29 Apr 2009listing compliance notice▼ BadMajor
Ignis Petroleum Group, 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.
14 Nov 2008late filing notice▼ Bad
Ignis Petroleum Group, Inc. notified the SEC that its quarterly report would be filed late.
29 Sept 2008late filing notice▼ Bad
Ignis Petroleum Group, Inc. notified the SEC that its annual report would be filed late.
23 July 2008material agreement▼ BadMajor
On July 18, 2008 Ignis and YA Global (formerly Cornell Capital) agreed that YA Global will hold off on its remedies for Ignis's failure to register shares underlying the convertible debentures, from July 17, 2008 to January 5, 2009. Ignis will pay $55,000 a month starting in August, and the fixed conversion price on the three debentures ($2,500,000, $1,500,000 and $1,000,000 originals, issued in 2006) is cut to $0.03. This continues the open Cornell registration thread, which the company evidently did not fulfil, and the very low conversion price implies (inference) very heavy dilution risk for shareholders.
14 May 2008late filing notice▼ Bad
Ignis Petroleum Group, Inc. notified the SEC that its quarterly report would be filed late.
15 Feb 2008late filing notice▼ Bad
Ignis Petroleum Group, Inc. notified the SEC that its quarterly report would be filed late.
16 Jan 2008material agreement termination▼ BadMajor
On December 21, 2007 Silver Point removed Ignis as manager (B Manager) of Ignis Barnett Shale, LLC, which automatically ended the services agreement under which Ignis was paid $50,750 a month for the first 12 months and $43,250 a month after. The LLC agreement itself stays in effect unchanged. This ends Ignis's day-to-day role on the St. Jo Ridge assets and that management fee; the filing does not say what happens to Ignis's contingent share of distributions. The filing is signed by Geoff Evett as President and CEO, whereas Michael Piazza held that role in earlier filings.
4 Oct 2007material agreement▼ BadMajor
The Anadarko Liberty Hills purchase ended on its own terms on September 28, 2007 because Ignis could not finalize the funding needed by the closing deadline. The filing says all obligations ended and no material penalties were incurred, so the acquisition announced three weeks earlier did not happen.
1 Oct 2007late filing notice▼ Bad
Ignis Petroleum Group, Inc. notified the SEC that its annual report would be filed late.
24 Sept 2007financial restatement▼ BadMajor
This amendment restates the August 2007 non-reliance notice to name which reports cannot be relied on: the June 30, 2006 annual report and the quarterly reports for March 31, 2006, September 30, 2006, December 31, 2006 and March 31, 2007. It resolves the May 2007 open question of whether later quarters were affected, and the company plans amended filings after the Hein re-audit.
11 Sept 2007material agreement▲ GoodMajor
On September 6, 2007 Ignis's wholly owned subsidiary Ignis Louisiana Salt Basin agreed to buy Anadarko's Liberty Hills prospect interests in Bienville Parish, Louisiana (over 11,900 gross acres, one producing gas well, Martin Timbers 9-1) for $3,000,000 cash, with closing due by September 28, 2007. Financing and due diligence were still being finalized, and the press release calls it the largest acquisition in the company's history.
21 Aug 2007financial restatement▼ BadMajor
On August 14, 2007 management concluded the March 2006 quarter errors were big enough to require restating the audited year ended June 30, 2006, so the 2006 annual report and later 2006 interim reports should not be relied on. Hein and Associates is re-auditing that year and the company plans an amended annual report. This widens the May 2007 restatement thread beyond one quarter.
2 Aug 2007material agreement▼ Bad
On July 26, 2007 Ignis agreed to pay Lifestyles Integration, Inc., the company through which it gets Eric Hanlon's consulting services, a monthly retention bonus equal to the $12,500 monthly consulting fee, effective June 1, 2007, for as long as the company is considering restructuring alternatives. The filing does not say what the restructuring alternatives are, but the company is formally weighing them.
21 May 2007financial restatement▼ BadMajor
On May 15, 2007 new auditor Hein told Ignis that the quarter ended March 31, 2006 must be restated, so that 10-QSB can no longer be relied on. The errors: the Cornell warrant liability was not adjusted for market value changes (understated by $330,000), two stock issuances were not charged ($189,000 for 128,125 shares in August 2005 and $644,000 for 350,000 shares in October 2005), and depletion on the Acom A-6 property was miscalculated. Nine-month net loss moves from $2,617,423 to $3,773,507; revenue, total assets, cash flow and liquidity are unaffected. Management is checking whether later quarters through December 2006 also need restating. The company's address also moved to Plano, Texas.
16 May 2007late filing notice▼ Bad
Ignis Petroleum Group, Inc. notified the SEC that its quarterly report would be filed late.
