Each one in plain English, with the numbers worked through for a shareholder.
16 Apr 2008capital raising announcement● Neutral
On April 15, 2008 two shareholders exercised warrants at $1.00 per share, and Jayhawk issued 599,939 shares, with proceeds intended for working capital. This adds shares and cash, continuing the warrant exercises seen on March 31.
On March 31, 2008 Jayhawk closed the Galaxy Energy purchase for $1,000,000 cash and 1,000,000 shares (lower cash than the $2,000,000 price in the February agreement; the filing does not explain the change). It gets a 100% working interest in a 16-mile gas pipeline and 6,500 acres, with 16 BOEPD (100 Mcf) from seven connected wells out of thirty-four. It also bought a workover unit for $30,000 and 24,272 shares, and issued 900,000 shares on warrant exercises at $1.00, using the $900,000 to close the Galaxy deal.
On March 14, 2008 Jayhawk agreed to buy more Kansas oil and gas interests in Crawford and Bourbon Counties from Missouri Gas Partners for $140,006 cash and 286,550 shares. The filing says this land is contiguous to the Galaxy acquisition due to close March 31, 2008.
On February 18, 2008 Jayhawk agreed to buy oil, gas and mineral interests in Crawford and Bourbon Counties, Kansas from Galaxy Energy for $2,000,000, with closing set for March 31, 2008. It also issued 50,000 shares to Titan West Energy for services.
22 Jan 2008asset acquisition disposition▲ GoodMajor
On January 16, 2008 Jayhawk bought oil and gas interests in the Candak area of North Dakota (Williston Basin) from JED Oil (USA) for $3,500,000 cash, adding about 65 barrels a day of net light oil production and a 15,500-acre position. It raised about $4,000,000 by selling 2,666,667 units at $1.50, each a share plus a $1.60 one-year warrant, and agreed to register those shares for resale. This extends the Kansas start into a second area and adds production.
On November 28, 2007 the company dismissed its auditor Cordovano and Honeck LLP and hired Meyers Norris Penny LLP to audit the year ended September 30, 2007. The old auditor's reports for 2005 and 2006 carried a going-concern paragraph, and the filing states there were no disagreements.
26 July 2007asset acquisition disposition▲ GoodMajor
On July 25, 2007 Jayhawk Energy bought oil, gas and mineral leases in Kansas (about 35,000 gross acres in Bourbon County, Cherokee basin) from Armstrong Investments for $2,200,000 cash, and said this is the first step of a new oil and gas business plan. It funded this with a private placement of 2,882,659 units at $1.00 (each a share plus a $1.00 two-year warrant), including units issued to Berrigan Portfolio to repay the April 2007 note (about 562,679 units) and $20,000 it paid for the company (20,000 units). The former officer Sara Preston had 56,000,000 shares cancelled for $20,000 and the old jewelry inventory, leaving 36,882,659 shares outstanding. The filing says no production tests have yet been conducted on the Kansas property.
The company, then filed under the name Bella Trading Company, Inc., signed a $550,000 promissory note with Berigan Portfolio, Inc. on April 12, 2007. It is payable on demand, carries 8% annual interest, and is for working capital. This is the company's first debt in this story.