14 Sept 2017quarterly activities report▼ Bad
Petro River Oil Corp. reported quarterly revenue of $9 thousand and a net loss of $880 thousand for the period ended 2017-07-31.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
28 Aug 2017agm notice● Neutral
Petro River Oil Corp. shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
27 June 2017drilling progress report● Neutral
The company announced it would spud the Cattani-Rennie 47X-15 exploration well in the Sunset Boulevard prospect, Kern County, California, costing about $2 million to a depth of 9,000 feet, with initial results expected in about 30 days. The company says it holds 19.25% of the field (13.75% direct plus 5.5% through its 20% stake in Horizon Energy); the 50 million barrel figure is prospective resources, not proven.
16 June 2017capital raising announcement▼ BadMajor
On June 13, 2017 the company issued a $2.0 million senior secured note to Petro Exploration Funding, LLC for working capital, at 10% interest, maturing June 30, 2020, and secured on all company assets. Funding Corp. also received a warrant for 840,336 shares at $2.38 (three years) and a 2% overriding royalty on Osage County production held through Spyglass. Scot Cohen controls 31.25% of the lender, so this is a related-party financing.
30 May 2017drilling result▲ GoodMajor
The Red Fork 1-3 found up to 30 feet of oil-bearing rock plus a separate chat zone possibly larger than the one found weeks earlier - a second field inside the 106,500-acre Osage County concession within a month. Flow and frac tests still had to come before any production rate could be claimed.
16 May 2017drilling progress report▲ GoodMajor
Petro River spudded the Red Fork Channel 1-3 to about 2,800 feet at Pearsonia West, chasing a second find a week after announcing the Chat discovery. Both targets came off the same 3-D seismic survey, which the company said had identified more than a dozen prospects.
17 Mar 2017quarterly activities report▼ Bad
Petro River Oil Corp. reported a quarterly net loss of $670 thousand for the period ended 2017-01-31.
14 Dec 2016quarterly activities report▼ Bad
Petro River Oil Corp. reported a quarterly net loss of $612 thousand for the period ended 2016-10-31.
22 Sept 2016agm notice● Neutral
Petro River Oil Corp. shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
14 Sept 2016quarterly activities report▼ Bad
Petro River Oil Corp. reported a quarterly net loss of $1.3 million for the period ended 2016-07-31.
17 Aug 2016agm notice● Neutral
Petro River Oil Corp. shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
15 July 2016director interest notice● Neutral
Petro River Oil Corp. EXECUTIVE CHAIRMAN Scot Cohen was credited 889,969 deferred share units under a company plan.
15 July 2016director interest notice● Neutral
Petro River Oil Corp. insider Fred S Zeidman was credited 50,000 deferred share units under a company plan.
15 July 2016director interest notice● Neutral
Petro River Oil Corp. insider John Gilbert Wallace was credited 40,000 deferred share units under a company plan.
15 July 2016director interest notice● Neutral
Petro River Oil Corp. insider Glenn Pollack was credited 50,000 deferred share units under a company plan.
13 July 2016material agreement● Neutral
On July 11, 2016 the Missouri subsidiary assigned its roughly 320 acres of Grassy Creek leases to Paluca Petroleum, which takes on all liabilities and grants a 4% overriding royalty on production. The filing describes it as part of a strategy to divest legacy assets, which continues the Missouri assets review in the context, though it does not mention the $6 million preferred payment.
22 June 2016director interest notice● Neutral
Petro River Oil Corp. EXECUTIVE CHAIRMAN Scot Cohen bought 1,379,246 shares on the open market at $0.00.
14 June 2016listing compliance notice▼ Bad
Petro River Oil Corp. withdrew a registration statement, abandoning the offering it covered.
26 May 2016asset acquisition disposition● Neutral
This is an amendment to the May 2016 report confirming the Horizon I Investments acquisition closed on May 3, 2016. It adds no new figures; the audited financial statements and pro forma information are promised in a later amendment.
23 May 2016drilling progress report● NeutralMajor
Drilling began on the Woodburn Forest-1 well in the Larne Basin, Northern Ireland, with initial results expected in July 2016. The company holds 9% and Horizon Energy 16% of the licences; the 25 million barrel figure is a partner estimate of prospective resources, not a discovery.
9 May 2016material agreement▲ GoodMajor
The Horizon I Investments purchase, pending since Dec 2015, closed on May 3, 2016, earlier than the April 2016 date the earlier filings had expected to close. The company got about $5.0 million in cash and receivables and a 20% stake in Horizon Energy Partners, and issued 11,564,250 shares to Horizon Investments, after an amendment added about $850,000 of advances and extra shares; about $683,000 was released from escrow to the company. The company says it plans six Osage County wells, two Kern County wells and one Larne well in 2016, all funded.
21 Mar 2016quarterly activities report▼ Bad
Petro River Oil Corp. reported a quarterly net loss of $10.1 million for the period ended 2016-01-31.
14 Mar 2016late filing notice▼ Bad
Petro River Oil Corp. notified the SEC that its quarterly report would be filed late.
10 Mar 2016material agreement● NeutralMajor
On March 4, 2016 the company bought a 13.75% working interest in oil and gas leases in southern Kern County, California, alongside Horizon Energy (27.5%), paying $83,333 net in cash at closing. It also owes further costs and payments on existing and new leases, and the sellers get an overriding royalty on certain leases; amounts are in the agreement, not this filing.
9 Feb 2016material agreement▲ GoodMajor
Petro River agreed conditionally to buy Horizon I Investments, which would bring in about $5 million of cash plus a 20% interest in Horizon Energy, earmarked for developing its Pearsonia West acreage in Osage County. The same update disclosed a 1-for-200 reverse split, an application to move up to the NYSE MKT, and Stephen Brunner joining as president.
20 Jan 2016debt financing● NeutralMajor
On Jan 19, 2016 the company's UK subsidiary agreed to acquire a 9% interest in two petroleum licences in the Larne Basin, Northern Ireland, alongside Horizon Energy's subsidiary (16%) and Brigantes (10% retained). Petro UK put about $735,000 into escrow toward the roughly $6.16 million first-well cost, funded by a $750,000 non-recourse note to Horizon I Investments (0.5% interest), the investor the company agreed in Dec 2015 to buy; Petro UK also bears its pro-rata share of later wells. The first well, Woodburn Forest #1, is described as scheduled for Q1 2016.
16 Dec 2015quarterly activities report● Neutral
Petro River Oil Corp. reported a quarterly net income of $3.2 million for the period ended 2015-10-31.
16 Dec 2015quarterly activities report● Neutral
Petro River Oil Corp. reported a quarterly net income of $3.2 million for the period ended 2015-10-31.
15 Dec 2015late filing notice▼ Bad
Petro River Oil Corp. notified the SEC that its quarterly report would be filed late.
5 Nov 2015auditor change▼ Bad
On Oct 30, 2015 the board dismissed auditor Marcum LLP and hired GBH CPAs, PC. Marcum's reports for fiscal years 2014 and 2015 carried going-concern explanatory paragraphs, and the filing reports no disagreements with Marcum, apart from material weaknesses in internal control over financial reporting. The filing gives no reason for the change.