Past year: ▼ 60%(0.00c – 0.25c USD)
Each one in plain English, with the numbers worked through for a shareholder.
14 Mar 2012capital raising announcement● NeutralMajor
On March 9, 2012 the company sold 4,444,445 shares to a single non-U.S. investor for $2,000,000.25 (about $0.45 a share). The exhibit names the buyer as MSFG Investments Inc. This adds new shares and dilutes existing holders; the filing does not say how the money will be used. The price matches the $0.45 level of the November 2011 purchase agreement, but the filing does not link them (inference only).
21 Dec 2011substantial holder notice● Neutral
Jay Moorin disclosed a new substantial Pegasi Energy Resources Corporation. shareholding (7.70% of votes).
22 Nov 2011capital raising announcement● NeutralMajor
Pegasi agreed to sell up to 12.5 million new shares at 45 cents to a group of private investors, up to about $5.6 million if fully taken. Priced well below the market convention for a company this size, it is the kind of raise that funds drilling by handing over a large slice of the company.
What it means for a shareholder
12.5m new shares at $0.450 to raise about $5.6m. That's 22% dilution: every existing holder's slice gets 22% smaller. If you held $1,000 of shares (2,222 at the issue price), your slice goes from 0.00496% to 0.00388% of the company. To keep it you'd need 620 more shares - about $279 at the issue price.
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22 Nov 2011securities registration● Neutral
Pegasi Energy Resources Corporation. filed notice of an exempt private placement.
14 Nov 2011quarterly activities report▼ Bad
Pegasi Energy Resources Corporation. reported a quarterly net loss of $3.3 million for the period ended 2011-09-30.
19 Sept 2011capital raising announcement● Neutral
On September 15, 2011 the company held the second and final closing of the placement that began July 28, 2011, selling 195,587 more units at $1.00 each for $195,587. Each unit is two shares plus a three-year warrant at $0.60 per share. Beaufort and Nicquel received a small cash fee and warrants for 5,159 and 31,294 shares. This is a small addition to the $5.39m first closing and adds slightly to dilution.
22 Aug 2011quarterly activities report● Neutral
Pegasi Energy Resources Corporation. reported a quarterly net income of $2.0 million for the period ended 2011-06-30.
22 Aug 2011quarterly activities report● Neutral
Pegasi Energy Resources Corporation. reported a quarterly net income of $2.0 million for the period ended 2011-06-30.
15 Aug 2011late filing notice▼ Bad
Pegasi Energy Resources Corporation. notified the SEC that its quarterly report would be filed late.
10 Aug 2011financial restatement▼ BadMajor
On August 4, 2011 the board concluded that the 2010 annual accounts and the March 31, 2011 quarterly accounts should not be relied on and must be restated. The cause is non-cash charges tied to anti-dilution rights in the December 2007 warrants, which the company concluded were likely triggered in December 2010 and March 2011, lowering the warrants' exercise price and raising the number of shares issuable. Restated reports are expected by August 22, 2011. This is a second restatement after the 2008 one; the filing does not state the size of the charges.
2 Aug 2011capital raising announcement▲ GoodMajor
On July 28, 2011 the company closed a private placement to non-U.S. investors of 5,388,900 units at $1.00, raising $5,388,900; each unit is two shares plus a three-year warrant at $0.60 per share. The press release says proceeds will go to horizontal oil wells, more leases and operating costs for the Cornerstone Project, and that affiliates holding all the senior debt agreed to a four-year standstill on it as a condition of the placement. This dilutes existing holders; the placement agent was Beaufort International Associates, with Nicquel as selling agent.
16 May 2011quarterly activities report▼ Bad
Pegasi Energy Resources Corporation. reported a quarterly net loss of $1.5 million for the period ended 2011-03-31.
12 Nov 2010quarterly activities report▼ Bad
Pegasi Energy Resources Corporation. reported a quarterly net loss of $628 thousand for the period ended 2010-09-30.
13 Aug 2010quarterly activities report▼ Bad
Pegasi Energy Resources Corporation. reported a quarterly net loss of $579 thousand for the period ended 2010-06-30.
