15 May 2018quarterly activities report▼ Bad
Samson Oil & Gas LTD reported quarterly revenue of $1.9 million and a net loss of $2.0 million for the period ended 2018-03-31.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
1 May 2018quarterly activities report▼ Bad
Samson Oil & Gas LTD reported quarterly revenue of $1.9 million and a net loss of $2.0 million for the period ended 2018-03-31.
5 Apr 2018capital raising announcement● NeutralMajor
On 31 March 2018 Samson agreed with DynEvolve Capital to sell 800,000,000 shares for $1,000,000 (to be swapped for 4,000,000 ADSs, not yet completed). DynEvolve also agreed to lend $1,000,000 on 15 April 2018 at 4% and, subject to shareholder approval and no later than 10 May 2018, to buy a second-lien note for $5,577,919 convertible into 2,479,075,200 shares. DynEvolve gets a board seat, and a second seat after the note purchase, plus consent rights over certain board decisions. Existing shareholders face dilution if the note converts.
14 Feb 2018quarterly activities report▼ Bad
Samson Oil & Gas LTD reported quarterly revenue of $2.7 million and a net loss of $1.5 million for the period ended 2017-12-31.
22 Nov 2017listing compliance notice▼ BadMajor
On 16 November 2017 the NYSE American review panel unanimously upheld the delisting and immediately suspended trading in Samson's ADSs. The letter says the company reported equity of about $3 million at 30 June 2017 and that none of its initiatives to restore equity had yet been completed. Samson said the ADSs would trade on the OTCBB from 20 November 2017 under the symbol SSNYY, with a move to OTCQB or OTCQX planned once the application is completed. This resolves the listing thread: US-listed holders lose the NYSE American listing.
20 Nov 2017quarterly activities report▼ Bad
Samson Oil & Gas LTD reported quarterly revenue of $284 thousand and a net loss of $1.7 million for the period ended 2017-09-30.
16 Nov 2017listing compliance notice● NeutralMajor
Samson Oil & Gas LTD's exchange filed to remove a class of its securities from listing.
15 Nov 2017late filing notice▼ Bad
Samson Oil & Gas LTD notified the SEC that its quarterly report would be filed late.
3 Nov 2017quarterly activities report▼ Bad
Samson Oil & Gas LTD reported quarterly revenue of $284 thousand and a net loss of $1.7 million for the period ended 2017-09-30.
30 Oct 2017agm notice● Neutral
Samson Oil & Gas LTD 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 2017director interest notice● Neutral
Samson Oil & Gas LTD VP - Engineering & Operations Mark Ulmer bought 5,160,000 shares on the open market.
3 Oct 2017quarterly activities report▼ Bad
Samson Oil & Gas LTD reported quarterly revenue of $284 thousand and a net loss of $1.7 million for the period ended 2017-09-30.
3 Oct 2017director interest notice● Neutral
Samson Oil & Gas LTD VP - Engineering & Operations Mark Ulmer bought 14,060,800 shares on the open market.
3 Oct 2017director interest notice● Neutral
Samson Oil & Gas LTD VP - Engineering & Operations Mark Ulmer bought 17,339,200 shares on the open market.
20 Sept 2017listing compliance notice▼ BadMajor
On 14 September 2017 the NYSE American told Samson its ADSs are no longer suitable for listing and began delisting proceedings, because stockholders' equity was still below the $6,000,000 requirement when the 18-month compliance period ended. Samson has asked for a review of the decision. This is the outcome of the listing problem that had been open since 2016; the 14 September deadline noted earlier was missed.
20 July 2017material agreement▲ GoodMajor
A Seventh Amendment with Mutual of Omaha extended the $4M term loan and the $20M revolver from 31 October 2017 to 31 October 2018. The minimum liquidity covenant became $1.5M through 31 December 2017, then 10% of the borrowing base from 1 January 2018. This pushes back the near-term maturity of the bank debt.
31 May 2017asset acquisition disposition● Neutral
Samson completed the sale of its State GC field in Lea County, New Mexico, on 24 May 2017 for $1.2 million. This closes out the sale announced on 15 May 2017.
15 May 2017material agreement● Neutral
Samson's US subsidiary agreed on 9 May 2017 to sell all of its State GC field in Lea County, New Mexico, to a private US energy company for $1.2 million, effective 1 May 2017, with closing expected about 24 May. The press release says the proceeds will pay down the Mutual of Omaha facility but can be redrawn. This follows the proposal flagged on 8 May.
15 May 2017quarterly activities report● Neutral
Samson Oil & Gas LTD reported quarterly revenue of $4.5 million for the period ended 2017-03-31.
8 May 2017listing compliance notice▼ BadMajor
A Sixth Amendment with Mutual of Omaha added a $4M term loan (prime plus 2.5%) that paid off the $4M Oasis vendor note; the term loan and the $20M revolver (now prime plus 1%) both mature 31 October 2017. Separately, the NYSE MKT said on 2 May 2017 that Samson fails the $6.0M stockholders' equity requirement and must update its plan by 16 May 2017, with the 14 September 2017 deadline unchanged. The ADSs stay listed for now but delisting could start if the update is not accepted. The press release also says Samson proposes to sell its State GC assets in New Mexico.
2 May 2017quarterly activities report● Neutral
Samson Oil & Gas LTD reported quarterly revenue of $4.5 million for the period ended 2017-03-31.
19 Apr 2017substantial holder notice● Neutral
Robert E. Mead reported a Samson Oil & Gas LTD shareholding of 1,098,865 shares (6.83% of votes) in a periodic institutional filing.
7 Apr 2017material agreement▼ Bad
Samson and Oasis extended repayment of the $4M Foreman Butte note from 31 March 2017 to 1 May 2017. Samson paid $400,000 of accrued interest immediately and owes about $50,958 more at 15% on the extension date, and Oasis keeps its rights on any default. This shows the one-year note was not repaid on time.
21 Feb 2017quarterly activities report● Neutral
Samson Oil & Gas LTD reported quarterly revenue of $4.9 million for the period ended 2016-12-31.
15 Feb 2017late filing notice▼ Bad
Samson Oil & Gas LTD notified the SEC that its quarterly report would be filed late.
1 Feb 2017quarterly activities report● Neutral
Samson Oil & Gas LTD reported quarterly revenue of $4.9 million for the period ended 2016-12-31.
17 Jan 2017director interest notice● Neutral
Samson Oil & Gas LTD officer Terence Maxwell Barr exercised options for 12,960 shares.
17 Jan 2017director interest notice● Neutral
Samson Oil & Gas LTD officer Terence Maxwell Barr acquired 16,258,000 shares and disposed of 5,963,400 in a set of related equity transactions.
10 Jan 2017director interest notice● Neutral
Samson Oil & Gas LTD director Peter J Hill acquired 38,818,800 shares and disposed of 3,527,600 in a set of related equity transactions.
10 Jan 2017director interest notice● Neutral
Samson Oil & Gas LTD Chief Financial Officer Robyn Lamont acquired 45,718,400 shares and disposed of 2,929,200 in a set of related equity transactions.