17 Nov 2014late filing notice▼ Bad
Rio Bravo Oil, Inc. notified the SEC that its quarterly report would be filed late.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
17 Nov 2014quarterly activities report▼ Bad
Rio Bravo Oil, Inc. reported a quarterly net loss of $3.8 million for the period ended 2014-09-30.
15 May 2014quarterly activities report▼ Bad
Rio Bravo Oil, Inc. reported quarterly revenue of $10 thousand and a net loss of $331 thousand for the period ended 2014-03-31.
31 Mar 2014late filing notice▼ Bad
Rio Bravo Oil, Inc. notified the SEC that its annual report would be filed late.
14 Nov 2013quarterly activities report▼ Bad
Rio Bravo Oil, Inc. reported quarterly revenue of $38 thousand and a net loss of $822 thousand for the period ended 2013-09-30.
26 Sept 2013material agreement● NeutralMajor
On September 26, 2013 the company agreed to farm out its Hal Brown Acreage leases in Caldwell County, Texas, to 0947388 BC, Ltd., a Canadian partnership, which would pay for the drilling. The partner is to pay $200,000 on or before September 30, 2013 and every 30 days after until $1,000,000 is paid, spud a salt water disposal well by November 30, 2013, and drill Edwards horizontal wells (six wells and two disposal wells within two years) plus $5,000,000 cash at the end, to earn 70% of the working interest. The company would keep an overriding royalty (leaving the partner a 52.5% net revenue interest), and the partner's spending is shared 70/30 once it has spent $10,000,000. The filing text describes two agreements (Hal Brown and Buda), but the text is cut off before the Buda terms. This reduces the company's share of the Hal Brown leases if the partner performs; payments are retained if it does not.
14 Aug 2013quarterly activities report▼ Bad
Rio Bravo Oil, Inc. reported quarterly revenue of $57 thousand and a net loss of $994 thousand for the period ended 2013-06-30.
20 May 2013quarterly activities report▼ Bad
Rio Bravo Oil, Inc. reported quarterly revenue of $9 thousand and a net loss of $1.1 million for the period ended 2013-03-31.
15 May 2013late filing notice▼ Bad
Rio Bravo Oil, Inc. notified the SEC that its quarterly report would be filed late.
1 Apr 2013late filing notice▼ Bad
Rio Bravo Oil, Inc. notified the SEC that its annual report would be filed late.
19 Nov 2012quarterly activities report▼ Bad
Rio Bravo Oil, Inc. reported quarterly revenue of $26 thousand and a net loss of $813 thousand for the period ended 2012-09-30.
15 Nov 2012late filing notice▼ Bad
Rio Bravo Oil, Inc. notified the SEC that its quarterly report would be filed late.
20 Aug 2012quarterly activities report▼ Bad
Rio Bravo Oil, Inc. reported quarterly revenue of $59 thousand and a net loss of $1.3 million for the period ended 2012-06-30.
15 Aug 2012late filing notice▼ Bad
Rio Bravo Oil, Inc. notified the SEC that its quarterly report would be filed late.
8 June 2012asset acquisition disposition● NeutralMajor
The company completed the two deals it had been planning. On June 1, 2012 it got Numa Luling's 25% working interest in Caldwell and Guadalupe Counties, Texas, for 3,250,000 Series B convertible preferred shares valued at $1.00 each. On May 25, 2012 it bought an 80% working interest in the Caltex leasehold from Eagle Ford Oil Co., Inc. for $2,225,000 ($2,000,000 cash plus a $225,000 note due December 31, 2012) and assumed $1,295,000 of Eagle Ford liabilities, which is above the $1,800,000 price previously planned. It funded this with a $750,000 3% subordinated convertible debenture to Del Mar Financial S.a r.l. (due April 30, 2017, convertible at $0.75) and a $300,000 6% note to Virtus Trust Limited (due December 31, 2012). It also created Series B preferred (5,000,000 shares authorised, converting at 1 share per 0.75 common) and approved a 2012 stock plan capped at 15% of outstanding shares. Item 3.02 mentions 3,200,000 Series B shares, which conflicts with the 3,250,000 stated elsewhere. Financial statements for the acquisitions are to follow.
15 May 2012quarterly activities report▼ Bad
Rio Bravo Oil, Inc. reported quarterly revenue of $0 and a net loss of $496 thousand for the period ended 2012-03-31.
11 May 2012business combination● Neutral
A second amendment to the February report on the Pan American deal, restating that the company bought Pan American Oil Company, LLC on February 13, 2012 for 5,500,000 Series A preferred shares plus assumed debt of $2,667,250 and about $350,000 of short-term liabilities. It repeats the 63.5% minimum Luling Edwards interest, the expired Bateman option, the $3,156,250 unit sale and Petrina's cancellation of 66,500,010 shares (leaving it with 3,500,000). New details: the Numa Luling deal would now include $750,000 of 3% subordinated convertible debentures (maturing April 30, 2017, convertible at $0.75) rather than 750,000 preferred shares, and the Eagle Ford Caltex purchase is described as with Eagle Ford Oil Co., Inc. The filing text is cut off before the remaining items.
