14 Nov 2011quarterly activities report▼ Bad
KODIAK ENERGY, INC. reported quarterly revenue of $706 thousand and a net loss of $1.1 million for the period ended 2011-09-30.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
8 Aug 2011quarterly activities report▼ Bad
KODIAK ENERGY, INC. reported quarterly revenue of $560 thousand and a net loss of $1.0 million for the period ended 2011-06-30.
31 Mar 2011late filing notice▼ Bad
KODIAK ENERGY, INC. notified the SEC that its annual report would be filed late.
1 Feb 2011material agreement● Neutral
On February 1, 2011 Kodiak closed and funded a Cdn$900,000 convertible note with its subsidiary Cougar Oil and Gas Canada, with proceeds for a two-well drilling program. The unsecured note runs 18 months at prime plus 3%, is convertible until 5 days before maturity into Cougar shares at the greater of the 5-day volume weighted average price at closing or US$3.00, and carries a 1% gross overriding royalty on the two wells. This is a loan between Kodiak and a company it holds 64.6% of, following the March 2010 acquisition; the filing does not say which party is lender and which is borrower.
19 Jan 2011capital raising announcement▼ BadMajor
On January 18, 2011 Kodiak closed a private placement of 10,000,000 units at US$0.15 each for gross proceeds of US$1,500,000 with one accredited investor. Each unit has one share and one warrant to buy a share at US$0.50 until January 18, 2013; US$120,000 of issue costs are accrued, including an 8% finder's fee to a European firm. The price is far below the US$2.50 paid in the 2008 placement, and the new shares dilute existing holders. The filing does not say what the money will be used for.
What it means for a shareholder
10.0m new shares at US$0.150 to raise about US$1.5m. That's 7.7% dilution: every existing holder's slice gets 7.7% smaller. If you held US$1,000 of shares (6,667 at the issue price), your slice goes from 0.00557% to 0.00514% of the company. To keep it you'd need 557 more shares - about US$84 at the issue price.
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22 Nov 2010quarterly activities report▼ Bad
KODIAK ENERGY, INC. reported quarterly revenue of $771 thousand and a net loss of $716 thousand for the period ended 2010-09-30.
15 Nov 2010late filing notice▼ Bad
KODIAK ENERGY, INC. notified the SEC that its quarterly report would be filed late.
13 Aug 2010quarterly activities report▼ Bad
KODIAK ENERGY, INC. reported quarterly revenue of $943 thousand and a net loss of $398 thousand for the period ended 2010-06-30.
18 May 2010late filing notice▼ Bad
KODIAK ENERGY, INC. notified the SEC that its quarterly report would be filed late.
5 Mar 2010asset acquisition disposition● NeutralMajor
On March 1, 2010 Kodiak completed the acquisition of 64.6% of the common stock of Cougar Oil and Gas Canada, Inc. (the publicly traded parent of Cougar Energy), under an agreement described in a January 26, 2010 filing by Cougar. Kodiak also guaranteed Cougar Energy's new bank financing: a Cdn$1,000,000 revolving demand loan at prime plus 3.5% and a non-revolving acquisition/development demand loan at prime plus 3.0%, which Cougar Energy drew on March 1, 2010. The size of the second facility and the price paid for the shares are not stated in this filing. This adds a further Kodiak guarantee on top of the Trout vendor debt, and the acquired business's financial statements and pro formas are promised within 71 days.
16 Dec 2009asset acquisition disposition● Neutral
This amendment adds the financial statements the company owed for the Trout field purchase that Cougar closed on September 30, 2009. The audited statement shows Trout net operating income (before depletion, overhead and taxes) of US$603,295 for the nine months to September 30, 2009, versus US$2,790,352 in 2008 and US$2,179,987 in 2007, on revenue of US$1,724,936 for the nine months, US$4,474,727 for 2008 and US$3,739,228 for 2007. It also includes pro forma statements showing the combined company as if the deal and its financing had happened earlier; the pro forma balance sheet in the available text shows total assets of US$43,086,429 combined and a US$1,108,374 bridge loan. This fulfils the promise to file these statements by amendment; the 2009 nine-month income is well below 2008's full year.
6 Nov 2009listing compliance notice▼ BadMajor
On November 4, 2009 Kodiak asked the TSX Venture Exchange to delist its shares voluntarily, with delisting after a ten-day period. Its shares will stay quoted on the US OTC Bulletin Board (KDKN). The board cited the cost of keeping a dual listing against the benefit, and the filing says it was not prompted by any order or communication from the TSX-V. Trading volume from December 24, 2007 to October 30, 2009 averaged 270,413 shares a day on the OTCBB versus 14,022 on the TSX-V. This ends the TSX-V listing obtained in late 2007.
