10 Apr 2007material agreement● Neutral
Empire raised $1 million in a private placement (5 million shares plus warrants) to fund its Nevada drilling program.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
18 Sept 2006drilling progress report▲ GoodMajor
Empire spudded its Cobble Cuesta test well in Nye County, Nevada (Gabbs Valley area), targeting 6,500 feet on a structure supported by gravity, seismic and surface mapping data, with encouraging oil shows already seen at a nearby test well. The company holds working interests (10%-40%, earning up to 30% more by paying 45% of this well's cost) across 75,521 lease acres, and just completed a $1.45 million private placement to fund it -- Empire's pivot from its original Wyoming asset toward Nevada exploration.
21 Nov 2005financial restatement▼ BadMajor
Empire disclosed that its FY2003-2005 financial statements could no longer be relied on due to errors in accounting for the exit from an abandoned Canadian office lease (later subleased) -- multiple 10-KSBs and 10-QSBs would need restating.
9 June 2005capital raising announcement● Neutral
During its Nevada exploration era, Empire Petroleum raised $500,000 in a private placement (5 million shares plus warrants at $0.25) from five accredited investors.
What it means for a shareholder
5.0m new shares at about US$0.100 to raise about US$500,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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5 Mar 2003auditor change● Neutral
A same-day amended filing of the Magee Rausch & Shelton-to-Tullius Taylor auditor change, adding the outgoing auditor's confirmation letter -- no new substance.
4 Mar 2003auditor change● Neutral
Magee Rausch & Shelton resigned as Empire's auditor and Tullius Taylor Sartain & Sartain, LLP was engaged in its place.
28 Aug 2002auditor change● Neutral
The company, now signing as Empire Petroleum Corporation, reversed course on its auditor: terminated KPMG and re-engaged Magee Rausch & Shelton.
25 July 2001auditor change● Neutral
Following the Empire acquisition, the company dismissed Magee Rausch & Shelton (whose reports had carried a going-concern qualification) and engaged KPMG as its new auditor.
24 July 2001asset acquisition disposition● Neutral
A follow-up filing adding the audited/unaudited Empire Petroleum financials and pro forma information required to complete the May 2001 acquisition disclosure -- no new deal terms.
5 June 2001asset acquisition disposition▲ GoodMajor
Americomm Resources Corporation (d/b/a PASW, Inc.) acquired private Empire Petroleum Corporation, gaining Empire's 25% interest in the Cheyenne River Wyoming Prospect (bringing Americomm's stake to 75%) by issuing Empire's shareholders 30.6% of its own stock. A new management team took over (John McGrain as Chairman/CEO, Thomas Jacobsen as President/COO). This shell would later be renamed Empire Petroleum Corporation.