12 Aug 2011quarterly activities report● Neutral
OSAGE EXPLORATION & DEVELOPMENT, INC. reported quarterly revenue of $962 thousand and net income of $2.8 million for the period ended 2011-06-30.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
12 Aug 2011director interest notice● Neutral
OSAGE EXPLORATION & DEVELOPMENT, INC. Chief Geologist Greg Franklin sold 50,000 shares.
20 July 2011director interest notice● Neutral
OSAGE EXPLORATION & DEVELOPMENT, INC. President, CEO, CFO, Chairman Bradford Kim gifted 20,000 shares.
26 May 2011asset acquisition disposition▲ GoodMajor
Under an April 21, 2011 participation agreement, Slawson (45%) and U.S. Energy Development (30%) bought into the company's 10,000-acre Nemaha Ridge prospect in Logan County, Oklahoma for $4,875,000. They also carry the company for 10% of the cost of the first three horizontal Mississippian wells, and Slawson operates. Revenue is split 45/30/25 with the company's share 25%. The buyers have 60 days for due diligence and to confirm acreage. Proceeds repaid the $500,000 January note, the $200,000 April 6 note and accrued interest on the $500,000 note, resolving that borrowing.
13 May 2011quarterly activities report▼ Bad
OSAGE EXPLORATION & DEVELOPMENT, INC. reported quarterly revenue of $642 thousand and a net loss of $57 thousand for the period ended 2011-03-31.
14 Apr 2011director interest notice● Neutral
OSAGE EXPLORATION & DEVELOPMENT, INC. President CEO CFO and Chairman Bradford Kim bought 1,000,000 shares on the open market at $0.18.
8 Apr 2011securities registration● Neutral
OSAGE EXPLORATION & DEVELOPMENT, INC. filed notice of an exempt private placement.
7 Apr 2011debt financing▼ Bad
Osage borrowed $200,000 for four months from an individual lender to buy Logan County, Oklahoma leases for its Mississippian prospect, handing over 250,000 shares as the fee and mortgaging the leases themselves as security. Needing to borrow a sum this small on these terms shows how little cash the company had.
26 Jan 2011debt financing● NeutralMajor
On January 24, 2011 the company borrowed $500,000 from Blackrock Management through a secured note due May 24, 2011 with a $100,000 loan fee payable at repayment. It is secured by its Logan County, Oklahoma leases and its 100% ownership of Cimarrona LLC. The lender is run by Ran Furman, a former officer and director. Proceeds fund Logan County leasing (Mississippian play) and working capital.
9 Nov 2010quarterly activities report▼ Bad
OSAGE EXPLORATION & DEVELOPMENT, INC. reported quarterly revenue of $468 thousand and a net loss of $261 thousand for the period ended 2010-09-30.
8 Sept 2010director interest notice● Neutral
OSAGE EXPLORATION & DEVELOPMENT, INC. director Larry Ray bought 500,000 shares on the open market at $0.03.
8 Sept 2010director interest notice● Neutral
OSAGE EXPLORATION & DEVELOPMENT, INC. Cheif Geologist Greg Franklin bought 1,000,000 shares on the open market at $0.03.
8 Sept 2010director interest notice● Neutral
Larry Ray became a OSAGE EXPLORATION & DEVELOPMENT, INC. director and company insider (initial ownership filing).
10 Aug 2010quarterly activities report▼ Bad
OSAGE EXPLORATION & DEVELOPMENT, INC. reported quarterly revenue of $374 thousand and a net loss of $296 thousand for the period ended 2010-06-30.
27 Jan 2010director interest notice● Neutral
OSAGE EXPLORATION & DEVELOPMENT, INC. 10%+ owner Peter Hoffman Jr. gifted 100,000 shares.
18 Sept 2009material agreement▼ BadMajor
On September 15, 2009 the company exited the Rosablanca block under a settlement with Gold Oil, Empesa and Lewis. Per the press release, the RB 1 well found no producible hydrocarbons and the company thinks the other structures are unlikely to be productive. Under the settlement Gold Oil keeps the funds the company had already put in and takes over its interest. Gold ends with 90% and Empesa 10%, and the Carried Interest Agreement is terminated. This ends the thread begun in 2007; the company says Guaduas remains its Colombian anchor.