11 Feb 2010substantial holder notice● Neutral
ENABLE CAPITAL MANAGEMENT, LLC, ENABLE GROWTH PARTNERS, L.P, MITCHELL S. LEVINE reported a Pegasi Energy Resources Corporation. shareholding of 1,678,487 shares (4.90% of votes) in a periodic institutional filing.
24 Mar 2009capital raising announcement▼ BadMajor
On March 3, 2009 the company agreed with Teton, Ltd. to add $570,000 of loans made between August 2007 and March 2009 to its existing note with Teton. The new funds carry 8% interest and can be converted into shares at $1.60, and the company and its subsidiaries gave Teton a first-priority security interest in all assets, with 100% of the Texas subsidiary's stock pledged.
11 Feb 2009substantial holder notice● Neutral
ENABLE CAPITAL MANAGEMENT, LLC, ENABLE GROWTH PARTNERS, L.P, MITCHELL S. LEVINE reported a Pegasi Energy Resources Corporation. shareholding of 1,717,267 shares (5.10% of votes) in a periodic institutional filing.
11 Feb 2009substantial holder notice● Neutral
ENABLE CAPITAL MANAGEMENT, LLC, ENABLE GROWTH PARTNERS, L.P, MITCHELL S. LEVINE reported a Pegasi Energy Resources Corporation. shareholding of 1,717,267 shares (5.10% of votes) in a periodic institutional filing.
11 Feb 2009substantial holder notice● Neutral
ENABLE CAPITAL MANAGEMENT, LLC, ENABLE GROWTH PARTNERS, L.P, MITCHELL S. LEVINE reported a Pegasi Energy Resources Corporation. shareholding of 1,717,267 shares (5.10% of votes) in a periodic institutional filing.
14 Oct 2008asset acquisition disposition● NeutralMajor
On October 7, 2008 the company bought a further 10% of the Marion, TR Rodessa/Jefferson and 59 Disposal assets from TR Energy, taking its ownership to 80%, in exchange for 4,200,000 new shares. TR Energy is owned by CEO Michael Neufeld and Executive VP William Sudderth, so this was a related-party deal (Neufeld abstained from the board vote), and it dilutes other shareholders.
25 Aug 2008securities registration● Neutral
Pegasi Energy Resources Corporation. filed the final prospectus for a registered offering.
15 Aug 2008securities registration● Neutral
Pegasi Energy Resources Corporation. amended a filing by which it registered a securities offering with the SEC.
25 July 2008securities registration● Neutral
Pegasi Energy Resources Corporation. amended a filing by which it registered a securities offering with the SEC.
11 July 2008financial restatement▼ Bad
This amended filing repeats the June 2008 non-reliance announcement and adds that the CFO discussed the restatement with the independent auditors, who agreed with the conclusion. The restatement details are otherwise unchanged.
10 July 2008securities registration● Neutral
Pegasi Energy Resources Corporation. amended a filing by which it registered a securities offering with the SEC.
8 July 2008financial restatement▼ BadMajor
On June 27, 2008 the CFO concluded that the 2007 annual report and the March 2008 quarterly report should no longer be relied on because of errors found while responding to SEC comments on a registration statement. Corrections include how Marion's minority interest in 59 Disposal is shown, overstated reserve quantities affecting depletion, receivables wrongly recorded as contributions, and reserves moved from proved developed to proved undeveloped; the company says it will refile restated statements within days.
18 June 2008substantial holder notice● Neutral
Enable Capital Management, LLC, Mitchell S. Levine disclosed a new substantial Pegasi Energy Resources Corporation. shareholding (5.70% of votes).
18 June 2008substantial holder notice● Neutral
Enable Capital Management, LLC, Mitchell S. Levine, Enable Growth Partners, L.P reported a Pegasi Energy Resources Corporation. shareholding of 1,766,667 shares (6.00% of votes) in a periodic institutional filing.
18 June 2008substantial holder notice● Neutral
Enable Capital Management, LLC, Mitchell S. Levine disclosed a new substantial Pegasi Energy Resources Corporation. shareholding (5.70% of votes).
18 June 2008substantial holder notice● Neutral
Enable Capital Management, LLC, Mitchell S. Levine, Enable Growth Partners, L.P reported a Pegasi Energy Resources Corporation. shareholding of 1,766,667 shares (6.00% of votes) in a periodic institutional filing.
