21 Mar 2017listing compliance notice▼ BadMajor
HINTO ENERGY, INC deregistered its securities, ending its obligation to file reports with the SEC.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
12 Apr 2016capital raising announcement▼ BadMajor
On March 30, 2016 Hinto agreed to sell 5,000,000 shares for $50,000 to Arrowhead Consulting, controlled by VP of Finance Gary Herick, and sold 3,000,000 shares to private and current shareholders for $30,000. Herick also lent the company another $83,000, bringing his loans to $223,000 over eight months, to be covered by a 120-day promissory note; $33,000 of it is to pay debt. The $50,000 share money went to repairing wells in Montana and Utah. The tiny prices (about $0.01 per share) and reliance on an insider's loans are facts from the filing; that the company is short of cash is an inference, and the share issuance heavily dilutes existing holders.
23 July 2014resource reserve update▲ GoodMajor
Hinto announced an independent reserve study by SanTech Upstream, LLC on its Mason Lake field in Montana: a PV-10 (estimated present value of the reserves) of about $3,279,842, about 14.8 years of remaining life at a 13% decline rate, and a 95% working interest held by Hinto. Management says rework has raised production. The release does not give current production figures, and the study results are an estimate by the company's consultant. This puts a number on the Montana assets bought in June 2013.
24 Jan 2014capital raising announcement▲ GoodMajor
On January 22, 2014 Hinto issued a $2,000,000 secured convertible note: 3 years, 10% interest with quarterly payments starting July 2014, convertible at $1.25 per share, with up to 480,000 warrants at $2.00 tied to any principal converted. The note is secured by Hinto's Musselshell County, Montana leases and wells, and the stated use is operations plus re-completion and drilling in Utah and Montana. This is by far the largest financing in the company's history here, and conversion would dilute shareholders.
20 June 2013material agreement▲ GoodMajor
Hinto closed on June 17, 2013 the purchase of mineral estates in Grand County, Utah from Pride Ventures, LLC and James Woolsey: 4,435 acres, 9 well bores and a gas gathering system that connects to Hinto's existing system, with 100% working interest. It plans to pay $100,000: $75,000 cash and 50,000 restricted shares. This adds to the Greater Cisco holdings bought from Pacific in 2012.
19 June 2013material agreement▲ GoodMajor
On June 14, 2013 Hinto also bought leases from S&L Energy, Inc. covering 722 gross acres in Musselshell County, Montana, including 120 acres for zones other than the 1st Cat Creek rights bought from Jake Oil. It plans to pay $101,100: $65,000 cash and 62,242 restricted shares valued at $0.58 each. Hinto also has a 30-day option to buy more Musselshell leases from S&L at $60 per acre. This builds on the Jake Oil purchase.
18 June 2013material agreement▲ GoodMajor
On June 14, 2013 Hinto bought oil and gas leases from Jake Oil, LLC covering 559 gross acres in Musselshell County, Montana (1st Cat Creek formation, Mason Lake field), including 6 wells that need rework for water flooding. It plans to pay about $25,000 in cash plus a 5 percent working interest, and to start production in the third quarter of 2013. This is a new Montana area for a company whose assets had been in Utah.
6 June 2013auditor change● Neutral
On June 5, 2013 Hinto appointed BF Borgers, CPA PC as its auditor to replace Borgers & Cutler, which had resigned on June 3. This completes the second auditor change in two months; the filing again notes the earlier going-concern paragraph in Chadwick's reports for 2010 and 2011.
4 June 2013auditor change▼ Bad
Borgers & Cutler, the auditor Hinto hired in April 2013, resigned on June 3, 2013, less than two months later. The filing gives no reason for the resignation and repeats that there were no disagreements with the earlier auditor, Ronald Chadwick.
16 Apr 2013auditor change● Neutral
Hinto dismissed its auditor Ronald Chadwick, PC on April 15, 2013 and hired Borgers & Cutler, CPA, PC. The filing states there were no disagreements with the former auditor, whose reports for 2010 and 2011 included a going-concern paragraph (doubt about the company continuing).
27 Dec 2012capital raising announcement● NeutralMajor
Hinto settled a lawsuit brought in March 2012 by Bridge Industries, which had lent money to South Uintah in June 2011 and sought return of $400,000 plus the value of 1,000,000 shares and other amounts. Under the December 18, 2012 settlement the suit is dismissed, and Hinto will pay $100,000 in cash ($50,000 by March 31, 2013 and $50,000 by June 30, 2013), issue 1,400,000 shares to be registered on Form S-1 by March 31, 2013, and issue 800,000 five-year warrants at $0.25 to $1.50. This closes a dispute that arose from the South Uintah deal, at the cost of cash and new shares that dilute existing holders.
