4 Jan 2007securities registration● Neutral
NEW FRONTIER ENERGY INC filed the final prospectus for a registered offering.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
19 Dec 2006capital raising announcement● Neutral
This amendment corrects the earlier report: the 200-unit, $10,000,000 Series C sale closed on December 1, 2006 (not November 30), with the buyer named as Iris Energy Holdings Limited. It also changes the board right: Aviel Faliks, who the company had already agreed to appoint, is no longer deemed one of Iris's appointees (agreed around December 13, 2006). No new money or securities are added.
15 Dec 2006securities registration● Neutral
NEW FRONTIER ENERGY INC amended an already-effective registration statement.
15 Dec 2006asset acquisition disposition▲ GoodMajor
The company closed the $8,000,000 purchase from Cedar Ridge on December 14, 2006, so it now owns a 66.66667% working interest in the Slater Dome Field, with estimated proved reserves of 8,214,000 MCF acquired. The filing says it was funded by the $10,000,000 unit sale to Iris Energy Holding Corp. on December 1, 2006. Audited financial statements and pro forma information for the acquisition are still to come, within 75 days of December 14. This resolves the pending deal announced in November.
7 Dec 2006capital raising announcement● NeutralMajor
On November 10, 2006 the company granted 1,100,000 options at $1.25 to employees and others, vesting 137,500 per quarter and expiring November 30, 2014. It also reported a closing of 200 units at $50,000 each ($10,000,000 gross) of 2.5% Series C convertible preferred (convertible at $1.05 per share, 47,619 common shares per unit) with $1.50 and $2.00 three-year warrants. This is the Series C offering flagged in the earlier Faliks note, and it is dilutive. The filing also says the investor can appoint as many directors as are not its appointees, and says the closing date was November 30 (corrected by a later amendment).
4 Dec 2006securities registration● Neutral
NEW FRONTIER ENERGY INC amended an already-effective registration statement.
14 Nov 2006director interest notice● Neutral
NEW FRONTIER ENERGY INC President Paul G Laird received a stock option grant for 1,250,000 shares.
14 Nov 2006director interest notice● Neutral
NEW FRONTIER ENERGY INC Chief Financial Officer Les Bates received a stock option grant for 1,000,000 shares.
14 Nov 2006director interest notice● Neutral
NEW FRONTIER ENERGY INC director Grant I Gaeth received a stock option grant for 500,000 shares.
8 Nov 2006material agreement▲ GoodMajor
On November 3, 2006 the company agreed to buy Cedar Ridge, LLC's 36.66667% working interest (29.33336% net revenue interest) in eleven gas wells and 2 water disposal wells, with 33,949 net acres in the Slater Dome Field, for $8,000,000. That would take it to a 66.66667% working interest in the field, with estimated proved reserves of 8,214,000 MCF acquired. Closing was expected around November 30, 2006 but is subject to conditions the company says it cannot be sure will be met. The deal increases the company's stake in the Slater Dome field in which it already held 30% (per earlier filings) and builds on the Faliks note and planned Series C financing (inference: those may be the funding source; the filing does not state how it will pay).
3 Nov 2006material agreement▼ BadMajor
On October 30, 2006 the company issued a $600,000 convertible promissory note to Aviel Faliks at 12.5% interest, payable in cash or stock at the holder's choice. It is due on the earlier of closing a private financing of at least $10 million or December 31, 2007, and ranks behind the company's 2.5% convertible debentures. The holder can convert into a Series C preferred stock the company intends to offer, whose terms are not yet set. This is much more expensive debt than the earlier 2.5% debentures and adds possible future dilution.
17 Oct 2006late filing notice▼ Bad
NEW FRONTIER ENERGY INC notified the SEC that its quarterly report would be filed late.
21 Aug 2006director interest notice● Neutral
NEW FRONTIER ENERGY INC director Grant I Gaeth bought 10,000 shares on the open market at $0.75.
27 July 2006material agreement● Neutral
Effective July 21, 2006 the company bought a 15% working interest (13.125% net revenue interest) in 15,049 gross acres in Routt County, Colorado from Infinity Oil & Gas of Wyoming for $35,966.79. The press release says the acreage is next to Slater Dome and that Clayton Williams, owner of the other 85% of the shallow rights, is drilling a test well. It is a small purchase whose value depends on that well's result.
