Each one in plain English, with the numbers worked through for a shareholder.
5 Nov 2015asset acquisition disposition● NeutralMajor
On Oct 30, 2015 the company moved its 50% Bandolier interest (the Pearsonia asset) into its subsidiary Megawest Energy Kansas, valued together with Megawest's existing net assets at $40.0 million. Fortis Property Group contributed real estate interests valued at about $28.3 million, so the company ends with 58.51% of Megawest and Fortis 41.49%. After six months the Megawest board will revalue the company's contribution, and the company must fund any shortfall or risk foreclosure on its Megawest equity. Its Bandolier stake is now held indirectly through a company it no longer owns outright.
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).
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).
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).
5 Mar 2015capital raising announcement● NeutralMajor
The Havelide purchase closed on Feb 27, 2015 with 13,333,333 shares and the $0.25 warrant for 26,666,667 shares issued, resolving the pending condition from the earlier filing. A second Petro Spring deal also closed the same day, buying Coalthane Tech's methane-reduction technology for 20.0 million shares. Together this adds 33,333,333 new shares plus the warrant, so existing holders are diluted in exchange for early-stage technology assets.
23 Feb 2015asset acquisition disposition● NeutralMajor
Petro Spring, the company's technology subsidiary, agreed on Feb 18, 2015 to buy the gas-to-liquids patents and intellectual property of Havelide GTL for 13,333,333 shares plus a warrant for 26,666,667 shares at $0.25. Havelide's founder Stephen Boyd joins as Chief Technology Officer. Closing depends on conditions including due diligence. This starts a technology line of business separate from the Oklahoma oil and gas acreage and would add to the share count if completed.
The company withdrew its confidential treatment request and now discloses the Bandolier terms: it paid a $5,000,000 capital contribution for 50% of Bandolier, which paid $8,712,892.71 for Spyglass. PO1 must pay the Series A members' $10,000,000 of initial contributions within 180 days or its 51% Spyglass assignment is cancelled. The PWIG option to exchange into up to 55,000,000 shares at $0.08 is confirmed, and pro forma figures are now included (pro forma oil and gas assets of $17.2m versus $8.9m before the deal). This resolves the confidential treatment thread from the June 2014 deal.
This amendment adds the missing financial statements for Spyglass Energy Group, the owner of the Pearsonia West concession acquired through the May 30, 2014 Bandolier deal. Unaudited direct revenues were $7.2m in 2013 (against $3.2m of direct operating costs), $6.4m in 2012, and $1.2m in the first quarter of 2014; proved reserves were about 1,695 thousand barrels of oil at end-2013. Pro forma statements were left out because the company still had a confidential treatment request covering the purchase price and its capital contribution.
5 June 2014asset acquisition disposition▲ GoodMajor
On May 30, 2014 the company bought a 50% interest in Bandolier Energy LLC (with the right to appoint a majority of its board), which acquired Spyglass Energy Group, owner of the Pearsonia West concession of about 106,000 acres in Osage County, Oklahoma; the purchase price is under a confidential treatment request. A 51% interest in Spyglass was assigned to the company's subsidiary PO1, which has 180 days to pay Bandolier the Series A members' initial capital contributions or the assignment is cancelled. Executive Chairman Scot Cohen is a manager of and investor in PWIG, whose members can exchange their Bandolier interests for up to 55,000,000 company shares at $0.08 until May 30, 2017 (board pre-approved); this begins the Osage County arc that later work in the concession continues.
Petro River Oil Corp. announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
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).
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).
16 Dec 2013capital raising announcement▲ GoodMajor
On December 12, 2013 the company agreed to sell 81,250,000 shares at $0.08 ($6.5 million) to Petrol Lakes Holding Limited, a non-U.S. buyer, plus a warrant for up to 40,625,000 more shares at $0.1356 (another $6.5 million if fully used) expiring December 12, 2015. After a $650,000 finder's fee, net proceeds are $5,850,000. Petrol Lakes may appoint one director. The press release says proceeds will fund development and that a potential joint venture in the 85,000 net Kansas acres is being discussed (no assurance); new shares dilute existing holders.
What it means for a shareholder
81.3m new shares at $0.080 to raise about $6.5m. That's 9.0% dilution: every existing holder's slice gets 9.0% smaller. If you held $1,000 of shares (12,500 at the issue price), your slice goes from 0.00153% to 0.00139% of the company. To keep it you'd need 1,241 more shares - about $99 at the issue price.
