23 Oct 2015listing compliance notice▼ BadMajor
OSAGE EXPLORATION & DEVELOPMENT, 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 Aug 2015quarterly activities report▼ Bad
OSAGE EXPLORATION & DEVELOPMENT, INC. reported quarterly revenue of $2.1 million and a net loss of $1.9 million for the period ended 2015-06-30.
15 May 2015quarterly activities report▼ Bad
OSAGE EXPLORATION & DEVELOPMENT, INC. reported quarterly revenue of $2.9 million and a net loss of $757 thousand for the period ended 2015-03-31.
13 Nov 2014quarterly activities report● Neutral
OSAGE EXPLORATION & DEVELOPMENT, INC. reported quarterly revenue of $3.3 million and net income of $107 thousand for the period ended 2014-09-30.
14 Aug 2014quarterly activities report▼ Bad
OSAGE EXPLORATION & DEVELOPMENT, INC. reported quarterly revenue of $2.5 million and a net loss of $4.4 million for the period ended 2014-06-30.
15 May 2014quarterly activities report▼ Bad
OSAGE EXPLORATION & DEVELOPMENT, INC. reported quarterly revenue of $2.6 million and a net loss of $935 thousand for the period ended 2014-03-31.
3 Apr 2014material agreement● NeutralMajor
Osage signed a third amendment to its Apollo note agreement, raising the facility from $20 million to $30 million, extending maturity from April 27, 2015 to April 27, 2016 and cutting the rate from LIBOR plus 15% to LIBOR plus 11%. It includes a limited covenant waiver and a $5 million draw at signing. This continues the Apollo facility begun in April 2012.
6 Mar 2014securities registration● Neutral
OSAGE EXPLORATION & DEVELOPMENT, INC. filed notice of an exempt private placement.
25 Feb 2014capital raising announcement● NeutralMajor
Osage sold 4,900,000 units at $0.90 each, each unit being one share plus a warrant for 0.4 share at $1.80 with a five-year term, raising $4,410,000 so far. Total proceeds could reach $5,400,000. Cabot Lodge Securities is placement agent at an 8% fee. This issues new shares and warrants, diluting existing holders.
What it means for a shareholder
4.9m new shares at US$0.900 to raise about US$4.4m. That's 8.9% dilution: every existing holder's slice gets 8.9% smaller. If you held US$1,000 of shares (1,111 at the issue price), your slice goes from 0.00223% to 0.00203% of the company. To keep it you'd need 109 more shares - about US$98 at the issue price.
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21 Jan 2014auditor change● Neutral
Osage dismissed MaloneBailey, LLP and engaged Mayer Hoffman McCann P.C. as auditor after a request-for-proposal process, its second auditor change in about 15 months. MaloneBailey's 2012 report contained a going-concern paragraph citing a working capital deficit and accumulated deficit. The filing states there were no disagreements.
23 Dec 2013asset acquisition disposition▲ GoodMajor
Under a Partition Agreement amending the April 2011 Nemaha Ridge participation agreement, Osage and the Slawson group swapped acreage, effective September 1, 2013, so each controls acreage in separate sections. Osage becomes operator of about 5,015 net acres in 30 sections and stays a joint-venture partner with Slawson on about 4,475 net acres in 45 sections. The participation agreement ends except for sections already developed. Osage keeps its share of production from wells drilled before September 1, 2013. This moves Osage from non-operator to operator on most of its acreage there.
18 Nov 2013quarterly activities report▼ Bad
OSAGE EXPLORATION & DEVELOPMENT, INC. reported quarterly revenue of $2.7 million and a net loss of $199 thousand for the period ended 2013-09-30.
12 Nov 2013quarterly activities report▼ Bad
OSAGE EXPLORATION & DEVELOPMENT, INC. reported quarterly revenue of $2.7 million and a net loss of $199 thousand for the period ended 2013-09-30.
11 Oct 2013material agreement● NeutralMajor
Osage sold 100% of Cimarrona LLC, which owns the 9.4% Guaduas field interest and pipeline in Colombia, to Raven Pipeline Company, LLC for $6,800,000 in cash less about $254,000 of Cimarrona debt. $250,000 is held in escrow for 12 months, and a further $1,000,000 is due if the pipeline transport rate is not adjusted before March 31, 2014. This ends the Colombian holding acquired in 2008.
14 Aug 2013quarterly activities report● Neutral
OSAGE EXPLORATION & DEVELOPMENT, INC. reported quarterly revenue of $1.3 million and net income of $31 thousand for the period ended 2013-06-30.
