2 Apr 2024late filing notice▼ Bad
Petrolia Energy Corp notified the SEC that its annual report would be filed late.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
15 Nov 2023late filing notice▼ Bad
Petrolia Energy Corp notified the SEC that its quarterly report would be filed late.
15 Nov 2023quarterly activities report▼ Bad
Petrolia Energy Corp reported quarterly revenue of $904 thousand and a net loss of $488 thousand for the period ended 2023-09-30.
28 July 2023quarterly activities report▼ Bad
Petrolia Energy Corp reported quarterly revenue of $483 thousand and a net loss of $699 thousand for the period ended 2023-06-30.
28 July 2023quarterly activities report▼ Bad
Petrolia Energy Corp reported quarterly revenue of $483 thousand and a net loss of $699 thousand for the period ended 2023-06-30.
28 July 2023quarterly activities report▼ Bad
Petrolia Energy Corp reported quarterly revenue of $483 thousand and a net loss of $699 thousand for the period ended 2023-06-30.
28 July 2023quarterly activities report▼ Bad
Petrolia Energy Corp reported quarterly revenue of $483 thousand and a net loss of $699 thousand for the period ended 2023-06-30.
26 June 2023director interest notice● Neutral
Petrolia Energy Corp 10%+ owner Joel Martin Oppenheim bought 46,365,575 shares on the open market.
26 June 2023director interest notice● Neutral
Petrolia Energy Corp 10%+ owner Zel C Khan sold 46,365,575 shares.
15 May 2023quarterly activities report▼ Bad
Petrolia Energy Corp reported quarterly revenue of $1.4 million and a net loss of $484 thousand for the period ended 2023-03-31.
31 Mar 2023late filing notice▼ Bad
Petrolia Energy Corp notified the SEC that its annual report would be filed late.
29 July 2022quarterly activities report▼ Bad
Petrolia Energy Corp reported quarterly revenue of $1.1 million and a net loss of $862 thousand for the period ended 2022-06-30.
13 July 2022quarterly activities report▼ Bad
Petrolia Energy Corp reported quarterly revenue of $1.1 million and a net loss of $862 thousand for the period ended 2022-06-30.
3 Mar 2022capital raising announcement▼ BadMajor
Between Oct 2021 and Jan 2022, Petrolia agreed to sell 11,000 shares of a new Series C Convertible Preferred Stock at $10.00 each (about $110,000) to accredited investors. Each share converts at $0.01 per common share, so the 11,000 shares could become up to 11,000,000 common shares (before accrued dividends), which would dilute existing holders. Dividends are 8% a year, paid in extra preferred shares (11% if still outstanding after Dec 31, 2023), and the Series C ranks ahead of common and Series B on liquidation. The filing says the money is to pay lawyers to consider legal action against Blue Sky Resources, the operator of its Canadian properties, and former officers; the filing also calls Blue Sky's CEO the father of the company's 'former' CEO, which indicates Zel Khan has left that role. This marks a break from the earlier close dealings with Blue Sky. The text is cut off, so the rest of the stated purpose is not shown.
12 Nov 2021material agreement▲ GoodMajor
This filing, made in Nov 2021 about events from 2019-2020, reports the settlement of a lawsuit by LazyDRanch Slick, LLC over the company's SUDS wells in Creek County, Oklahoma. A Feb 2020 court judgment of $1,988,372 plus 6.75% interest was released in an Aug 2020 settlement: Petrolia agreed to pay $75,000 (already paid in full) and to do remediation work costing up to $200,000 (excluding plugging four wells) within 24 months of Aug 19, 2020, and some of that work is done (power lines, transformers, posts, flowlines and surface equipment removed). It resolves a large legal claim on the SUDS asset, though the remaining remediation and the effort to remove the property from the SUDS unit are still obligations.
25 Oct 2021capital raising announcement▼ BadMajor
On Oct 25, 2021, Petrolia created a new Series B Preferred Stock and issued one share each to its three directors (James Burns, Leo Womack and Ivar Siem) for their board service. Together these three shares carry 60% of all shareholder votes, so the filing itself states a change of control: the three directors now control every shareholder vote, whatever number of common shares others hold. The Series B has no dividends, no liquidation preference and no conversion rights, and cannot be transferred. This is a new thread and weakens the influence of ordinary shareholders.
