Past year: ▲ 0%(0.02c – 0.02c USD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
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.
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.
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.