13 May 2013quarterly activities report▼ Bad
OSAGE EXPLORATION & DEVELOPMENT, INC. reported quarterly revenue of $1.2 million and a net loss of $73 thousand for the period ended 2013-03-31.
8 Apr 2013material agreement● NeutralMajor
Osage amended its Apollo note agreement, raising the facility from $10 million to $20 million, changing some covenants and granting a limited covenant waiver as of March 31, 2013. It drew $5 million at signing and paid Apollo a $100,000 amendment fee. This expands the April 2012 Apollo borrowing; the covenant waiver is stated but the filing does not say which covenants or why.
2 Apr 2013late filing notice▼ Bad
OSAGE EXPLORATION & DEVELOPMENT, INC. notified the SEC that its annual report would be filed late.
14 Nov 2012quarterly activities report● Neutral
OSAGE EXPLORATION & DEVELOPMENT, INC. reported quarterly revenue of $764 thousand and net income of $251 thousand for the period ended 2012-09-30.
6 Nov 2012auditor change● Neutral
Amendment No. 2 to the auditor-change filing, again restating the GKM to MaloneBailey change. The only evident difference from Amendment No. 1 is that the MaloneBailey consultation period now runs through October 8, 2012 rather than October 3. The going-concern paragraph in GKM's 2011 report is repeated.
5 Nov 2012auditor change● Neutral
Amendment No. 1 to the October 10 auditor-change filing, restating the GKM to MaloneBailey change with revised wording on disagreements and on MaloneBailey consultations. The facts of the change are unchanged, including GKM's 2011 going-concern paragraph.
10 Oct 2012auditor change● Neutral
Osage replaced its auditor GKM, LLP with MaloneBailey, LLP after a request-for-proposal process. GKM's report on 2011 included a going-concern warning citing recurring losses and an accumulated deficit. The filing states there were no disagreements with GKM.
17 Aug 2012quarterly activities report▼ Bad
OSAGE EXPLORATION & DEVELOPMENT, INC. reported quarterly revenue of $1.4 million and a net loss of $613 thousand for the period ended 2012-06-30.
14 Aug 2012quarterly activities report▼ Bad
OSAGE EXPLORATION & DEVELOPMENT, INC. reported quarterly revenue of $1.4 million and a net loss of $613 thousand for the period ended 2012-06-30.
15 May 2012quarterly activities report● Neutral
OSAGE EXPLORATION & DEVELOPMENT, INC. reported quarterly revenue of $1.4 million and net income of $456 thousand for the period ended 2012-03-31.
1 May 2012capital raising announcement● NeutralMajor
Osage signed a $10,000,000 senior secured note purchase agreement with Apollo Investment Corporation, maturing April 27, 2015 at LIBOR plus 15% (LIBOR floor of 2.0%), with interest paid monthly in cash. The notes are secured by substantially all company assets, including a mortgage on its Oklahoma leases. Apollo received a warrant for 1,496,843 shares at $0.01 and CC Natural Resource Partners got a $100,000 fee and a 250,000-share warrant at $0.01. Nothing was drawn at closing, and each draw must be at least $1,000,000.
24 Apr 2012capital raising announcement● Neutral
This amendment corrects the April 20 filing: the Boothbay $2,500,000 note was issued on April 17, 2012, not 2011, and matures April 17, 2014, not 2013. The other terms are unchanged (18% interest paid monthly, 400,000 shares, overriding royalties in Logan County).
20 Apr 2012capital raising announcement▼ BadMajor
Osage issued a $2,500,000 secured note to Boothbay Royalty Co. at 18% interest, paid in cash monthly. Boothbay also received 400,000 shares plus overriding royalties (1.5% on its section 29 leases and 1.7143% on its section 36 leases in Logan County, Oklahoma). The note is secured by a 5% overriding royalty interest in all of Osage's Logan County leases. The filing gives the maturity as April 17, 2013 and the issue date as April 17, 2011, both of which the next filing corrects.
15 Dec 2011director interest notice● Neutral
OSAGE EXPLORATION & DEVELOPMENT, INC. 10%+ owner Peter Hoffman Jr. sold 10,000 shares.
10 Nov 2011quarterly activities report▼ Bad
OSAGE EXPLORATION & DEVELOPMENT, INC. reported quarterly revenue of $854 thousand and a net loss of $143 thousand for the period ended 2011-09-30.