24 Feb 2012quarterly activities report● Neutral
Glen Rose Petroleum CORP reported a quarterly net income of $909 thousand for the period ended 2011-12-31.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
15 Feb 2012late filing notice▼ Bad
Glen Rose Petroleum CORP notified the SEC that its quarterly report would be filed late.
2 Dec 2011quarterly activities report● Neutral
Glen Rose Petroleum CORP reported a quarterly net income of $909 thousand for the period ended 2011-12-31.
21 Nov 2011quarterly activities report● Neutral
Glen Rose Petroleum CORP reported a quarterly net income of $909 thousand for the period ended 2011-12-31.
16 Nov 2011quarterly activities report● Neutral
Glen Rose Petroleum CORP reported a quarterly net income of $909 thousand for the period ended 2011-12-31.
14 Nov 2011late filing notice▼ Bad
Glen Rose Petroleum CORP notified the SEC that its quarterly report would be filed late.
27 Oct 2011financial restatement▼ BadMajor
On Oct 17, 2011 management concluded that fiscal 2010 financing and equity transactions needed restating for non-cash changes in the value of warrant and derivative liabilities, so the June, September and December 2010 quarterly reports should not be relied on; amended reports are to follow. The press release reports fiscal 2011 (to March 31) oil sales of $1,103,227 against $124,815, and a net loss of $14,662,555 against a restated $12,176,826, with non-cash warrant and derivative charges of $8,731,562 (2011) and $6,931,936 (2010). It says production was 40-50 net barrels a day, that it expects to raise more capital, and that the office has moved to Houston. This is another restatement in a long series.
12 Aug 2011late filing notice▼ Bad
Glen Rose Petroleum CORP notified the SEC that its quarterly report would be filed late.
12 July 2011capital raising announcement● NeutralMajor
Under agreements dated June 24, June 28 and July 4, 2011, the company sold 4,292,990 common shares to non-U.S. investors for about $1,931,810 (about $0.45 a share), plus two-year warrants for the same number of shares at $0.45. A further 373,430 shares went to ABG Sundal Collier as an advisor fee. This adds to the share count after the January 2011 raise.
29 June 2011late filing notice▼ Bad
Glen Rose Petroleum CORP notified the SEC that its annual report would be filed late.
27 June 2011auditor change● Neutral
On June 20, 2011 the audit committee ended the engagement of auditor Jonathon P. Reuben CPA and appointed BDO USA, LLP. Reuben's reports for fiscal 2010 and 2009 included going-concern doubt, and the company reports no disagreements or reportable events. The filing gives no reason for the change.
9 June 2011director interest notice● Neutral
John Scott Black became a Glen Rose Petroleum CORP director and company insider (initial ownership filing).
9 June 2011director interest notice● Neutral
Robert E Jr. Tarrant became a Glen Rose Petroleum CORP director and company insider (initial ownership filing).
9 June 2011director interest notice● Neutral
Bensh Robert J. became a Glen Rose Petroleum CORP director and company insider (initial ownership filing).
11 Apr 2011material agreement● Neutral
On March 18, 2011 the company agreed that Point Capital Partners would take over its accounting and administrative functions, including cash management, bill paying and financial reporting. Either side can end it on 45 days' notice, and it is to be reviewed in 90 days. No fee is stated.
22 Feb 2011quarterly activities report▼ Bad
Glen Rose Petroleum CORP reported a quarterly net loss of $666 thousand for the period ended 2010-12-31.
14 Feb 2011late filing notice▼ Bad
Glen Rose Petroleum CORP notified the SEC that its quarterly report would be filed late.
25 Jan 2011capital raising announcement● NeutralMajor
On Jan 21, 2011 the company sold 7,000 Series D convertible preferred shares to non-U.S. investors for $2.1 million, with two series of warrants (7,000,000 shares at $0.40 and 7,000,000 at $0.60) and a fee package to ABG Sundal Collier. The preferred converts into 7,280,000 common shares once authorized common stock is raised to at least 125 million, from the 20 million currently authorized; this is significant dilution. Because of the sale, the warrants held by the March 2010 Iroquois convertible note investors reset to 23,333,334 shares at $0.30, and Iroquois waived defaults tied to the 20 million share limit. The press release says the company produced an average of 85 barrels a day in late 2010 from about 30 reworked wells and plans up to 10 delineation wells. The company now trades on the OTC bulletin board and is based in Katy, Texas.
22 Nov 2010quarterly activities report▼ Bad
Glen Rose Petroleum CORP reported a quarterly net loss of $666 thousand for the period ended 2010-12-31.
15 Nov 2010late filing notice▼ Bad
Glen Rose Petroleum CORP notified the SEC that its quarterly report would be filed late.
23 Aug 2010quarterly activities report● Neutral
Glen Rose Petroleum CORP reported quarterly revenue of $28 thousand and net income of $1.9 million for the period ended 2010-06-30.
16 Aug 2010late filing notice▼ Bad
Glen Rose Petroleum CORP notified the SEC that its quarterly report would be filed late.
29 June 2010late filing notice▼ Bad
Glen Rose Petroleum CORP notified the SEC that its annual report would be filed late.
29 Apr 2010listing compliance notice● NeutralMajor
Glen Rose Petroleum CORP's exchange filed to remove a class of its securities from listing.
16 Mar 2010securities registration● Neutral
Glen Rose Petroleum CORP amended a filing by which it filed notice of an exempt private placement.
5 Mar 2010securities registration● Neutral
Glen Rose Petroleum CORP filed notice of an exempt private placement.
11 Feb 2010late filing notice▼ Bad
Glen Rose Petroleum CORP notified the SEC that its quarterly report would be filed late.
13 Jan 2010listing compliance notice▼ BadMajor
On Jan 7, 2010 Nasdaq told the company its bid price was below the listing minimum and its shares would be delisted on Jan 18, 2010 unless it asks for a hearing, which it intends to do. Nasdaq noted that panels have generally seen a reverse stock split within 30-60 days as the only acceptable plan, though a panel can allow up to 180 days. This escalates the bid price deficiency open since 2008; if delisted, the stock could not be quoted on the OTC Bulletin Board or Pink Sheets until a market maker files and clears a Form 211.
5 Jan 2010listing compliance notice● Neutral
This is a second copy of the same Jan 5, 2010 8-K: Nasdaq's Dec 31, 2009 notice about an unpaid $5,000 fee, paid and closed on Jan 4, 2010. It adds no new information.
5 Jan 2010listing compliance notice● Neutral
Nasdaq told the company on Dec 31, 2009 that it had broken a listing rule by not paying a $5,000 fee; the company paid and Nasdaq closed the matter on Jan 4, 2010. The company says Nasdaq's emails were going to mistyped addresses, so it had not received them on time. This is a minor, resolved matter, separate from the open audit committee and bid price deficiencies.