18 Jan 2012listing compliance notice▼ BadMajor
SENTRY PETROLEUM LTD. 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.
6 July 2011drilling progress report● Neutral
The company announced on July 5, 2011 that it has started drilling Albilbah_CSG1 in ATP 862. No results are reported. It is unclear from the filings whether this is the same well announced on June 15 or a second one.
16 June 2011drilling progress report▲ Good
The company announced on June 15, 2011 that it has started drilling the first well of its program in ATP 862, a couple of days after the planned June 13 date. It also signed a non-binding Memorandum of Understanding with Ergon Energy Queensland Pty Ltd, titled a gas sales MOU; because it is non-binding, no sale is committed.
26 May 2011drilling progress report▲ Good
The company announced a spud (drilling start) date of June 13, 2011 for its upcoming drilling program in Queensland. This follows the May 6 land access news.
6 May 2011drilling progress report▲ Good
The company announced on May 6, 2011 that it reached agreements with all necessary land owners for its upcoming appraisal drilling program, covering coal seam and shale gas in ATP 862 and ATP 864. Owners are paid a fixed amount per well, not a royalty. The company expects to finalize drilling contracts and announce a start date within a couple of weeks.
19 Apr 2011material agreement▲ GoodMajor
On April 14, 2011, the company agreed to raise up to $3 million from Camerts S.A. through share purchases in three tranches. The first is 227,273 shares for $500,000 immediately. The second is 400,000 shares for $1.0 million, conditional on confirming minimum gas content in coal and carbonaceous shale. The third is 535,714 shares for $1.5 million, conditional on initial 3P reserve certification. The company says there is no assurance the conditions will be met, in which case Camerts' investment is limited to $500,000.
15 Mar 2011material agreement● NeutralMajor
On March 14, 2011, the company gave Sino American Oil Company an option to earn up to a 70% working interest in ATP 865 and ATP 866 by drilling one conventional well to 1,660 metres, shooting 100 km of seismic, and providing an independent audit of the results. Sino paid $25,000, and owes a further $250,000 if it does not exercise the option. If Sino does exercise, the company has 90 days to buy back a 20% interest by paying 40% of Sino's drilling costs, which would leave Sino with 50%.
18 June 2010asset acquisition disposition▲ Good
On June 14, 2010, Queensland's Department of Mines and Energy awarded the company Exploration Permit for Coal 1758 for five years, with work commitments of AUD 250,000 per year. This is a coal permit, separate from the earlier oil and gas permits. The company's address is now Denver, Colorado.
15 Oct 2008material agreement● Neutral
This amendment only files the assignment agreement for ATP 862, ATP 864 and ATP 866 as an exhibit, as promised in the October 9, 2008 report. It contains no new information beyond the exhibit.
9 Oct 2008material agreement▲ GoodMajor
On October 3, 2008, the Australian subsidiary agreed with Medina Group Limited to acquire ATP862, ATP864 and ATP866 in Queensland, taking on the conventional oil and gas rights. The deal carries a four-year work commitment valued at AU$16.5 million and a 7.0% gross overriding royalty to Medina. This adds to the ATP865 permit acquired earlier in 2008.
11 Aug 2008drilling progress report● Neutral
The company said it has started seismic data analysis on ATP 865 for its 2008 exploration program, with MBA Petroleum Consultants retained to assess the permit's leads and prospects. MBA is re-processing over 3,400 line kilometres of seismic data, which the company values at over US$25 million in 2008 dollar terms. No drilling or results are reported.
8 July 2008asset acquisition disposition▲ GoodMajor
Queensland's Department of Mines and Energy approved the ATP865 acquisition on July 2, 2008, so the conditional agreement with Medina Group from April was completed and terminated. The filing also reports a change in shell company status, and refers to the June 2, 2008 10-K for business and financial details. Raj Rajeswaran now signs as President and Director.
30 Apr 2008material agreement● NeutralMajor
Now named Sentry Petroleum Ltd., the company agreed on April 30, 2008 to acquire exploration permit ATP865 in Queensland, Australia from Medina Group, subject to regulatory approval. It takes on a four-year work program valued at AU$4.29 million and a 0.5% gross overriding royalty. Separately, CEO Alan Hart gifted all his shares to SPM Group on April 23, 2008, giving SPM control with 22% of the common stock.
20 Nov 2007auditor change▼ Bad
This amends the auditor-change filing from earlier in November 2007. It adds that Manning Elliott's reports for the years ended February 2006 and 2007 included a paragraph expressing substantial doubt about the company's ability to continue as a going concern. It also says the company did not consult K.R. Margetson before hiring it, and attaches Manning Elliott's letter to the SEC.
6 Nov 2007auditor change● Neutral
The company (filing under its earlier name, Summit Exploration Inc.) replaced its auditor, dismissing Manning Elliott and engaging K.R. Margetson Ltd. on November 2, 2007. It also said it closed its non-brokered equity financing under the SB-2 registration statement declared effective July 11, 2007; the amount raised is not stated. The filing says there were no disagreements with the old auditor.