Each one in plain English, with the numbers worked through for a shareholder.
25 Nov 2015substantial holder notice● Neutral
CamCap Resources Offshore Master Fund, L.P, CamCap Resources Partners, LLC, CamCap Energy Offshore Master Fund, L.P, CamCap Energy Partners, LLC, Cambrian Capital, L.P, Cambrian Capital, LLC, Ernst von Metzsch, Roland von Metzsch disclosed a new substantial PetroShare Corp. shareholding (5.80% of votes).
PetroShare agreed with underwriter Noble Financial Capital Markets to sell 4,260,000 new shares at $1.00 each in a firm commitment offering (company receives $0.90 per share), with a warrant to Noble for 255,600 shares at $1.25. This is the offering under the registration statement the company had been filing since 2014, and it is expected to close around November 19, 2015; new shares dilute existing holders. The company and its officers and directors agreed to a 180-day lock-up on selling stock.
PetroShare extended its land and leasing services agreement with Kingdom Resources, the partner behind the March 2015 Adams County lease, from December 31, 2015 to December 31, 2017. This continues the Kingdom relationship; the filing gives no new acreage or costs.
PetroShare's auditor StarkSchenkein resigned after certain individuals joined SingerLewak, and the board engaged SingerLewak on May 6, 2015 as replacement. The filing states there were no disagreements, and that StarkSchenkein's 2014 report included a going-concern doubt based on nominal revenue, operating losses and accumulated deficit.
PetroShare accepted an assignment from Kingdom Resources of an oil and gas lease on about 309 net acres in Adams County, Colorado (Wattenberg Field), with an 80% net revenue interest, for a total payment of $725,252. Closing is expected by April 13, 2015 but depends on the company receiving enough working capital. The filing also notes two Niobrara wells it operates in the Buck Peak Field are awaiting fracture stimulation around May 1.