3 Sept 2021material agreement● NeutralMajor
On Aug 31, 2021, Petrolia signed a letter agreement to sell its Canadian subsidiary, Petrolia Canada Corporation, to Blue Sky Resources, an affiliate of CEO Zel Khan, for CAD $6.5 million (about US$5.15 million) less contingent liabilities. The subsidiary holds the 50% Utikuma Lake interest and a 28% interest in the Luseland, Hearts Hill and Cuthbert fields. CAD $200,000 was received as a nonrefundable deposit, with CAD $2M due at closing (scheduled Sept 30, 2021), CAD $1M on Oct 31 (less Utikuma-related contingent liabilities) and CAD $3.3M on Dec 31, 2021. This sells back the Canadian assets bought from Blue Sky in 2018 and 2020.
3 Aug 2021quarterly activities report▼ Bad
Petrolia Energy Corp reported quarterly revenue of $1.2 million and a net loss of $991 thousand for the period ended 2021-06-30.
27 May 2021quarterly activities report▼ Bad
Petrolia Energy Corp reported quarterly revenue of $1.1 million and a net loss of $402 thousand for the period ended 2021-03-31.
27 May 2021quarterly activities report▼ Bad
Petrolia Energy Corp reported quarterly revenue of $1.1 million and a net loss of $402 thousand for the period ended 2021-03-31.
26 May 2021director interest notice● Neutral
Mark Merle Allen became a Petrolia Energy Corp President and company insider (initial ownership filing).
5 June 2020debt financing● NeutralMajor
On May 29, 2020, Petrolia bought a 50% working interest in about 28,000 acres in the Utikuma Lake area, Alberta (about 565 bopd; 2P reserves 4.7 MMboe) from Blue Sky Resources, again a related party of CEO Zel Khan, for CAD $2.7 million (about US$2 million). It was funded by about US$1 million from an existing credit line and a US$1 million short-term bridge loan maturing Jan 30, 2021. This returns to Canadian assets bought from Blue Sky after the 2018 Bow sale, and adds short-term debt.
10 May 2019quarterly activities report▼ Bad
Petrolia Energy Corp reported quarterly revenue of $819 thousand and a net loss of $414 thousand for the period ended 2019-03-31.
1 Apr 2019late filing notice▼ Bad
Petrolia Energy Corp notified the SEC that its annual report would be filed late.
25 Feb 2019auditor change▼ Bad
Auditor MaloneBailey resigned on Jan 29, 2019 and Petrolia engaged M&K CPAS on Jan 31, 2019. The filing says there were no disagreements, and MaloneBailey's reports for 2016 and 2017 carried going-concern warnings.
14 Nov 2018late filing notice▼ Bad
Petrolia Energy Corp notified the SEC that its quarterly report would be filed late.
5 Oct 2018asset acquisition disposition● Neutral
This amendment adds the Bow financial statements and pro forma figures promised after the February 2018 acquisition, and clarifies that CEO Zel Khan's father controlled Bow through BSIH, a significant Petrolia shareholder, before the deal. No new transaction; the Bow business was already sold back in the August 2018 filing. The figures themselves are in exhibits not shown here.
5 Sept 2018asset acquisition disposition● NeutralMajor
On Aug 31, 2018, Petrolia sold Bow Energy, acquired in February, back to Blue Sky Resources, a company owned by the father of CEO Zel Khan. Blue Sky returned 70,807,417 Petrolia shares, which the company plans to cancel, and took on $1,696,332 of Bow payables. Petrolia keeps 20% of Bow Energy International Holdings (the Indonesian interests), a carry of up to the next $10 million of costs, and a 3% royalty on the Bohorok PSC after cost recovery. This largely reverses the February deal and removes most of the dilution it brought. Separately, on Aug 17 three directors lent $90,000 through 12% convertible notes due Oct 17, 2018, convertible at $0.10 (up to 900,000 shares), with matching warrants (90,000 shares) at $0.10; up to $160,000 more is contemplated.
13 Aug 2018late filing notice▼ Bad
Petrolia Energy Corp notified the SEC that its quarterly report would be filed late.
6 July 2018debt financing● NeutralMajor
Effective June 29, 2018, Petrolia bought a 25% working interest in Canadian oil and gas fields (Luseland, Hearts Hill, Cuthbert; about 41,526 acres, 240 oil and 12 gas wells producing) from Blue Sky Resources, whose President is the father of CEO Zel Khan and which is the company's largest shareholder. The price was CAD $1,428,581 (about US$1,089,150): CAD $1,022,400 in cash, paid from the $1,530,000 Bow loan, plus a CAD $406,181 note at 9% due Nov 30, 2018 (extendable six months if 25% is paid). The press release says the 25% nets about 322 boepd. This appears to be the acquisition the loan's extra $800,000 was reserved for (inference), and it is a related-party deal.