6 Oct 2009asset acquisition disposition● NeutralMajor
Cougar closed the Trout field purchase on September 30, 2009 for CAD$6 million: CAD$1 million paid at closing and CAD$5 million owed to the vendor, interest-free, in monthly instalments from January 1, 2010 to March 2014, guaranteed by Kodiak and secured on the acquired properties. To fund the closing, Kodiak borrowed CAD$1,350,000 from Ionic Capital Corp. at 12% a year, due by June 30, 2010, plus 383,188 Kodiak shares to be issued, which adds dilution. Cougar also closed a second purchase (2 producing and 4 suspended wells in the Kidney and Equisetum fields, about 20 barrels per day) for CAD$100,000 over 18 months plus 155,000 Cougar shares at CAD$1.30. Finally, Cougar's partner in the Lucy project failed to complete its financing, so Cougar took the partner's Alexander and Crossfield, Alberta producing properties (about 15 barrels of oil equivalent per day) as default payment. This completes the July-August Trout field deal and adds debt.
25 Aug 2009material agreement▲ GoodMajor
Cougar Energy signed a binding purchase and sale agreement on the Trout field assets announced in July: 11 producing wells, 21 suspended wells and related facilities, for CAD$6,000,000 to be funded with cash and debt, with closing expected by September 30, 2009. The vendor's independent report puts proved and probable reserves at about CAD$7,250,000 (10% discounted value), and Cougar says it will update this after closing. Current gross production is about 170 barrels per day. This firms up the July agreement in principle.
21 July 2009drilling progress report▲ GoodMajor
Kodiak announced on July 20, 2009 that its majority-owned subsidiary Cougar Energy has reached an agreement in principle with an unnamed private company to buy 11 producing wells, 21 workover or recompletion candidates, and water disposal facilities and pipelines in the Trout field, in and next to the CREEnergy project. Current gross production is about 170 barrels of oil per day, versus up to an estimated 2,450 barrels per day previously. No price is given. This is the first producing oil property for the group described in the filings so far, and it builds on the CREEnergy joint venture.
16 July 2009joint venture update▲ GoodMajor
Kodiak's majority-owned Cougar Energy met the funding milestone under its December 2008 exclusivity deal with CREEnergy, securing access to up to 345,000 acres of mineral rights in north-central Alberta with the first 46,000 acres leased for ten years. Four to six targets were lined up for the coming winter drilling season.
25 June 2009director interest notice● Neutral
Glenn Watt became a KODIAK ENERGY, INC. Vice-President Operations and company insider (initial ownership filing).
25 June 2009director interest notice● Neutral
William Ewart Brimacombe became a KODIAK ENERGY, INC. CFO and company insider (initial ownership filing).
17 Mar 2009financial restatement▼ BadMajor
Kodiak said on March 13, 2009 that its financial statements for the quarter ended September 30, 2007, the year ended December 31, 2007, and the first three quarters of 2008 should not be relied on. After SEC questions, the 7,000,000 shares issued to Thunder in the September 2007 asset purchase will be valued at US$2.50 (US$17,500,000) instead of US$2.00 (US$14,000,000), a US$3,500,000 increase in recorded cost. Separately, a US$1,125,835 premium on flow-through shares must be shown as a liability rather than paid-in capital. Amended 10-Q and 10-K filings will follow. The filing describes these as accounting corrections and does not report any cash effect. This is the amended-filings thread from the earlier open items, though that thread concerned 2005-2006 periods and this one concerns 2007-2008.
16 Mar 2009late filing notice▼ Bad
KODIAK ENERGY, INC. notified the SEC that its annual report would be filed late.
5 Dec 2008material agreement▲ GoodMajor
Kodiak gave more detail on the joint venture with CREEnergy Oil and Gas Inc. (owned by the Peerless/Trout Lake First Nation and Alberta Cree Nation), under a binding letter agreement signed November 28, 2008. In return for advancing certain funds and committing to work programs, Kodiak gets an exclusive chance to develop identified properties, starting with one township (36 sections, 23,000 acres) from each First Nation on 10-year leases, with a development plan due May 1, 2009 and a goal of starting operations by November 1, 2009. This starts the CREEnergy thread that later became the Cougar Energy project.
20 Aug 2008material agreement termination▼ BadMajor
Kodiak reported on August 19, 2008 that the Brink Energy arrangement, agreed in June, has been terminated. Management believes Brink did not meet the requirements of the agreement. Kodiak is reviewing options to recover a secured CAD$1,000,000 loan advanced to Brink on June 20, 2008, the break fee (certain leased Brink mineral interests) and its transaction costs; no recovery is reported yet. This ends the Brink deal and leaves the loan and break fee as open questions.
