13 Nov 2015listing compliance notice▼ BadMajor
Stratex Oil & Gas Holdings, Inc. suspended its duty to file periodic reports with the SEC.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
28 Oct 2015capital raising announcement▼ BadMajor
On October 27, 2015 Stratex received notices of default and acceleration on its Series A and B notes, declaring all obligations immediately due, demanding default-rate interest on late payments, and demanding that asset sales outside the ordinary course stop. It also received a default and acceleration notice on a separate $3,194,972 convertible promissory note. Separately, on October 23 it agreed to issue 5,390,000 unregistered shares at $0.01 to Eureka Petroleum for consulting on acquiring 300 barrels of oil per day. This continues the missed-interest thread: the lenders, who hold a first lien on substantially all assets, have now accelerated the debt, and the shares issued add dilution.
14 Oct 2015debt financing▼ BadMajor
Stratex said it will not pay the quarterly interest due October 12, 2015 on its 12% senior secured notes: $302,092 on the Series A notes ($9,987,650 principal, due Feb 11, 2016) and $242,413 on the Series B notes ($8,014,560 principal, due June 6, 2016). It does not know when it can pay and is in discussions with the holders. No default notice had been received as of October 14, but the notes allow the rate to rise to 18% and the principal to be accelerated, and they are secured by a first lien on substantially all assets. The Series A principal is now $9,987,650, up from the $6,842,650 in earlier records.
14 Aug 2015quarterly activities report▼ Bad
Stratex Oil & Gas Holdings, Inc. reported a quarterly net loss of $8.5 million for the period ended 2015-06-30.
29 July 2015financial restatement▼ BadMajor
Stratex says its 2014 financial statements in the Form 10-K/A filed July 17, 2015 cannot be relied on. The amendment revised 2014 proved reserve figures using a July 7, 2015 reserve report and included reproduced predecessor auditor reports without telling those auditors or the current one. A predecessor auditor found on July 21 that required audit procedures were not complete and that the 2014 audit report date had been changed. Until those procedures are done, no authorized audit reports exist for those statements. This continues the auditor turnover and is a serious reporting problem; the filing does not give corrected numbers.
15 May 2015quarterly activities report▼ Bad
Stratex Oil & Gas Holdings, Inc. reported a quarterly net loss of $3.5 million for the period ended 2015-03-31.
11 May 2015auditor change● Neutral
On May 5, 2015 Stratex's board appointed Sadler, Gibb & Associates as its new auditor, replacing Mantyla McReynolds, which resigned April 17. The filing says the company did not consult them on accounting matters beforehand. This is the third auditor in about five months.
24 Apr 2015auditor change▼ BadMajor
On April 17, 2015 Mantyla McReynolds resigned as auditor, only about four months after being appointed. Its 2014 report included a going-concern qualification, and the filing mentions material weaknesses in internal control over financial reporting. It reports no disagreements. The filing does not give a reason for the resignation.
1 Apr 2015late filing notice▼ Bad
Stratex Oil & Gas Holdings, Inc. notified the SEC that its annual report would be filed late.
29 Dec 2014auditor change● Neutral
Auditor Mahoney Sabol & Company resigned effective December 19, 2014, and Stratex appointed Mantyla McReynolds, Richfield's former auditor, in its place. The filing says this followed the December 1 merger and the move of accounting offices to Salt Lake City. Mahoney Sabol's reports for 2011-2013 carried going-concern doubt, and the filing reports no disagreements. This resolves the open question about the change of accountant.
3 Dec 2014asset acquisition disposition● NeutralMajor
On December 1, 2014 the Richfield merger closed: Richfield became a wholly owned Stratex subsidiary after Richfield holders approved it on November 24, 2014. Each Richfield share became one Stratex share, about 60,616,448 Stratex shares in total, which dilutes existing Stratex holders. Richfield's former CEO Michael Cederstrom became Stratex's Vice President of Corporate Affairs (two-year term, $230,000 first-year salary, 400,000 shares due by February 15, 2015), and two former Richfield directors, Joseph Tate and John McFadden, joined the board, which grew from four to six. This resolves the merger thread; the company's address moved to Salt Lake City.
2 Dec 2014director interest notice● Neutral
John Mcfadden became a Stratex Oil & Gas Holdings, Inc. director and company insider (initial ownership filing).
2 Dec 2014director interest notice● Neutral
James M Parrish became a Stratex Oil & Gas Holdings, Inc. VP - Operations and company insider (initial ownership filing).
