4 Jan 2008director interest notice● Neutral
William David Gibbs became a SOUTHERN STAR ENERGY INC. president secretary treasurer and company insider (initial ownership filing).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
10 Dec 2007capital raising announcement● Neutral
The company signed a consulting agreement with Sierra Pine Resources International, owned by director Bruce Ganer: $10,000 per month, 750,000 options at $1.09 exercisable to November 22, 2011 (vesting in three equal parts through 2009), and a $60,000 bonus per new well at start of commercial production. This is a related-party arrangement with a director.
6 Dec 2007capital raising announcement● Neutral
The company signed a consulting agreement with Larry Keller: $175 per hour, 500,000 options at $1.09 exercisable to November 22, 2009 (half vested immediately, half on November 22, 2008), and a $25,000 bonus per successful well on Lincoln Atkins 18-1, Lincoln Atkins 8-1 and Atkins 18-2.
21 Nov 2007material agreement● NeutralMajor
On September 18, 2007 the company issued a 10% US$1,300,000 convertible debenture to Gobbet Management Inc., due September 18, 2009 and convertible at US$0.50 per share, for general corporate use. Full conversion would mean 2,600,000 new shares (calculated from the filing's figures). The company's address is now Houston, Texas.
4 Oct 2007director interest notice● Neutral
Bruce L Ganer became a SOUTHERN STAR ENERGY INC. VP Exploration and Development and company insider (initial ownership filing).
18 July 2007material agreement● NeutralMajor
The company amended a February 8, 2007 subscription with Venture Capital Asset Management AG, adding 11.6 units at US$50,000 each (US$580,000). Venture Capital now holds 48.6 units for US$2,430,000, entitling it to about 60% of net production proceeds from the Atkins Lincoln 18-1 and 8-1 wells. Units convert at US$0.50 per share; full conversion would give 4,860,000 shares, or 13.6% on 30,806,251 shares outstanding. For shareholders, this gives funding but a large share of those wells' proceeds and possible dilution.
17 Apr 2007late filing notice▼ Bad
SOUTHERN STAR ENERGY INC. notified the SEC that its quarterly report would be filed late.
23 Feb 2007material agreement● Neutral
On January 22, 2007 the company appointed Sunland Production Company as operator of its D Duck Prospect interests, replacing the operator role it took in the earlier purchase. Fees include $6,500 per month drilling fee, $650 per month supervision and $850 per day for engineering, on a one-year renewable term with 60 days' notice to end.
16 Jan 2007late filing notice▼ Bad
SOUTHERN STAR ENERGY INC. notified the SEC that its quarterly report would be filed late.
3 Jan 2007material agreement● NeutralMajor
The company's subsidiary Southern Star Operating bought a 20% interest in the D Duck Prospect for $290,962.27 (agreement dated November 2, 2006) and became operator. A December 22, 2006 amendment corrected the restructuring agreement: Big Sky Management actually held and transferred only 20%, not 40%. Together the subsidiary now holds a 40% working interest. This corrects the November restructuring terms.
8 Dec 2006auditor change● Neutral
Auditor Staley, Okada & Partners resigned on December 8, 2006 and the company hired Dale Matheson Carr-Hilton Labonte LLP. The prior auditor's report on the years to May 31, 2006 and 2005 expressed substantial doubt about the company's ability to continue as a going concern; the filing reports no disagreements with them.
7 Dec 2006drilling progress report▲ GoodMajor
The company announced it had started drilling its first well, the Atkins-Lincoln 18-1 in Bossier Parish, Louisiana, planned to reach about 9,950 feet. A second well about a mile away is planned next under a Nabors Drilling USA contract, on a 5,300-acre block. This is the first drilling step after the move into oil and gas; no results are reported.
21 Nov 2006business combination● NeutralMajor
The company, now named Southern Star Energy, told shareholders about the restructuring agreement and expected board change. A 7.5-for-1 forward split on November 13, 2006 raised shares from 7,555,000 to 56,662,500. At closing (anticipated November 22, 2006) Mutter and Hollmann would give up their shares (transfers to Boehnke plus cancellations) leaving 21,037,500 shares outstanding, with Boehnke holding 6,000,000 (28.5%) and as sole director. Closing is still subject to conditions. This continues the November 6 restructuring and gives the share and board details.
9 Nov 2006material agreement● NeutralMajor
The company (then named Surge Enterprises) issued a 10% US$600,000 convertible debenture to Sovereign Services Limited, due November 1, 2008 and convertible at US$3.75 per share. It also signed a restructuring agreement on November 6, 2006 to drop its software and website business (Surge Marketing, to go to Troy Mutter) and move into oil and gas via an interest in the D Duck Prospect in Bossier and Caddo Parishes, Louisiana. Mutter and Frank Hollmann would give up 4,750,000 shares for cancellation and 800,000 shares to Eric Boehnke, who assigns the prospect interest through Big Sky Management. The filing says closing is not assured. A Meagher Oil & Gas assignment gave Southern Star 40% of certain leases. This follows the earlier officer filings and starts the oil and gas turn.
2 Nov 2006director interest notice● Neutral
Eric Boehnke became a SOUTHERN STAR ENERGY INC. President Secretary Treasurer and company insider (initial ownership filing).
29 Aug 2006late filing notice▼ Bad
SOUTHERN STAR ENERGY INC. notified the SEC that its annual report would be filed late.
12 July 2006director interest notice● Neutral
Frank Hollmann became a SOUTHERN STAR ENERGY INC. Vice President and company insider (initial ownership filing).
10 July 2006director interest notice● Neutral
Troy Mutter became a SOUTHERN STAR ENERGY INC. President, Secretary,Treasurer and company insider (initial ownership filing).
7 July 2006securities registration● Neutral
SOUTHERN STAR ENERGY INC. filed the final prospectus for a registered offering.
21 June 2006securities registration● Neutral
SOUTHERN STAR ENERGY INC. amended a filing by which it registered a small-business securities offering with the SEC.
12 May 2006securities registration● Neutral
SOUTHERN STAR ENERGY INC. amended a filing by which it registered a small-business securities offering with the SEC.
13 Apr 2006securities registration● Neutral
SOUTHERN STAR ENERGY INC. amended a filing by which it registered a small-business securities offering with the SEC.
23 Mar 2006securities registration● Neutral
SOUTHERN STAR ENERGY INC. amended a filing by which it registered a small-business securities offering with the SEC.
8 Feb 2006securities registration● Neutral
SOUTHERN STAR ENERGY INC. amended a filing by which it registered a small-business securities offering with the SEC.
2 Dec 2005securities registration● Neutral
SOUTHERN STAR ENERGY INC. amended a filing by which it registered a small-business securities offering with the SEC.
13 Oct 2005securities registration● Neutral
SOUTHERN STAR ENERGY INC. registered a small-business securities offering with the SEC.