31 Mar 2014listing compliance notice▼ BadMajor
GASCO ENERGY INC terminated the registration of a class of securities, ending its reporting obligation for them.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
24 Feb 2014debt financing● Neutral
On Feb 18, 2014 Gasco, Orogen Energy (agent and lender) and Markham LLC extended the end date of the Oct 2013 revolving credit facility from Feb 18, 2014 to May 19, 2014. Gasco has borrowed $4,000,000 of the $5,000,000 facility, leaving $1,000,000 available. This continues the October 2013 restructuring financing, with more drawn than the $2.5M shown then.
19 Feb 2014material agreement● NeutralMajor
On Feb 12, 2014 Gasco's subsidiary and Wapiti amended the March 2012 Wapiti development agreement. The drilling program is cut to 15 named gas wells (either side may propose oil wells funded equally), Gasco will pay $3.75M of its $18.75M share with Wapiti funding the other $15M, Gasco will bear 22.5% of costs and receive 22.5% of revenue on program wells until payout, Wapiti no longer has to provide a letter of credit, and its obligation to drill two deep gas wells is dropped. This changes the earlier terms (Gasco $7.5M share, 32.5% revenue interest, 20/80 costs). Richard S. Langdon now signs as President and CEO, replacing W. King Grant.
2 Jan 2014listing compliance notice▼ BadMajor
GASCO ENERGY INC terminated the registration of a class of securities, ending its reporting obligation for them.
30 Dec 2013securities registration● Neutral
GASCO ENERGY INC amended an already-effective registration statement.
30 Dec 2013securities registration● Neutral
GASCO ENERGY INC amended an already-effective registration statement.
24 Dec 2013securities registration● Neutral
GASCO ENERGY INC amended an already-effective registration statement.
24 Dec 2013securities registration● Neutral
GASCO ENERGY INC amended an already-effective registration statement.
24 Dec 2013securities registration● Neutral
GASCO ENERGY INC amended an already-effective registration statement.
12 Nov 2013quarterly activities report▼ Bad
GASCO ENERGY INC reported a quarterly net loss of $3.1 million for the period ended 2013-09-30.
12 Nov 2013quarterly activities report▼ Bad
GASCO ENERGY INC reported a quarterly net loss of $3.1 million for the period ended 2013-09-30.
22 Oct 2013business combination▼ BadMajor
This notice of a coming board change describes a restructuring: Gasco missed the April 5 and Oct 5, 2013 interest payments on its 5.5% convertible notes (about $47.8M owed with default interest as of Oct 18, 2013). On Oct 17, 2013 Markham LLC and Orogen Energy bought all $45,168,000 of the notes, all Series C preferred and 2,743,818 common shares. On Oct 18 the notes and Series C were cancelled in exchange for 393,550,372 new common shares and 50,000 Series D preferred shares convertible into 7,295,744,128 common shares, and Gasco got a $5M revolving credit line from the buyers (with $2.5M drawn) for issuing them 250,000 shares. The buyers hold about 97.9% of the common stock on an as-converted basis, which is a change of control, and four directors resigned while the board was cut to three. For existing common holders this is heavy dilution; full conversion needs authorized shares raised to 9 billion, which the board recommends stockholders approve by written consent. This resolves the long-open convertible notes thread and the going-concern risk of a Chapter 11 filing in the near term, which the filing says the deal is expected to avoid.
31 July 2013quarterly activities report▼ Bad
GASCO ENERGY INC reported a quarterly net loss of $3.0 million for the period ended 2013-06-30.
30 July 2013quarterly activities report▼ Bad
GASCO ENERGY INC reported a quarterly net loss of $3.0 million for the period ended 2013-06-30.
16 May 2013quarterly activities report▼ Bad
GASCO ENERGY INC reported a quarterly net loss of $1.7 million for the period ended 2013-03-31.
15 May 2013quarterly activities report▼ Bad
GASCO ENERGY INC reported a quarterly net loss of $1.7 million for the period ended 2013-03-31.
1 May 2013listing compliance notice▼ BadMajor
The NYSE MKT filed a Form 25-NSE on April 29, 2013 to remove Gasco's common stock from listing and registration on the exchange, citing failure to meet both the financial-condition and low-price standards. The shares began trading on the OTCQB on April 26, 2013 under the ticker GSXN. This completes the delisting that began with the Dec 2012 and Jan 2013 notices.