16 Mar 2009substantial holder notice● Neutral
Mustang Venture Capital, LLC disclosed a new substantial OSAGE EXPLORATION & DEVELOPMENT, INC. shareholding (11.30% of votes).
5 Mar 2009capital raising announcement● NeutralMajor
On March 3, 2009 the company sold half of its 50% Rosablanca stake to Lewis Energy Colombia, leaving ownership at Gold 40%, Lewis 25%, Osage 25% and Empesa 10%, with Lewis operating. Lewis pays first-well costs up to $3,500,000 and gets cash flow equal to twice that amount before Osage receives its 25% share. The company also issued 5,250,000 shares to Mustang Capital Venture, an affiliate of Lewis, diluting existing holders.
17 Sept 2008director interest notice● Neutral
OSAGE EXPLORATION & DEVELOPMENT, INC. 10%+ owner Peter Hoffman Jr. bought 30,000 shares on the open market at $0.35.
16 Sept 2008director interest notice● Neutral
Ran Furman became a OSAGE EXPLORATION & DEVELOPMENT, INC. CFO and company insider (initial ownership filing).
7 July 2008capital raising announcement● Neutral
The company agreed on July 2, 2008 to pay E. Peter Hoffman, Jr. 1,000,000 shares (valued at $500,000 at the $0.50 closing price) for twelve months of corporate finance advice. Hoffman already held 5,040,000 shares. He later reappears as lender in the April 2011 loan.
3 July 2008director interest notice● Neutral
Peter Hoffman Jr. became a OSAGE EXPLORATION & DEVELOPMENT, INC. 10%+ owner and company insider (initial ownership filing).
3 July 2008director interest notice● Neutral
OSAGE EXPLORATION & DEVELOPMENT, INC. 10%+ owner Peter Hoffman Jr. received 1,000,000 shares as part of the equity award.
30 Apr 2008substantial holder notice● Neutral
SUNSTONE CORPORATION disclosed a new substantial OSAGE EXPLORATION & DEVELOPMENT, INC. shareholding (9.70% of votes).
10 Apr 2008capital raising announcement● NeutralMajor
On April 8, 2008 the company bought 100% of Cimarrona LLC from Sunstone Corporation, which owns a 9.4% interest in assets in the Guaduas field in Colombia's Middle Magdalena Valley. It paid 2,750,000 shares plus a warrant for 1,125,000 shares at $1.25 (expiring April 8, 2013), and issued 50,000 shares to Energy Capital Solutions for advice, so existing shareholders were diluted. This adds a second Colombian asset alongside Rosablanca.
What it means for a shareholder
1.1m new shares at US$1.25 to raise about US$1.4m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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4 Mar 2008material agreement● Neutral
The company signed a three-year lease for about 1,386 square feet of office space in San Diego, starting March 3, 2008, at $44,184 a year rising 3% annually, with a $3,382 deposit. This is a routine office lease.
12 Feb 2008substantial holder notice● Neutral
Adam Benowitz, Vision Opportunity Master Fund, Ltd reported a OSAGE EXPLORATION & DEVELOPMENT, INC. shareholding of 2,650,000 shares (7.20% of votes) in a periodic institutional filing.
3 Dec 2007director interest notice● Neutral
OSAGE EXPLORATION & DEVELOPMENT, INC. CFO Ran Furman received 600,000 shares as part of the equity award.
3 Dec 2007director interest notice● Neutral
OSAGE EXPLORATION & DEVELOPMENT, INC. Chief Geologist Greg Franklin received 2,000,000 shares as part of the equity award.
13 Aug 2007debt financing● NeutralMajor
The company agreed (dated June 21, 2007) to farm into the roughly 165-square-mile Rosablanca concession in Colombia, paying all costs of the first well to earn a 50% interest, with Gold Oil keeping 40% and Empesa 10%. As of August 10, 2007 it had paid $1,200,000 to Gold and issued a $144,000 letter of credit. This marks the company's move into Colombian exploration.