28 Jan 2020listing compliance notice▼ BadMajor
Petro River Oil Corp. 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.
13 Dec 2019quarterly activities report● Neutral
Petro River Oil Corp. reported quarterly revenue of $271 thousand and net income of $743 thousand for the period ended 2019-10-31.
23 Sept 2019quarterly activities report● Neutral
Petro River Oil Corp. reported quarterly revenue of $322 thousand and net income of $1.5 million for the period ended 2019-07-31.
13 Sept 2019late filing notice▼ Bad
Petro River Oil Corp. notified the SEC that its quarterly report would be filed late.
29 July 2019late filing notice▼ Bad
Petro River Oil Corp. notified the SEC that its annual report would be filed late.
25 Mar 2019quarterly activities report▼ Bad
Petro River Oil Corp. reported quarterly revenue of $340 thousand and a net loss of $6.6 million for the period ended 2019-01-31.
18 Mar 2019late filing notice▼ Bad
Petro River Oil Corp. notified the SEC that its quarterly report would be filed late.
27 Feb 2019material agreement● NeutralMajor
On February 25, 2019 the company paid $400,000 for 145.454 units in Horizon Energy Acquisition, LLC, a new company, giving it a 14.5455% stake (per the press release) and one seat on a three-person board, filled by Scot Cohen, who separately bought 36.363 units. This adds a further 5.63% interest in a North Sea exploration project (three licences, about 455,000 net acres) on top of the 5.63% it already holds indirectly through Horizon Energy Partners. It continues the North Sea plan flagged in the January financing; the 3D seismic survey is planned for Q2 2019, and the filing states no discovery or reserves. The deal is another related-party link to Cohen.
12 Feb 2019securities registration● Neutral
Petro River Oil Corp. filed notice of an exempt private placement.
6 Feb 2019capital raising announcement● NeutralMajor
On January 31, 2019 the company sold 178,101 units of new Series A preferred stock plus five-year warrants (strike $0.50) for $3,562,014.95 to new investors and to debt holders (Scot Cohen, converting $300,000, and Fortis Oil & Gas, converting $321,836). It also swapped about $2.3 million and $2.8 million of the senior secured notes (including interest) held by Petro Exploration Funding and Funding II for 116,374 and 140,130 Series A shares, cancelling those notes in full, and cut the strike on their 2017 warrants to $0.50 and extended them to five years. Net cash is stated as about "$3.0" (units missing in the filing), to fund ten more Osage County wells and a North Sea venture with Horizon Energy Partners. Investors get a 75% share of profits from those ten wells. The Series A ranks ahead of common stock and converts at $0.40 per common share (Series A holders' conversion gives about 8.9 million common shares for the units sold), so existing common holders face dilution (inference). This resolves the $2.0m and $2.5m related-party note thread and the MegaWest-era Fortis relationship now includes Fortis as a debt holder converting.
17 Dec 2018quarterly activities report▼ Bad
Petro River Oil Corp. reported quarterly revenue of $410 thousand and a net loss of $575 thousand for the period ended 2018-10-31.
17 Oct 2018agm 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).
3 Oct 2018capital raising announcement● NeutralMajor
Effective September 24, 2018 (signed October 2, 2018) the company bought a 66.67% membership interest in LBE Partners, which owns working interests in wells in the Hardin oil field in Liberty, Texas, by issuing 300,000 shares to ICO Liquidating Trust. Both ICO and LBE are managed by Scot Cohen, the Executive Chairman, so this is a related-party deal. It adds a Texas asset to a portfolio previously centred on Oklahoma and California, and the filing gives no figures on the wells' production or value.
14 Sept 2018quarterly activities report▼ Bad
Petro River Oil Corp. reported quarterly revenue of $574 thousand and a net loss of $420 thousand for the period ended 2018-07-31.
28 Aug 2018agm 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).
22 Aug 2018auditor change● Neutral
On August 21, 2018 the company accepted the resignation of its auditor GBH CPAs, PC, which resigned because it combined its practice with Marcum LLP on July 1, 2018, and engaged Marcum as its new auditor. GBH's reports for the years ended April 30, 2018 and 2017 each contained a going-concern uncertainty paragraph, and the filing reports no disagreements. Marcum is the firm the company dismissed in October 2015, though this filing does not mention that history.
15 June 2018director interest notice● Neutral
Petro River Oil Corp. EXECUTIVE CHAIRMAN Scot Cohen received 100,000 shares as part of the equity award.
2 Apr 2018director interest notice● Neutral
Petro River Oil Corp. EXECUTIVE CHAIRMAN Scot Cohen bought 10,000 shares on the open market at $0.88.