30 Mar 2012business combination● NeutralMajor
This amends the February 14 report on the Pan American deal. It now says the Bateman field option was not exercised and has expired, so the company's stated assets are the Luling Edwards interests. It also discloses that between February 7 and March 13, 2012 the company sold units of 4,208,333 common shares plus warrants over 2,104,166 shares at $1.50 each to eight purchasers for gross proceeds of $3,156,250. Petrina Advisors, Inc. cancelled 66,500,010 of its common shares effective March 28, 2012; it had held 69.75%, and the filing says no party now effectively controls the company.
8 Mar 2012director interest notice● Neutral
Rio Bravo Oil, Inc. 10%+ owner Paul Vassilakos sold 5,000,010 shares at $1066.57.
2 Mar 2012debt financing● NeutralMajor
On February 24, 2012 the company issued two 8% convertible notes totalling $2,500,000, $1,000,000 to Personalvorsorge der Autogrill Schweiz AG and $1,500,000 to Hohenplan Privatstiftung, due by December 31, 2014. The proceeds are for working capital and general corporate purposes. The holders can convert into common stock, and the notes convert automatically if the stock trades above $2.50 for more than 30 consecutive trading days after March 1, 2013, which would dilute existing shareholders.
14 Feb 2012business combination● NeutralMajor
The company, formerly Soton Holdings Group, changed its business plan to oil and gas and on February 13, 2012 bought Pan American Oil Company, LLC by issuing 5,500,000 Series A convertible redeemable preferred shares and assuming $2,667,250 of its debt plus about $350,000 of short-term liabilities. This gives it at least a 63.5% working interest in the Luling Edwards fields in Texas (each interest subject to a 20% third-party carried interest) and an option on 15% of the Bateman field. The Series A shares convert one-for-one into 5,500,000 common shares (after a planned 30-for-1 forward split) and must be redeemed on January 31, 2019. Further deals are planned but not yet done: a 25% interest from Numa Luling, LLC for Series B preferred shares, and an 80% interest in the Caltex leasehold from Eagle Ford Oil Co., LLC for $1,800,000. Management also changed on February 10, 2012: Thomas D. Bowman became President and CEO, Carlos E. Buchanan II Treasurer and CFO, and Lynden Rose Secretary, with Paul Vassilakos and Miles Leahy resigning. This ends the company's earlier shell-style status, and the filing also carries a Change in Shell Company Status item.
6 Feb 2012quarterly activities report▼ Bad
Rio Bravo Oil, Inc. reported quarterly revenue of $0 and a net loss of $41 thousand for the period ended 2011-12-31.
12 Jan 2012auditor change● Neutral
A second amendment adds an explanatory note and an updated letter from Ronald R. Chadwick, P.C., dated January 10, 2012, which the filing says confirms his agreement with the statements. This repeats the auditor change (Chadwick out, L J Soldinger Associates in) with no new substance.
6 Jan 2012auditor change● Neutral
The company filed the letter from the dismissed auditor, Ronald R. Chadwick, P.C., dated January 3, 2012, which it had said was missing from its December 28 filing. The filing itself does not say what the letter states. It adds no new facts about the auditor change.
28 Dec 2011auditor change● Neutral
The company, filing under the name Soton Holdings Group, Inc. (the same registrant, later named Rio Bravo Oil), said it dismissed its auditor Ronald R. Chadwick, P.C. effective December 15, 2011, and hired L J Soldinger Associates LLC. The filing says the board approved the change and there was no disagreement; the earlier audit report for the period ended September 30, 2010 carried a going-concern doubt. Chadwick had not yet replied to the company's request for a confirming letter.
21 Dec 2011director interest notice● Neutral
Miles Leahy became a Rio Bravo Oil, Inc. Secretary and company insider (initial ownership filing).
15 Dec 2011director interest notice● Neutral
Paul Vassilakos became a Rio Bravo Oil, Inc. CEO, CFO and company insider (initial ownership filing).
3 Aug 2011quarterly activities report▼ Bad
Rio Bravo Oil, Inc. reported quarterly revenue of $0 and a net loss of $6 thousand for the period ended 2011-06-30.
2 Aug 2011quarterly activities report▼ Bad
Rio Bravo Oil, Inc. reported quarterly revenue of $0 and a net loss of $6 thousand for the period ended 2011-06-30.
15 Apr 2011quarterly activities report▼ Bad
Rio Bravo Oil, Inc. reported a quarterly net loss of $3 thousand for the period ended 2011-03-31.