVANTE PETROLEUM S.A disclosed a new substantial DevMar Equities, Inc. shareholding (37.33% of votes).
12 Mar 2010director interest notice● Neutral
Petroleum S.A. Avante became a DevMar Equities, Inc. 10%+ owner and company insider (initial ownership filing).
12 Mar 2010director interest notice● Neutral
Alexander (ferdinand Diederik) Berger became a DevMar Equities, Inc. director and company insider (initial ownership filing).
8 Mar 2010asset acquisition disposition● NeutralMajor
On March 2, 2010 the company bought all of Avante Colombia from Avante Petroleum for 10,285,819 newly issued shares, completing the deal outlined in the December 2009 letter of intent. Avante Colombia holds a 50% interest, as operator, in the Rio de Oro and Puerto Barco production contracts with Ecopetrol in northeastern Colombia (contracts run to the end of 2013), and Puerto Barco production stopped in July 2008 because of insurgent activity. Avante also bought 2,857,143 shares plus warrants for $5,000,000 ($1.75 per share), lock-up of 18 months applies, 1,500,000 of the shares are held in escrow for indemnification, and Avante gets a board seat (Alexander Berger) and special-committee veto rights over certain big decisions. This adds substantial new shares and gives Avante a say in governance.
23 Feb 2010securities registration● Neutral
DevMar Equities, Inc. amended a filing by which it registered a securities offering with the SEC.
15 Jan 2010director interest notice● Neutral
Jaime Navas Gaona became a DevMar Equities, Inc. director and company insider (initial ownership filing).
15 Jan 2010director interest notice● Neutral
Richard G Stevens became a DevMar Equities, Inc. director and company insider (initial ownership filing).
15 Jan 2010director interest notice● Neutral
Nadine C Smith became a DevMar Equities, Inc. Interim CFO and company insider (initial ownership filing).