1 June 2012capital raising announcement● NeutralMajor
Hinto closed a deal on May 30, 2012 with Pacific Energy and Mining Company to buy wells and assets in the Greater Cisco area, Grand County, Utah: 4,783 gross acres (about 3,827 net, 80% NRI) and 27 wells needing rework, pipeline connection or offset drilling. The $325,000 price is $175,000 cash plus a $150,000 8% convertible note due May 30, 2013, convertible at $1.00 per share. The company expects to take control of the assets within 180 days.
3 May 2012material agreement● Neutral
An agreement from November 2011 to acquire a 5% working interest in the Indian Nations Wells in Pittsburgh County, Oklahoma, subject to resolution of litigation, was amended in April 2012. The 5% interests in wells 2-30 and 3-30 go to subsidiary South Uintah in exchange for 30,000 restricted shares and continued payment of litigation expenses in a dispute with the wells' operator.
26 Apr 2012capital raising announcement● Neutral
The $500,000 Microalloyed note from December 2011 required all proceeds to be reserved for buying assets. On April 12, 2012 Microalloyed agreed to release $50,000 for operating costs, in return for 25,000 restricted shares that the company agreed to register.
30 Jan 2012business combination● NeutralMajor
On January 23, 2012 the company completed the South Uintah acquisition under an amended agreement, issuing 11,446,931 shares one-for-one, 6,700,000 warrants and a $375,000 convertible note (convertible at $0.20 per share), making South Uintah a wholly-owned subsidiary. South Uintah returned 2,700,000 shares, which were retired (it had earlier passed 300,000 to a third party). Several Hinto officers and directors (George Harris, Gary Herick, Max Sommer, Kevin Blair) are also officers, directors and shareholders of South Uintah, and David Keller is a shareholder. The company says it has no production yet and plans to spend up to $10,000,000 on acquisitions and drilling, to be raised through private placements; the Natural Buttes farmout cost $478,200. This resolves the pending acquisition from 2011.
22 Dec 2011capital raising announcement● NeutralMajor
Now named Hinto Energy, the company issued a $500,000 secured promissory note to Microalloyed Steel Institute: 3-year term, 10% annual interest, convertible into restricted common stock at $1.00 per share. It is secured by South Uintah's Natural Buttes leases, farmouts and related assets. The filing calls South Uintah the company's majority shareholder.
5 Aug 2011material agreement● NeutralMajor
The company signed an agreement on July 27, 2011 to acquire 100% of South Uintah by issuing 8,000,000 common shares one-for-one, plus matching preferred stock, 8,700,000 warrants, a $1,000,000 convertible note and $350,000 of promissory notes. Closing is targeted by August 31, 2011 and depends on South Uintah delivering audited financials. South Uintah will return its 3,000,000 Garner shares for retirement, South Uintah's nominees join the board and current officers resign. This turns July's stated intent into a signed deal; closing was still pending.
13 July 2011capital raising announcement● NeutralMajor
Majority shareholder Sharon Fowler sold 3,000,000 shares to South Uintah Gas Properties for $300,000 cash, giving South Uintah 70.09% of the 4,280,000 shares outstanding; Fowler keeps 680,000 (15.88%). The company says it intends to acquire South Uintah (Colorado-incorporated March 2011, with Natural Buttes, Utah acreage from a farmout) but no agreement exists yet and South Uintah must first complete an audit.
10 Jan 2011auditor change● Neutral
This amendment to the November 2010 auditor-change filing adds that the PCAOB revoked the former auditor Larry O'Donnell, CPA, P.C.'s registration effective December 14, 2010. The rest is unchanged, including the going-concern paragraph in the former auditor's reports.
5 Nov 2010auditor change● Neutral
Garner dismissed its auditor Larry O'Donnell, CPA, PC on November 1, 2010 and engaged Ronald Chadwick, PC of Aurora, Colorado. The filing reports no disagreements with the former auditor, whose 2009 and 2008 reports included a going-concern uncertainty paragraph.
19 Oct 2009capital raising announcement● Neutral
Garner Investments extended its farmout agreement with Sharon K. Fowler (originally signed August 28, 2006, covering a Wyoming state lease) to December 31, 2010; the initial test well had been due by December 10, 2007. All other terms stay the same. The filing does not say whether any well was drilled.
22 Mar 2005listing compliance notice● Neutral
Under the name Garner Investments, Inc. (Casper, Wyoming), the company filed an amended Form 15 certifying it has about 40 holders of record and ending its duty to file SEC reports under Rule 12g-4(a)(1)(i). This repeats the October 2004 deregistration and carries no new financial or operating information.
12 Oct 2004listing compliance notice▼ BadMajor
HINTO ENERGY, INC deregistered its securities, ending its obligation to file reports with the SEC.