19 June 2008capital raising announcement● Neutral
Kodiak closed a private placement on June 18, 2008 of 1,204,000 units at US$2.50 each to three investors outside the US, raising US$3,010,000. Each unit has one share and one warrant at $3.50 until June 18, 2010. Share issue costs are US$260,000, including an 8% finder's fee to a European firm. The press release says proceeds go to the Little Chicago drilling permits, New Mexico seismic, other prospects and working capital. This adds to the share count and potential dilution.
What it means for a shareholder
1.2m new shares at US$2.50 to raise about US$3.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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19 June 2008material agreement▲ GoodMajor
On June 19, 2008 Kodiak signed a binding letter agreement to buy all of Brink Energy Ltd., a private Calgary company, in a deal worth about CAD$30,000,000 at CAD$1.15 per Brink share. Brink holders would get Kodiak shares (0.411 each) or CAD$0.575 plus 0.2055 of a share, with cash capped at CAD$7,000,000 and mostly debt-funded. Brink holders would own about 7% of Kodiak if the full cash amount is taken. A final agreement was due by July 21, 2008, and the deal needs court, regulatory and two-thirds Brink holder approval, with a CAD$1,000,000 break fee each way in certain cases. This is the first move into producing assets described in the filing, with Brink's 12 wells (10 producing) in Manitoba and Alberta.
12 Mar 2008drilling progress report▲ Good
Three project updates: the 2008 45 km 2D seismic program on the Northwest Territories EL 413 (Little Chicago) is complete and in processing, with results expected in 6 to 8 weeks; first lab results on the Lucy project in British Columbia (80% working interest, about 3 sections) showed average organic content of 3.68%; and the Sofia #2 well in New Mexico reached total depth on March 11, 2008 and found CO2 in three formations, with Sofia #1 to spud next. Kodiak is stated to hold 56.25% of Little Chicago. The filing's resource figures are management's estimates, not reserves, and the 20 BCF per section is a management baseline. Lucy is a new project not in the earlier context, and the CO2 find is a gas the company is evaluating as a project, with no oil or gas production reported.
26 Feb 2008drilling progress report▲ Good
Kodiak said on February 25, 2008 that it has all permits and licences for its New Mexico drilling program, and expects the first well to spud by March 1, 2008. The press release describes a 3 to 4 well program at about $320,000 per well, with Kodiak as operator and 100% working interest owner of about 62,000 acres plus letters of intent for another 22,000 acres, and a 38-mile seismic program due to start within 20 days. This builds on the New Mexico rights bought from Thunder River in 2007. Note the press release now shows a TSX Venture listing (CDNX:KDK.V), so the December 2007 listing deadline appears to have been met (inference).
13 Nov 2007securities registration● Neutral
KODIAK ENERGY, INC. registered a small-business securities offering with the SEC.
6 Nov 2007capital raising announcement● Neutral
Kodiak sold another 1,450,000 shares to Canadian investors for US$3,650,000 in total (1,400,000 at US$2.50 and 50,000 flow-through at US$3.00), closing November 1, 2007. Research Capital Corporation, the same agent as the September placement, was paid about US$292,000 (8%) and received options/warrants on 116,000 shares in total. The shares are not to be registered for resale in the US. This adds to the share count and continues the run of placements since September.
3 Oct 2007capital raising announcement▲ GoodMajor
On September 28, 2007 Kodiak agreed to buy oil and gas assets from Thunder River Energy and CIMA Holdings for up to $27,000,000: a 43% working interest in a Northwest Territories exploration license, rights in about 55,000 acres in New Mexico, a 6.25% interest in 84 km of seismic data and records. Payment is $100,000 deposit already paid, $900,000 cash at closing, 7,000,000 shares at closing and up to 6,000,000 more shares on milestones; it will file a registration statement for the 7,000,000 shares within 45 days of closing. The filing also reports a further 335,000 shares sold October 3, 2007 at $3.00 for $1,005,000 (flow-through, fees about $80,400), and a Canadian resource report by Chapman Petroleum Engineering on two Northwest Territories prospects, with cautions that prospective resources may never become reserves. Section 3.02 says the 7,000,000 shares were issued as partial consideration, so the deal appears to have closed (inference).
What it means for a shareholder
335,000 new shares at $3.00 to raise about $1.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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28 Sept 2007capital raising announcement▲ GoodMajor
On September 28, 2007 Kodiak sold 4,622,670 shares for $12,490,000 in total, outside the US: 2,756,000 at $2.50 and 1,866,670 at $3.00 (the latter with a Canadian flow-through tax benefit). Research Capital Corporation was placement agent, paid about $999,200 (8%) plus options on shares. Kodiak must seek a TSXV listing by December 28, 2007 or pay investors a penalty of 2% per month with no time or amount limit, and the filing says there is no assurance the listing will be obtained. This is a much larger raise than the earlier placements.
What it means for a shareholder
4.6m new shares at about $0.2162 to raise about $999,200. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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