13 Nov 2009late filing notice▼ Bad
Glen Rose Petroleum CORP notified the SEC that its quarterly report would be filed late.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
9 Oct 2009listing compliance notice▼ Bad
On Oct 8, 2009 Nasdaq said the company no longer meets the three-member audit committee rule after director Franz Skyranz resigned (reported Aug 26, 2009). It has until the earlier of its next shareholder meeting or Aug 25, 2010 (or Feb 21, 2010 if the meeting is held by then) to fix this, or face a delisting notice it can appeal.
14 Aug 2009debt financing▼ BadMajor
On Aug 11, 2009 the company received $250,000 from Dr. Howard Berg in return for a three-month senior secured note at 1.5% per month, plus warrants for 250,000 shares at $0.33 (expiring Jan 30, 2011) and 250,000 shares at $0.67 (expiring July 30, 2012). The note is secured by company assets, and the warrants could dilute shareholders.
13 Aug 2009late filing notice▼ Bad
Glen Rose Petroleum CORP notified the SEC that its quarterly report would be filed late.
29 June 2009late filing notice▼ Bad
Glen Rose Petroleum CORP notified the SEC that its annual report would be filed late.
27 Mar 2009financial restatement● Neutral
This is an amended 8-K on a financial restatement (Item 4.02), but no text came through, so the content and any figures cannot be stated. It likely relates to the February 2009 restatement (inference).
24 Feb 2009financial restatement● Neutral
In its December 31, 2008 quarterly report the company restated the six months to Sept 30, 2008 because some lease operating costs should have been capitalized. The six-month loss shrank from $1,532,131 to $1,372,317 and equity rose from $3,396,858 to $3,556,672.
17 Feb 2009late filing notice▼ Bad
Glen Rose Petroleum CORP notified the SEC that its quarterly report would be filed late.
25 Sept 2008auditor change▼ BadMajor
The company fired Hein & Associates on Sept 25, 2008 and hired Jonathon P. Reuben CPA for the year ending March 31, 2009; Hein reported a material weakness in internal controls and no disagreements. It also swapped former CEO C. Scott Wilson's 500,000 options for 62,500 restricted shares with mutual releases. Nasdaq separately gave a new 180-day period on the $1.00 bid price rule; the filing's stated deadline of 'March 23, 2008' appears to be a typo for 2009 (inference).
18 Aug 2008financial restatement▼ Bad
With its June 30, 2008 quarterly report, the company restated the quarter ended June 30, 2007, moving a gain on related-party debt forgiveness into equity. Net result for that quarter changed from income of $118,866 to a loss of $195,006; total equity was unchanged at $1,018,460.
15 Aug 2008late filing notice▼ Bad
Glen Rose Petroleum CORP notified the SEC that its quarterly report would be filed late.
25 July 2008material agreement▲ GoodMajor
The company (now Glen Rose Petroleum, Delaware) agreed on July 23, 2008 to sell WHL Energy of Australia a 50% interest in 2,560 acres of its Wardlaw Field (Edwards County) for $2.5 million, with options on two more 2,560-acre phases for $3.0 million and $4.0 million. This is the financing partner sought for the Edwards County project. The company keeps a 50% carried interest in amounts WHL advances. It also ended its Chadbourn Securities placement agreement with mutual releases and 25,000 restricted shares to Chadbourn. A press release notes Hein's going-concern opinion on the March 31, 2008 10-K.
30 June 2008late filing notice▼ Bad
Glen Rose Petroleum CORP notified the SEC that its annual report would be filed late.
3 Apr 2008auditor change▼ BadMajor
Auditor Weaver & Tidwell resigned on Feb 25, 2008, and on March 28 the audit committee engaged Hein & Associates to audit the year ending March 31, 2008. Weaver & Tidwell's report on the year to March 31, 2007 included a going-concern warning and the company disclosed a material weakness in internal controls; no disagreements were reported.
17 Mar 2008capital raising announcement● Neutral
On March 11, 2008 the company sold $300,000 of common stock to majority shareholder Blackwood Ventures at $0.53 per share, the closing price that day. This is new cash for the company and adds to Blackwood's stake, diluting other holders.
13 Feb 2008late filing notice▼ Bad
Glen Rose Petroleum CORP notified the SEC that its quarterly report would be filed late.
1 Feb 2008listing compliance notice▼ BadMajor
On Jan 31, 2008 Nasdaq told the company its share price had closed below the $1.00 minimum for 30 straight business days, giving it until July 29, 2008 to get back above it. If it cannot, it may get a further 180 days if it meets other listing criteria, otherwise delisting. This adds to the listing problems already open from the Dec 2007 hearing process; this filing does not mention that earlier hearing's outcome.
26 Dec 2007capital raising announcement▼ Bad
The company agreed on Dec 19, 2007 to pay its law firm Richardson & Patel $237,485.16 of unpaid legal fees with 296,856 shares plus a seven-year warrant for 222,642 shares at $1.40. It also agreed to cancel $39,000 owed to majority shareholder Blackwood Ventures for 48,750 shares and a warrant for 36,563 shares at $1.40. The shares are to be issued after an information statement is filed (due by Jan 11, 2008) and a waiting period passes, so existing holders face dilution once issued.
6 Dec 2007listing compliance notice▼ BadMajor
After the company filed a plan in August 2007 and received an extension, its Sept 30, 2007 quarterly report (shareholders' equity of $2,254,444) still showed non-compliance, and Nasdaq said on Nov 30 that trading would be suspended Dec 11, 2007 unless appealed. The company appealed, with a hearing set for Jan 17, 2008. It cites a $600,000 placement of stock and warrants (announced Nov 29, 2007) and says it hired two Calgary professionals and aims to line up financing for Phase 1 of its Edwards County pilot, hoping this satisfies Nasdaq. The filing is signed by Joseph F. Langston as Interim CEO and gives a new address (1310 West Wall, Midland), which shows leadership and office changes from the context.
7 Nov 2007substantial holder notice● Neutral
Walter G. Mize reported a Glen Rose Petroleum CORP shareholding of 333,334 shares (4.90% of votes) in a periodic institutional filing.
5 Nov 2007director interest notice● Neutral
Glen Rose Petroleum CORP director Walter G Mize sold 6,666,665 shares.
2 Nov 2007substantial holder notice● Neutral
Blackwood Ventures LLC disclosed a new substantial Glen Rose Petroleum CORP shareholding (71.30% of votes).
2 Nov 2007director interest notice● Neutral
Glen Rose Petroleum CORP director Walter G Mize sold 6,666,665 shares.
29 Oct 2007director interest notice● Neutral
Blackwood Ventures, LLC became a Glen Rose Petroleum CORP 10%+ owner and company insider (initial ownership filing).
13 Aug 2007late filing notice▼ Bad
Glen Rose Petroleum CORP notified the SEC that its quarterly report would be filed late.
9 Aug 2007director interest notice● Neutral
Wilkins Billy D became a Glen Rose Petroleum CORP director and company insider (initial ownership filing).
9 Aug 2007director interest notice● Neutral
Walter G Mize became a Glen Rose Petroleum CORP director and company insider (initial ownership filing).
9 Aug 2007director interest notice● Neutral
Garrett Charles became a Glen Rose Petroleum CORP director and company insider (initial ownership filing).
9 Aug 2007substantial holder notice● Neutral
Walter G. Mize disclosed a new substantial Glen Rose Petroleum CORP shareholding (72.30% of votes).
8 Aug 2007director interest notice● Neutral
C Dean Boyd became a Glen Rose Petroleum CORP director and company insider (initial ownership filing).