23 Apr 2007auditor change● Neutral
This amendment restates the March 26, 2007 auditor-change report in full to correct the former accountant's name in the exhibit section (the original named Deloitte & Touche instead of De Meo, Young, McGrath). The facts of the auditor change are unchanged.
20 Apr 2007securities registration● Neutral
Ignis Petroleum Group, Inc. amended a filing by which it registered a small-business securities offering with the SEC.
20 Apr 2007debt financing● NeutralMajor
On March 6, 2007 Petrofinanz lent Ignis another $400,000, bringing its loan to $1,000,000 at 10% interest. The maturity of the whole principal and all interest payments are pushed out to June 30, 2009, replacing the $30,000-a-month repayments from January 2007 set in August 2006. This continues the Petrofinanz loan thread and delays cash repayment.
26 Mar 2007auditor change● Neutral
Effective March 20, 2007 the audit committee dismissed De Meo, Young, McGrath as auditor and appointed Hein + Associates LLP. The filing says the old auditor's reports for fiscal years ended June 30, 2005 and 2006 were clean and there were no disagreements. The exhibit index names the wrong firm for the letter, which the company corrected in a later amendment.
5 Mar 2007securities registration● Neutral
Ignis Petroleum Group, Inc. amended a filing by which it registered a small-business securities offering with the SEC.
29 Jan 2007material agreement● Neutral
Ignis signed three-year employment agreements with new CFO Shawn Clift ($150,000 salary, 1,020,000 shares vesting over three years), VP External Relations Patty Dickerson ($100,000, 450,000 shares) and Senior VP of Exploration Robert Stancil, formerly of Anadarko ($150,000, 1,875,000 shares), plus indemnification agreements. Stock awards of about 3.3 million shares in total will add to the share count as they vest. Clift replaces Timothy Hart as CFO (inference from the CFO appointment history).
18 Jan 2007securities registration● Neutral
Ignis Petroleum Group, Inc. amended a filing by which it registered a small-business securities offering with the SEC.
21 Nov 2006material agreement● NeutralMajor
On November 15, 2006 the St. Jo Ridge purchase closed, funded by affiliates of Silver Point Capital through a new LLC agreement for Ignis Barnett Shale, which Ignis manages day to day. Silver Point funds 100% of the purchase price and approved future costs and gets its capital plus a specified return back first; after that Ignis can earn up to 50% of cash distributions if performance criteria are met, and Silver Point approves the budget and material decisions. The filing calls the subsidiary 'then wholly owned', so Ignis no longer owns it outright. The acquisition resolves the financing question from the September announcement, but Ignis's share of the economics is contingent.
15 Nov 2006securities registration● Neutral
Ignis Petroleum Group, Inc. amended a filing by which it registered a small-business securities offering with the SEC.
3 Oct 2006material agreement● NeutralMajor
On September 27, 2006 Ignis's subsidiary Ignis Barnett Shale, LLC agreed to buy 45% of W.B. Osborn Oil & Gas Operations' and St. Jo Pipeline's interest in producing properties and a gas gathering system in the St. Jo Ridge Field, North Texas, for $17,600,000 plus $850,000 in 36 monthly installments of $23,611, plus a commitment to fund up to $5,000,000 of lease acquisitions over two years. Closing was planned for October 31, 2006 with a $50,000 deposit paid; the press release says Ignis was still negotiating financing. This is a new, much larger asset than the Gulf Coast prospects in the company's history.
28 Sept 2006late filing notice▼ Bad
Ignis Petroleum Group, Inc. notified the SEC that its annual report would be filed late.
7 Sept 2006material agreement● NeutralMajor
On August 1, 2006 the board approved indemnification agreements for directors Buschmann, Evett, Leopard and Piazza and advisors Stein, Kulpecz and Gittelman, covering legal expenses from their service. On August 28, 2006 Ignis restated its December 2005 Petrofinanz loan: Petrofinanz lends an additional $500,000 (on top of the original $100,000), interest becomes 10% from August 28, 2006, repayment of $30,000 a month runs from January 28, 2007 with the balance due February 28, 2008, and Petrofinanz may demand early repayment if Ignis raises over $1,000,000 in new debt or equity. This replaces the earlier $100,000 loan that was due June 20, 2006.
21 July 2006securities registration● Neutral
Ignis Petroleum Group, Inc. amended a filing by which it registered a small-business securities offering with the SEC.
20 June 2006securities registration● Neutral
Ignis Petroleum Group, Inc. amended a filing by which it registered a small-business securities offering with the SEC.
15 May 2006late filing notice▼ Bad
Ignis Petroleum Group, Inc. notified the SEC that its quarterly report would be filed late.