15 July 2015quarterly activities report▼ Bad
HAWKER ENERGY, INC. reported a quarterly net loss of $727 thousand for the period ended 2015-05-31.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
19 June 2015quarterly activities report▼ Bad
HAWKER ENERGY, INC. reported a quarterly net loss of $727 thousand for the period ended 2015-05-31.
19 June 2015asset acquisition disposition● Neutral
This amendment supplies the audited TEG financials for 2014 and 2013, pro forma figures and a reserve report for the TEG acquisition closed in February 2015. Independent engineers estimate proved reserves of 3,344,796 net barrels at the Tapia and Eureka fields as of December 31, 2014, with a pre-tax PV10 of about $84.1 million, at $92.28 per barrel, of which only 239,243 barrels are developed and producing. TEG's 2014 output was 70 barrels a day (117 in 2013) against average lifting costs of $60.05 per barrel and a sales price of $87.37; the filing warns that the steep oil price decline since the second half of 2014 could cut reserves at year-end 2015. It also discloses a 2.5% or 3.5% overriding royalty granted in January 2015 to a secured convertible note holder, accounted for as debt. The auditor's going-concern wording on TEG was cut off in the text provided.
4 June 2015quarterly activities report▼ Bad
HAWKER ENERGY, INC. reported a quarterly net loss of $727 thousand for the period ended 2015-05-31.
4 May 2015financial restatement▼ BadMajor
On April 28, 2015 management concluded the financial statements for the year ended August 31, 2014 and the quarter ended November 30, 2014 can no longer be relied on, because of an accounting error on derivative liabilities from two convertible notes (a $350,000 note from June 2014 and a $25,000 note from November 2014) with price-reset features. Restated net loss will be $1,729,132 for FY2014 (up $32,896) and $1,648,262 for the November 2014 quarter (up $18,827); the figures are not final. This concerns the reset-feature notes flagged earlier as a dilution risk.
14 Apr 2015late filing notice▼ Bad
HAWKER ENERGY, INC. notified the SEC that its quarterly report would be filed late.
24 Mar 2015debt financing▼ BadMajor
On March 18, 2015 the company agreed with Bank of the West and Sefton to take on the TEG bank loan, which stood at $4,008,083.99 as of that date; Sefton and its affiliate TEGMC are released as borrowers. The company paid $400,000 to the bank by March 23 and issued Sefton a $400,000 note (6% simple interest, due March 18, 2018 or earlier if the bank's forbearance expires), which is pledged to the bank as security. In return Sefton will give back the 5,000,000-share warrant and 1,500,000 of the 3,000,000 shares issued for TEG, which reduces the dilution from the February deal. The filing does not say how the $400,000 payment was funded.
9 Feb 2015asset acquisition disposition● NeutralMajor
On February 3, 2015 (effective February 1) the company closed the purchase of TEG Oil & Gas U.S.A., Inc. from Sefton Resources for $1.00 in cash, 3,000,000 new shares and a five-year warrant for up to 5,000,000 shares at $0.25. This completes the TEG/Tapia deal that had been pending since the 2014 loans, and TEG is now a wholly-owned subsidiary. Separately, auditor L.L. Bradford resigned (it said it was discontinuing public company audit work) and RBSM LLP was engaged for the year ending August 31, 2015; Bradford's report on the year to August 31, 2014 carried a going-concern doubt.
20 Jan 2015quarterly activities report▼ Bad
HAWKER ENERGY, INC. reported a quarterly net loss of $1.6 million for the period ended 2014-11-30.
15 Jan 2015late filing notice▼ Bad
HAWKER ENERGY, INC. notified the SEC that its quarterly report would be filed late.
16 Oct 2014capital raising announcement▼ BadMajor
Now named Hawker Energy, Inc., the company waived all the conditions on the 33,000,000 milestone shares owed to Katic and Moore and authorized issuing the full amount at once (16,500,000 each), instead of as acquisitions were completed. Of these, 19,000,000 are held in escrow: 10,000,000 to be released when the TEG Oil & Gas (Tapia Field) deal completes and 9,000,000 on completing any one of several listed oil-field transactions by December 31, 2017. The filing says this is meant to simplify the share structure and help raise capital; for other shareholders it means 14,000,000 of the shares are issued immediately and the full 33,000,000 is now fixed regardless of acquisitions. This resolves the earlier milestone-share thread, with the escrow still tied to deals.
15 Oct 2014securities registration● Neutral
HAWKER ENERGY, INC. filed notice of an exempt private placement.
22 July 2014quarterly activities report▼ Bad
HAWKER ENERGY, INC. reported a quarterly net loss of $401 thousand for the period ended 2014-05-31.
22 July 2014quarterly activities report▼ Bad
HAWKER ENERGY, INC. reported a quarterly net loss of $401 thousand for the period ended 2014-05-31.
15 July 2014quarterly activities report▼ Bad
HAWKER ENERGY, INC. reported a quarterly net loss of $401 thousand for the period ended 2014-05-31.
11 July 2014asset acquisition disposition● Neutral
This amendment supplies the financial statements and pro forma figures for the 12.8% DEEP Lease interest bought on May 15, 2014, which brought SCNRG to 100%. For the year to Aug 31, 2013 that interest had oil revenues of $15,535 and a net loss of $3,781. It adds no new transaction and closes the promised paperwork for that purchase.
8 July 2014capital raising announcement▼ Bad
On July 7, 2014 the company gave director and CEO Darren Katic a $190,000 demand note (10% interest) covering advances he made on May 1, May 15 and June 25, 2014. It also filed the amended Oceanside $350,000 note as an exhibit, and issued 738,000 units at $0.10 on July 1 (700,000 to cancel $70,000 of debt, 38,000 for $3,800 cash). This adds insider debt and more dilution.