11 July 2006material agreement● NeutralMajor
On July 7, 2006 the company bought a license to 2D seismic data from LRS Group and R & R Exploration Fund covering over 150 drill site locations in the Denver Julesberg Basin, Colorado, for $650,000 ($325,000 at signing, $162,500 due Jan 7, 2007 and $162,000 due July 7, 2007). LRS also gets overriding royalty interests, and the company must drill one test well in year one and two more within three years to keep the agreement. This is a new area beyond Slater Dome and Nucla, and it brings drilling commitments.
31 May 2006late filing notice▼ Bad
NEW FRONTIER ENERGY INC notified the SEC that its annual report would be filed late.
17 May 2006capital raising announcement● NeutralMajor
Effective May 10, 2006 the company bought 12.16 more Class A interests in Slater Dome Gathering, LLLP from Natural Resource Group Gathering, LLC, paying with a $608,194 subordinated convertible debenture (2.5%, due January 1, 2008, convertible at $2.00). It now owns 82.76% of the Class A interests and gets 74.487% of distributions before limited partners recover their capital and 62.07% after. The filing notes CEO Laird is a manager of the general partner's entity, so this is a related-party deal. It adds debt and potential dilution.
15 Mar 2006capital raising announcement▼ Bad
Effective February 28, 2006 the company issued 4,429 shares (about $2.39 each, $10,596 of accrued geophysical fees) to a consultant. It also issued 200,000 warrants at $2.00 (expiring Feb 28, 2010) to a shareholder in settlement of a contractual dispute, and 100,000 warrants at $2.75 (expiring Feb 22, 2009) to a financial public relations firm. These add potential dilution; the filing gives no details of the dispute.
27 Feb 2006substantial holder notice● Neutral
John P. O'Shea, IRA FBO John P. O'Shea, Westminster Securities Corporation disclosed a new substantial NEW FRONTIER ENERGY INC shareholding (8.02% of votes).
19 Dec 2005securities registration● Neutral
NEW FRONTIER ENERGY INC filed the final prospectus for a registered offering.
15 Dec 2005substantial holder notice● Neutral
Wellington Global Holdings, Ltd. Not Applicable reported a NEW FRONTIER ENERGY INC shareholding of 150,000 shares (3.69% of votes) in a periodic institutional filing.
15 Dec 2005substantial holder notice● Neutral
J. Caird Partners, L.P, Wellington Hedge Management, LLC, Wellington Hedge Management, Inc reported a NEW FRONTIER ENERGY INC shareholding of 150,000 shares (3.69% of votes) in a periodic institutional filing.
15 Dec 2005substantial holder notice● Neutral
Wellington Management Company, LLP reported a NEW FRONTIER ENERGY INC shareholding of 375,000 shares (8.74% of votes) in a periodic institutional filing.
15 Dec 2005substantial holder notice● Neutral
Wellington Trust Company, NA reported a NEW FRONTIER ENERGY INC shareholding of 75,000 shares (1.88% of votes) in a periodic institutional filing.
7 Nov 2005director interest notice● Neutral
J Caird Investors (bermuda) LP became a NEW FRONTIER ENERGY INC 10%+ owner and company insider (initial ownership filing).
7 Nov 2005director interest notice● Neutral
J Caird Partners L P became a NEW FRONTIER ENERGY INC 10%+ owner and company insider (initial ownership filing).
4 Nov 2005securities registration● Neutral
NEW FRONTIER ENERGY INC amended a filing by which it registered a small-business securities offering with the SEC.
4 Nov 2005substantial holder notice● Neutral
Wellington Trust Company, NA disclosed a new substantial NEW FRONTIER ENERGY INC shareholding (10.95% of votes).
4 Nov 2005substantial holder notice● Neutral
Wellington Management Company, LLP disclosed a new substantial NEW FRONTIER ENERGY INC shareholding (38.06% of votes).
18 Oct 2005late filing notice▼ Bad
NEW FRONTIER ENERGY INC notified the SEC that its quarterly report would be filed late.