16 June 2011listing compliance notice▼ BadMajor
ReoStar Energy 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.
22 Oct 2010debt financing▼ BadMajor
On Oct 15, 2010 ReoStar received a letter from BT & MK Energy and Commodities (BTMK), which had taken over the credit facility from Union Bank. The lender accelerated the note after a missed quarterly interest payment, putting the full amount owed at $11,111,942, and says it will foreclose on the company's assets on Nov 2, 2010 if it is not paid in full before then. This follows the February 2010 default notice and is the step from default to threatened loss of the assets securing the loan.
17 Feb 2010debt financing▼ BadMajor
ReoStar received a notice dated Feb 4, 2010 that it is in default on the $25M Union Bank credit facility from October 2008, for missing the leverage ratio and interest coverage tests for the quarters ended June 30 and Sept 30, 2009. About $10.8M is drawn, and the lenders cut the borrowing base to $7.6M, leaving a $3.2M shortfall. The lenders may demand full repayment, add 2% default interest or enforce against the collateral, but had taken no action as of the filing.
27 May 2009capital raising announcement● NeutralMajor
On May 20, 2009 ReoStar agreed to buy 13,000 acres of the Hackberry Prospect (Lavaca and Colorado Counties, South Texas, within the Eagle Ford shale trend) from ZAZA Energy and Eli Smith for $5,500,000. It also agreed to issue 12,000,000 new shares to ZAZA plus $1,500,000 a year for three years in overhead payments, so existing holders would be diluted. Closing requires ReoStar to raise at least $15 million, and the agreements end if not closed by August 1, 2009.
4 Nov 2008debt financing● NeutralMajor
On October 30, 2008 ReoStar signed a $25,000,000 secured revolving credit facility with Union Bank of California as agent, due three years after closing. Proceeds are to retire part of its existing debt and fund property acquisition and development, working capital and general purposes. It is secured by substantially all assets of ReoStar and its three subsidiaries, with some shareholders pledging their shares in the company.
7 Dec 2007material agreement▲ Good
ReoStar agreed on December 4, 2007 to buy United Texas Petroleum's working interests in 27 Barnett Shale wells in North Texas for $914,446 cash, effective August 1, 2007. This adds to its existing Barnett Shale position.
7 June 2007asset acquisition disposition▲ GoodMajor
ReoStar sold its 30% interest in the Tri-County Gas Gathering System, the pipeline joint venture it brought in with the 2007 asset deal, to Cimmarron Gathering (a Copano Energy subsidiary) for $15 million cash on June 6, 2007. About $12.5 million was received, with $2.5 million held in escrow for 180 days for title claims and cash calls owed through April 30, 2007 (estimated at $900,000).
15 May 2007auditor change▼ BadMajor
This amendment corrects the May 2 auditor-change filing. The former auditor's report did include a paragraph saying operating losses raised substantial doubt about the company's ability to continue as a going concern, which the original filing had said was not the case. This contradicts the earlier statement; the dismissal and hiring of Killman, Murrell are unchanged.
2 May 2007auditor change● Neutral
ReoStar dismissed its auditor HLB Cinnamon, Jang, Willoughby & Co. on April 30, 2007 and hired Killman, Murrell & Company to audit the fiscal year ending March 31, 2007. The filing reports no disagreements with the former auditor and says its report had no adverse opinion or qualification.
7 Feb 2007business combination● NeutralMajor
This information statement gives notice of a change in the whole board following the February 2007 asset deal. The contributors hold 54,750,000 shares, about 80.2% of the stock (JMT 23.2%, Benco 23.5%, REO Energy 33.5%); Mark Zouvas becomes CEO and Brett Bennett vice president; and M.O. Rife III (chairman), Zouvas, Bennett, Jean-Baptiste Heinzer and Alan Rae are named as incoming directors. Steve Bajic is to step down as a director after the 10-day waiting period. The company also renamed itself ReoStar Energy Corporation on February 5, 2007.
6 Feb 2007asset acquisition disposition● NeutralMajor
The deal flagged in the November 2006 letter of intent closed on February 1, 2007: Goldrange issued 54,750,000 new shares to JMT, REO Energy and Benco for their oil and gas assets, and the company became ReoStar. Assets described include about 8,800 Barnett Shale acres (22% average working interest in 44 wells drilled), a 95% working interest in the Corsicana Field, about 6,450 Fayetteville Shale acres in Arkansas, and a share of the Tri-County Gas Gathering System joint venture with Central Crude and Cimmarron. Existing shareholders are now a minority.
1 Dec 2006material agreement● NeutralMajor
The company, then named Goldrange Resources, signed a non-binding letter of intent with JMT Resources, REO Energy and Benco Operating to receive their oil and gas interests, estimated at $53,000,000, in exchange for Goldrange common shares. Nothing is final until a definitive agreement is signed; the obligation to negotiate ends if none is reached by December 31, 2006, and the contributors cannot negotiate with others until then.