9 Jan 2017listing compliance notice▼ BadMajor
SUPERNOVA ENERGY, INC. 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.
14 Oct 2015material agreement● NeutralMajor
On October 9, 2015 the company and other plaintiffs settled six lawsuits in Kansas courts (Stafford, Barton, Butler and Pratt counties) against Lasso Energy and Lasso Holding, the counterparty from the 2011 Lasso interest purchase. The filing says the terms involve cash payments and transfers of interests but gives no amounts; those are in the exhibit.
9 Oct 2015material agreement▲ Good
On October 5, 2015 the company agreed to pay OMR $135,000 for a 50% working interest and 37.5% net revenue interest in the Monroe Lease, three wells in Monroe County. OMR will cover the company's share of operating and maintenance costs for the first twelve months. The $135,000 matches the balance due under the June 2015 lease deposit agreement, though the filing does not link them (inference).
29 June 2015material agreement● Neutral
On June 25, 2015 the company signed two deals with OMR: a $5,000 deposit to hold a lease for 30 days, with the remaining $135,000 (total $140,000) due before then or the deposit is forfeited, and a farmout under which OMR will market up to eight new drill locations (minimum 10% net revenue interest each) plus one deepening location (minimum 15%). The filing does not say whether the $135,000 was paid.
8 May 2015auditor change● Neutral
On May 4, 2015 the company dismissed Sadler, Gibb & Associates and engaged MaloneBailey LLP as its auditor. The filing says there were no disagreements, though the 2014 annual statements carried a going-concern qualification.
4 Feb 2015material agreement● NeutralMajor
In late January 2015 the company agreed to pay OMR Drilling and Acquisition $150,000 to drill and $50,000 to complete the Antle Lease–Slugger #1 well in Russell County, Kentucky, for a 100% working interest and 87.5% net revenue interest in the well. It also borrowed $150,000 from Craigstone LTD at 10% interest, due June 29, 2015, convertible to preferred shares at $1.00 after the due date. The filing also states OMR assigned an 87.5% working interest in the Antile leasehold; the working-interest figures differ between the two descriptions.
21 Aug 2014financial restatement▼ Bad
Now named Supernova Energy, the company said its June 30, 2014 quarterly report, filed August 19, 2014, went out before its auditors authorized it and should not be relied on. This repeats the situation from November 2011; reviewed statements are promised as soon as practicable.
14 Aug 2012asset acquisition disposition▲ Good
Between May 14 and June 4, 2012 the company bought minority interests in unproved Kansas leases: 35% working interest in Stafford County for $97,900, 12.5% in Butler County for $62,000, and 15% in Cowley County for $100,000. Two of the three include a salt water disposal well in the description. This was reported in August 2012, well after the purchases.
2 May 2012material agreement▲ GoodMajor
The company signed a stock purchase agreement with ThorFinn Partners, effective March 21, 2012, letting ThorFinn buy shares at $0.60 in tranches of up to $500,000 until March 21, 2013, for up to $3,000,000 total including the $500,000 already received. Further tranches need both sides to agree, so the full amount is not committed. The board also created audit, governance and sustainability committees.
22 Nov 2011financial restatement▼ Bad
The company said its September 30, 2011 quarterly report, filed November 21, 2011, went out before its auditors had formally authorized it, so those financial statements should not be relied on. It plans to file reviewed statements as soon as practicable.
3 Oct 2011asset acquisition disposition▲ GoodMajor
On September 27, 2011 the company bought two Pratt County, Kansas leases at auction for $50,000 and $22,500 (100% working interest, about 82% net revenue interest), plus a 30% interest in Lasso Energy, LLC's 80% net revenue interest in three Barton and Stafford County leases (about 564 net acres, seven wells). Separately, a 19-for-1 stock dividend paid September 30, 2011 made a 20-for-1 forward split, so shareholders hold 20 times as many shares.
6 Apr 2011asset acquisition disposition▲ GoodMajor
On March 31, 2011 the company bought, at auction from REH Oil & Gas LLC, leases covering 280 acres in the Sawyer field and 120 acres in the Wildcat field, both in Pratt County, Kansas, for $260,000. The exhibit lists four leases (Harrel D, Keyes, Thompson, Mason) with a combined 11 wells; this is the first oil and gas property described in these filings.
3 Feb 2011auditor change● Neutral
The company, which at this time filed under the name Northumberland Resources, Inc., dismissed its auditor LBB & Associates on January 19, 2011 and hired Sadler, Gibb & Associates. The filing says there were no disagreements, though LBB's report on the 2009 financial statements carried a going-concern qualification.