2 Dec 2014director interest notice● Neutral
Matthew S. Cohen, became a Stratex Oil & Gas Holdings, Inc. Executive VP & General Counsel and company insider (initial ownership filing).
2 Dec 2014director interest notice● Neutral
Stratex Oil & Gas Holdings, Inc. Chief Executive Officer Stephen P. Funk, received 35,000 shares as part of the equity award.
2 Dec 2014director interest notice● Neutral
Michael A Cederstrom became a Stratex Oil & Gas Holdings, Inc. Vice President - Corp. Affairs and company insider (initial ownership filing).
2 Dec 2014director interest notice● Neutral
Stephen P. Funk, became a Stratex Oil & Gas Holdings, Inc. Chief Executive Officer and company insider (initial ownership filing).
2 Dec 2014director interest notice● Neutral
Michael J Thurz became a Stratex Oil & Gas Holdings, Inc. Chief Admin Officer and company insider (initial ownership filing).
2 Dec 2014director interest notice● Neutral
Stratex Oil & Gas Holdings, Inc. director Alan Gaines received 4,886,381 shares as part of the equity award.
13 Nov 2014quarterly activities report▼ Bad
Stratex Oil & Gas Holdings, Inc. reported a quarterly net loss of $1.5 million for the period ended 2014-09-30.
24 Oct 2014securities registration● Neutral
Stratex Oil & Gas Holdings, Inc. filed the final prospectus for a registered offering.
3 Oct 2014business combination● NeutralMajor
Stratex filed Amendment No. 1 to its Form S-4 for the Richfield merger. It sets a Richfield stockholder meeting for November 24, 2014 (record date October 14, 2014) and says the 60,616,448 Stratex shares would work out to one Stratex share per Richfield share, based on Richfield shares outstanding on September 29, 2014. The filing is still preliminary and not yet declared effective. This continues the merger thread and fills in the meeting date left blank in the August filing.
12 Sept 2014material agreement● NeutralMajor
On September 8, 2014 Stratex signed a joint development agreement with Eagle Oil & Gas and Eagle Dodge City Partners covering about 35,000 acres in Ford County, Kansas. Stratex must pay 75% of drilling and completion costs for four initial wells to be operated by Eagle, with drilling to start by December 8, 2014 on a commercially reasonable efforts basis. In return it gets 50% of net revenues, and a 50% working interest on the acreage is assigned as wells are completed, with up to 16 further wells possible. The press release (company's view) describes it as a Mississippian Lime play; this is a new Kansas thread.
26 Aug 2014business combination● NeutralMajor
Stratex filed its Form S-4 registering up to 60,616,448 Stratex shares for the Richfield merger. The merger agreement was amended July 17, 2014, and Richfield holders would collectively receive a fixed 60,616,448 Stratex shares (about one Stratex share per Richfield share, subject to adjustment). The filing is preliminary: the meeting date and other details are blank, the SEC has not declared it effective, and Richfield holders must still vote. This moves the May merger forward and would add a large number of shares.
22 Aug 2014securities registration● Neutral
Stratex Oil & Gas Holdings, Inc. amended a filing by which it filed notice of an exempt private placement.
21 Aug 2014capital raising announcement● NeutralMajor
On August 20, 2014 Stratex sold a further $374,500 of Series B notes with warrants for 249,665 shares at $0.30, bringing Series B gross proceeds to $8,014,560. The placement agent has received $711,755 and warrants for 2,372,517 shares. Separately, to meet a Richfield merger condition, the board issued 7,000,000 common shares to Rotary Partners LLC, wholly owned by CEO Stephen Funk, in exchange for all 60 outstanding Series A Preferred shares (each carried 1,000,000 votes). This removes the super-voting preferred stock but adds 7,000,000 common shares.
14 Aug 2014quarterly activities report▼ Bad
Stratex Oil & Gas Holdings, Inc. reported a quarterly net loss of $4.7 million for the period ended 2014-06-30.
16 July 2014securities registration● Neutral
Stratex Oil & Gas Holdings, Inc. amended a filing by which it filed notice of an exempt private placement.
3 July 2014capital raising announcement● NeutralMajor
On July 2, 2014 Stratex sold another $2,376,625 of Series B notes on the same terms (12%, due June 6, 2016, convertible at $0.30), with warrants for 1,584,417 shares. Series B gross proceeds reach $5,409,485 so far; the placement agent has been paid $478,448 and holds warrants for 1,594,827 shares. This extends the June raise and adds more debt and potential dilution.
13 June 2014securities registration● Neutral
Stratex Oil & Gas Holdings, Inc. filed notice of an exempt private placement.