29 Apr 2013listing compliance notice● NeutralMajor
GASCO ENERGY INC's exchange filed to remove a class of its securities from listing.
24 Apr 2013listing compliance notice▼ BadMajor
Gasco reversed course and decided not to appeal the NYSE MKT delisting decision, telling the exchange on April 23, 2013. Trading on the exchange was expected to be suspended on April 26, 2013, with the shares expected to move to the OTCQB Marketplace, though Gasco gives no assurance of that. This ends the appeal it said on April 2 it intended to make.
2 Apr 2013listing compliance notice▼ BadMajor
On March 27, 2013 the NYSE MKT told Gasco that its Feb 11, 2013 compliance plan did not reasonably show it could regain compliance with the financial-condition standard by June 30, 2013, and that it intends to start delisting proceedings. Gasco says it plans to appeal through an oral hearing before the exchange's panel but gives no assurance of success. This escalates the Dec 2012 low-price and Jan 2013 financial-condition notices.
17 Jan 2013listing compliance notice▼ BadMajor
On Jan 11, 2013 the NYSE MKT gave a second notice, saying Gasco's losses or financial condition make it questionable whether it can continue operations or meet its obligations as they come due. Gasco must submit a compliance plan by Feb 10, 2013 to regain compliance by June 30, 2013, or face delisting proceedings. This adds to the December low-price notice.
12 Dec 2012listing compliance notice▼ BadMajor
On Dec 6, 2012 the NYSE MKT told Gasco its shares have traded at a low price for a substantial period, and made continued listing depend on a reverse stock split by June 6, 2013. Gasco has not decided what action to take; if it does not comply, delisting procedures follow. This is a new listing problem, separate from the earlier 2009-2010 deficiency.
15 Nov 2012quarterly activities report▼ Bad
GASCO ENERGY INC reported a quarterly net loss of $3.2 million for the period ended 2012-09-30.
14 Nov 2012quarterly activities report▼ Bad
GASCO ENERGY INC reported a quarterly net loss of $3.2 million for the period ended 2012-09-30.
1 Aug 2012quarterly activities report▼ Bad
GASCO ENERGY INC reported a quarterly net loss of $5.2 million for the period ended 2012-06-30.
31 July 2012quarterly activities report▼ Bad
GASCO ENERGY INC reported a quarterly net loss of $5.2 million for the period ended 2012-06-30.
2 May 2012quarterly activities report▼ Bad
GASCO ENERGY INC reported a quarterly net loss of $5.1 million for the period ended 2012-03-31.
1 May 2012quarterly activities report▼ Bad
GASCO ENERGY INC reported a quarterly net loss of $5.1 million for the period ended 2012-03-31.
28 Mar 2012asset acquisition disposition▲ GoodMajor
On March 22, 2012 the Wapiti deal closed: Gasco sold 50% of certain Uinta Basin producing assets for $18.0 million cash plus a $1.19 million Wapiti promissory note, lower than the $20.75 million first announced because some properties were excluded when another working interest owner did not consent. Part of the proceeds repaid all borrowings under the JPMorgan credit agreement. The Twelfth Amendment extended its maturity to June 29, 2012 and cut commitments to $25,195.25 (figure as written in the filing), and Gasco also signed an amended Monarch gathering and processing agreement running through Feb 28, 2025, with Monarch releasing processing rights on the first 50,000 MMBtu/day (up from 30,000), which can be reduced if drilling investment targets are missed.
27 Feb 2012material agreement● NeutralMajor
On Feb 23, 2012 Gasco's subsidiary agreed to sell Wapiti Oil & Gas II an undivided 50% of its Uinta Basin producing assets in Utah for $20.75 million cash (before adjustments), with closing expected in March 2012. A Development Agreement would also give Wapiti 50% of the non-producing assets in return for a drilling program of $37.5 million, where Wapiti funds $30 million (of which $15 million is paid on Gasco's behalf) and Gasco funds $7.5 million. The program grows to $43.75 million if the 5-year gas strip is at least $5.00/MMBtu on the one-year anniversary. This is the other asset sale left open under the 2010 credit amendment, now with a named buyer; the filing itself does not link them.