26 Mar 2018quarterly activities report▼ Bad
Petro River Oil Corp. reported quarterly revenue of $251 thousand and a net loss of $16.7 million for the period ended 2018-01-31.
13 Mar 2018late filing notice▼ Bad
Petro River Oil Corp. notified the SEC that its quarterly report would be filed late.
16 Feb 2018material agreement● NeutralMajor
On February 14, 2018 the company agreed to give Red Fork Resources' affiliate its entire 13.7% working interest in the Mountain View Project area in Kern County, California, in exchange for 64.7% of Red Fork's 85% working interest in an area in Kay County, Oklahoma, to close on or before March 1, 2018. Each side keeps a 2% overriding royalty on what it gave up, and the effective date is January 1, 2018. The press release says this gives the company a 55% working interest in Kay County, next to its Osage concession, and that four more West Blackland wells (2-3, 5-3, 6-3, 9-3) have been drilled and completed with results in line with expectations. This shifts focus toward Oklahoma. The filing does not say whether the company's other Kern County interests (Sunset Boulevard) are affected.
5 Feb 2018material agreement● NeutralMajor
On January 31, 2018, after receiving notice of the redetermination, the company swapped its shares in MegaWest for MegaWest's membership interests in Bandolier Energy, instead of having an appraiser set a shortfall payment or letting MegaWest enforce its remedies. The company now has no interest in MegaWest or its assets, and MegaWest none in the Bandolier assets. The company still owes MegaWest $259,312.50 plus interest, due one year after the agreement. This resolves the Megawest/Fortis redetermination thread and unwinds the 2015 Megawest structure; the filing does not state a shortfall amount.
5 Jan 2018material agreement● NeutralMajor
On December 29, 2017 the company's subsidiary MegaWest extended the maturity of notes owed by Fortis entities to January 31, 2018, waived interest until then and agreed not to charge late fees. The filing says the Bandolier Interest value is to be redetermined by about January 31, 2018. If it comes in below the $40.0 million value set in the 2015 Contribution Agreement, the company must pay MegaWest the shortfall in cash, and failing that MegaWest could foreclose on the company's equity in MegaWest, with the Bandolier Interest reverting to the company. This continues the open Megawest Redetermination thread.
3 Jan 2018director interest notice● Neutral
Petro River Oil Corp. EXECUTIVE CHAIRMAN Scot Cohen bought 36,218 shares on the open market.
20 Dec 2017quarterly activities report▼ Bad
Petro River Oil Corp. reported quarterly revenue of $16 thousand and a net loss of $742 thousand for the period ended 2017-10-31.
19 Dec 2017quarterly activities report▼ Bad
Petro River Oil Corp. reported quarterly revenue of $16 thousand and a net loss of $742 thousand for the period ended 2017-10-31.
18 Dec 2017late filing notice▼ Bad
Petro River Oil Corp. notified the SEC that its quarterly report would be filed late.
8 Nov 2017capital raising announcement● NeutralMajor
On November 6, 2017 the $2.5 million note to Petro Exploration Funding II closed on the terms announced in September, with a 1.25 million-share warrant at $2.00 and a 2% Osage County royalty. The company paid Scot Cohen $250,000 for that royalty, which he had bought from third parties on August 14, 2017. Cohen controls 41.20% of Funding Corp. II. The same day the company issued 1,466,667 shares to Pearsonia West Investments in exchange for its 46.81% membership interest in Bandolier Energy, which holds the 106,500-acre Osage concession. This resolves the open question over the Pearsonia West option and increases the company's stake in Osage; it also dilutes existing shareholders by the new shares.
2 Oct 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 Sept 2017material agreement● NeutralMajor
On September 20, 2017 the company signed an agreement to borrow up to $2.5 million from Petro Exploration Funding II, LLC for working capital: 10% interest, maturing June 30, 2020, secured on all company assets but ranking behind the June 2017 Funding Corp. I note. The lender would also get a warrant for 1.25 million shares at $2.00 (three years) and a 2% overriding royalty on Osage County production. Scot Cohen, a director and large shareholder, owns 31.25% of Funding Corp. I and is expected to hold a material interest in Funding Corp. II, so this is another related-party loan. The attached press release says the Cattani-Rennie 47X-15 well in Kern County was announced as a discovery on July 18, 2017 with results expected in October 2017, and sets out Osage drilling plans (eight more West Blackland wells by end of 2017, four South Blackland wells in early 2018). The filing says the financing was expected to close on or before October 30, 2017.