1 July 2014capital raising announcement▼ BadMajor
The Oceanside note was replaced by a $350,000 amended note (12%, convertible at $0.10, and the conversion price drops automatically if the company later sells shares at a lower price), still secured on all company assets and meant only to fund advances to TEG. The TEG loan was enlarged to up to $1,500,000 ($912,305.69 advanced) and extended to December 29, 2014, with Tapia's option to buy into the TEG assets extended to June 27, 2015 at $68,750 per 1% (up from $59,171.60). The company also issued 550,000 units at $0.10 to cancel $55,000 of debt. This deepens the company's exposure to the TEG deal and the price-reset feature adds dilution risk.
5 June 2014capital raising announcement● NeutralMajor
The company's new subsidiary Tapia Holdings agreed to lend TEG Oil & Gas up to $1,000,000 (3% interest, second-ranking security, due July 31, 2014; $552,305.69 already advanced) as part of a proposal to acquire a majority interest in TEG's assets, which still needs a vote by Sefton shareholders. To fund this, the company issued a $250,000 secured convertible note to Oceanside Strategies (12% interest, convertible at $0.10 per unit with a half-share warrant at $0.25, secured on all company assets), and also a $50,000 12% convertible note convertible at $0.10 per share. This moves the TEG/Tapia Field deal from the milestone-share list toward a concrete step, and adds secured debt and potential dilution.
20 May 2014asset acquisition disposition▲ GoodMajor
On May 15, 2014 SCNRG paid $125,000 to exercise its option and buy the remaining roughly 13% of the DEEP Lease from SAL Energy and TEN-ONE, taking it to a 100% working interest (the 20.9% ORRI and 40% NPI still apply); SAL Energy keeps operating until SCNRG qualifies as operator. This completes the option held since the February purchase. Separately, the company sold 300,000 units at $0.10 for $30,000 on May 8 and granted five people options on 5,950,000 shares at $0.10 (including 600,000 to Katic and 1,000,000 to Andersen), adding dilution. Financial statements for the purchase are promised by amendment.
11 Apr 2014capital raising announcement● NeutralMajor
On April 9, 2014 the company closed another private placement of 3,649,720 units at $0.10: 2,206,000 sold to twelve investors for $220,600, and 1,443,720 issued to four creditors to cancel $144,372 of debt. Each unit has a share and a half-share warrant at $0.20, expiring in five years. Insiders took part, including Katic (684,910 units for debt cancellation) and Smed Capital (linked to Andresen, 250,000 units for $25,000). This continues the series of unit financings and adds dilution.
10 Apr 2014asset acquisition disposition● Neutral
This amendment adds audited and unaudited financial statements and pro forma figures for the 20.5% DEEP Lease interest bought on February 4, 2014, bringing SCNRG's interest to 87.1808%. For the year to Aug 31, 2013 that interest had oil revenues of $24,857 and a net loss of $6,049. It also says Caleco will keep operating under a transition agreement if the remaining 12.892% is bought. It adds no new transaction.
10 Apr 2014quarterly activities report▼ Bad
HAWKER ENERGY, INC. reported a quarterly net loss of $176 thousand for the period ended 2014-02-28.
6 Feb 2014asset acquisition disposition● NeutralMajor
On February 4, 2014 SCNRG exercised part of its option, paying $200,000 for about another 20.5% of the DEEP Lease, taking its interest to roughly 87%. A further $125,000 option on the remainder is still held, and SAL Energy will operate until SCNRG qualifies as operator. Separately, on January 31 the company sold 1,175,000 units at $0.10 (950,000 for $95,000 cash; 225,000 to two creditors to cancel $22,500 of debt, including $15,000 owed to Andresen), each with a half-share warrant at $0.20. This continues the DEEP Lease build-up and the unit financings.
16 Jan 2014capital raising announcement● NeutralMajor
On January 10, 2014 the company closed a private placement of 3,600,000 units at $0.10 each to seven investors for $360,000. Each unit has one share plus a warrant for half a share at $0.20, expiring in five years. Insiders and large holders took part: Katic $38,000, Manhattan Holdings $90,000, Tywoniuk $50,000. This is new cash for the company, with dilution from the shares and warrants.
What it means for a shareholder
3.6m new shares at $0.100 to raise about $360,000. That's 4.5% dilution: every existing holder's slice gets 4.5% smaller. If you held $1,000 of shares (10,000 at the issue price), your slice goes from 0.0132% to 0.0126% of the company. To keep it you'd need 474 more shares - about $47 at the issue price.
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15 Jan 2014securities registration● Neutral
HAWKER ENERGY, INC. amended a filing by which it filed notice of an exempt private placement.
15 Jan 2014securities registration● Neutral
HAWKER ENERGY, INC. filed notice of an exempt private placement.
13 Jan 2014quarterly activities report▼ Bad
HAWKER ENERGY, INC. reported a quarterly net loss of $76 thousand for the period ended 2013-11-30.
7 Jan 2014asset acquisition disposition● NeutralMajor
On January 1, 2014 the company exercised its option and bought all of Hawker Energy, LLC from Darren Katic and Charles Moore for 1,500,000 shares each (3,000,000 total), raising shares outstanding from 25,961,983 to 28,961,983. Up to 33,000,000 more shares could go to them if the company acquires certain assets (California Oil Independents, South Coast Oil Huntington Beach, Midway-Sunset Lease interests, TEG Oil & Gas, PRC 145.1 Lease rights, PRC 427 Lease rights). This resolves the October option and expands the possible milestone shares versus the October terms (which listed 16M), so potential future dilution is larger.
7 Jan 2014securities registration● Neutral
HAWKER ENERGY, INC. filed notice of an exempt private placement.