23 Feb 2010listing compliance notice▼ BadMajor
FIDELIS ENERGY INC deregistered its securities, ending its obligation to file reports with the SEC.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
27 June 2006material agreement● Neutral
The company amended a retainer with director Glen Harder, whose law firm will provide legal services for CDN$15,277.50 a month plus disbursements. This is a related-party arrangement with a board member.
10 Apr 2006material agreement▼ Bad
The company amended consulting agreements with four directors, agreeing to issue shares as part of their pay: 2,500,000 to President William Scott Marshall, 1,000,000 to CFO Sterling Klein, 1,500,000 to Gordon Samson and 1,000,000 to Thomas Herdman (6,000,000 in total). This adds new shares and is paid to insiders.
6 Mar 2006capital raising announcement● Neutral
The company issued 750,000 restricted shares to a consultant. Half (375,000) are released when the company's shares list on the American Stock Exchange, and the rest vest over the contract term. This shows the company was pursuing an AMEX listing.
12 Jan 2006capital raising announcement▼ Bad
The company reports issuing the first $1,250,000 secured convertible debenture and 9,000,000 warrants at $0.2708 to the investor from the November 2005 financing, plus warrants over 3,646,380 shares at the same price to two broker dealers. This completes the first tranche of that financing and adds more potential new shares.
28 Nov 2005capital raising announcement▼ BadMajor
The $5 million Chunuk credit line was replaced by a $2,050,000 promissory note at 6%, due in two years, which was the amount outstanding. The company also agreed a $2,500,000 convertible debenture deal with an institutional investor (Yorkville is named as fee recipient): $1,250,000 issued now, another $1,250,000 when a registration statement is filed, plus warrants over 9,000,000 shares at $0.2708. Conversion is at the lower of $0.2708 or 80% of recent average trading price, so more shares could be issued if the price falls, which dilutes existing holders (inference).
19 Oct 2005asset acquisition disposition● NeutralMajor
Filed late in October 2005, this report discloses earlier deals: a $5 million convertible credit line from Chunuk Financial Corp. (October 25, 2004, expiring October 25, 2006; convertible into Series A preferred shares that convert to 20% of the common stock then outstanding); an 80% working interest in Comanche Point, Kern County, California (March 2004, for $305,000 and $200,000, falling to 30% after the company recoups its investment); 15% plus 20% more in the North Franklin Project, California, from Silver Star for $250,000 each; and a 50% interest in the Hidalgo Prospect, Texas (January 2005, $260,000). It sets out the company's early asset base and its debt.
3 Oct 2005asset acquisition disposition● NeutralMajor
Now named Fidelis Energy, the company signed a Data Sharing Agreement (dated August 10, 2005) with Silver Star Energy, Cascade Energy and vendor 1048136 Alberta Ltd. It gets a 25% working interest in using airborne survey data covering about 1,000,000 acres of central Kansas; the partners pay for leases on up to two sections and for drilling the first two wells, with Wildes Exploration keeping a 5% overriding royalty. The filing describes this as acquiring data and drilling rights, not producing assets.
17 Nov 2003asset acquisition disposition● NeutralMajor
Then called Eagle Star Energy Group, the company bought two oil and gas farm-in leases in Alberta, Canada (Buffalo Lake and Lake Island prospects) from a seller that Chairman William Marshall also helps manage, so he may personally profit. Marshall bought 35,000 shares at $1.00 and lent $45,000 at 6%, raising his stake to 41%; the company bought back and retired 400,000 shares from Robert and Thomas Feneziani for $150,000 ($70,000 cash plus an $80,000 note due March 15, 2004); and the board approved a 38-for-1 forward split, giving 5,092,000 shares outstanding.