16 Feb 2016quarterly activities report▼ Bad
GULFSLOPE ENERGY, INC. reported a quarterly net loss of $691 thousand for the period ended 2015-12-31.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
18 Sept 2015material agreement▲ GoodMajor
On September 16, 2015 GulfSlope completed its March 2014 farm-out with Texas South Energy: Texas South paid the final $1.8 million of the $10 million total and now holds a 20% working interest in five prospects. GulfSlope stays operator, and Texas South pays its share of the net annual rentals. This resolves the Texas South funding thread from 2014.
18 Aug 2015debt financing● Neutral
On August 13, 2015 CEO Seitz lent the company a further $90,000, bringing his loans during July and August 2015 to $250,000. The notes are non-convertible demand notes, substantially like his earlier ones, so he can ask for repayment at any time. This continues the related-party funding thread.
10 Aug 2015quarterly activities report▼ Bad
GULFSLOPE ENERGY, INC. reported a quarterly net loss of $840 thousand for the period ended 2015-06-30.
7 July 2015debt financing● Neutral
On June 30, 2015 GulfSlope borrowed another $1,000,000 from CEO and Chairman John Seitz on a promissory note with the same terms as his earlier notes, except without the convertible feature. This continues the pattern of funding the company through related-party loans from Seitz.
11 May 2015quarterly activities report▼ Bad
GULFSLOPE ENERGY, INC. reported a quarterly net loss of $989 thousand for the period ended 2015-03-31.
13 Feb 2015agm notice● Neutral
GULFSLOPE ENERGY, INC. shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
9 Feb 2015quarterly activities report▼ Bad
GULFSLOPE ENERGY, INC. reported a quarterly net loss of $848 thousand for the period ended 2014-12-31.
23 Dec 2014director interest notice● Neutral
GULFSLOPE ENERGY, INC. Chairman and CEO John N Seitz gifted 460,000 shares.
23 Dec 2014director interest notice● Neutral
GULFSLOPE ENERGY, INC. director Paul L Morris gifted 833,334 shares.
14 Nov 2014securities registration● Neutral
GULFSLOPE ENERGY, INC. registered a securities offering with the SEC using its shelf eligibility.
20 Oct 2014director interest notice● Neutral
GULFSLOPE ENERGY, INC. President and COO Ronald A Bain bought 15,000 shares on the open market at $0.20.
14 Oct 2014director interest notice● Neutral
GULFSLOPE ENERGY, INC. President and COO Ronald A Bain bought 20,000 shares on the open market at $0.19.
23 Sept 2014securities registration● Neutral
GULFSLOPE ENERGY, INC. filed the final prospectus for a registered offering.
12 Sept 2014securities registration● Neutral
GULFSLOPE ENERGY, INC. registered a securities offering with the SEC using its shelf eligibility.
3 Sept 2014securities registration● Neutral
GULFSLOPE ENERGY, INC. filed the final prospectus for a registered offering.
21 Aug 2014securities registration● Neutral
GULFSLOPE ENERGY, INC. registered a securities offering with the SEC using its shelf eligibility.
18 Aug 2014securities registration● Neutral
GULFSLOPE ENERGY, INC. filed the final prospectus for a registered offering.
14 Aug 2014quarterly activities report▼ Bad
GULFSLOPE ENERGY, INC. reported a quarterly net loss of $613 thousand for the period ended 2014-06-30.
1 Aug 2014director interest notice● Neutral
John Malanga became a GULFSLOPE ENERGY, INC. Chief Financial Officer and company insider (initial ownership filing).
25 July 2014securities registration● Neutral
GULFSLOPE ENERGY, INC. filed notice of an exempt private placement.
25 July 2014capital raising announcement▲ GoodMajor
On July 22, 2014 GulfSlope sold 33,448,335 new shares at $0.24 each to 43 accredited investors for gross proceeds of $8,027,600, paying placement agents $388,000. The new shares add to the share count, and the company must file to register them for resale within 30 days; late filing costs it up to 5% of the purchase price in penalties.
What it means for a shareholder
33.4m new shares at US$0.240 to raise about US$8.0m. That's 5.1% dilution: every existing holder's slice gets 5.1% smaller. If you held US$1,000 of shares (4,167 at the issue price), your slice goes from 0.000666% to 0.000632% of the company. To keep it you'd need 223 more shares - about US$54 at the issue price.
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24 July 2014director interest notice● Neutral
GULFSLOPE ENERGY, INC. Chief Operating Officer Ronald A Bain bought 750,000 shares on the open market at $0.24.
19 June 2014asset acquisition disposition▲ GoodMajor
On June 17, 2014 GulfSlope completed the last two awarded leases from the March 2014 sale (Vermilion South Addition 375 and South Marsh Island South Addition 187) for $964,359, with $70,000 in annual rent, 10,000 acres, expiring June 2019. The government regulator (BOEM) rejected its bid on Ship Shoal Block 282, so the company now holds all 21 blocks it was awarded; this resolves the open thread about completing the remaining sale blocks. A press release says the company controls 98,941 acres and expects to begin exploration drilling in 2015, and its own internal estimate is about 2 billion barrels of oil equivalent (speculative, not reserves).
19 June 2014debt financing● Neutral
On June 13, 2014 the company borrowed $1,160,000 from John Seitz, its CEO and board chairman, through a promissory note. The note has the same terms as his earlier notes except that it has no convertible feature. This is a related-party loan, and the filing does not state the interest rate or due date.
16 June 2014asset acquisition disposition▲ GoodMajor
On June 16, 2014 GulfSlope completed leases on nine more blocks from the March 2014 sale for $3,108,514, with $331,165 in annual rentals, 40,731 acres, expiring June 2019. It has now completed 19 of the 22 blocks it was apparent high bidder on.
10 June 2014asset acquisition disposition▲ GoodMajor
On June 6, 2014 GulfSlope completed leases on six more blocks from the March 2014 sale (Ship Shoal South Addition 328 and 336 and Ewing Bank 870, 904, 914, 948) for $1,843,330, with $266,590 in annual rentals, 28,210 acres, expiring June 2019. That makes 10 of the 22 blocks it was apparent high bidder on. It was also awarded two more blocks (Vermilion South Addition 375 and South Marsh Island South Addition 187), to be completed by June 20, bringing awards to 21 of 22.
29 May 2014asset acquisition disposition▲ Good
GulfSlope completed another lease, Ship Shoal South Addition Block 348, on May 27, 2014 for $159,409, with $35,000 annual rent, 5,000 acres, expiring June 2019. It also said it was notified on May 22 of awards on six more blocks (33,210 acres) and intends to complete them by June 10, 2014; those are not yet finalised.
15 May 2014quarterly activities report▼ Bad
GULFSLOPE ENERGY, INC. reported a quarterly net loss of $1.9 million for the period ended 2014-03-31.
15 May 2014securities registration● Neutral
GULFSLOPE ENERGY, INC. filed the final prospectus for a registered offering.