17 Aug 2010quarterly activities report▼ Bad
T-REX OIL, INC. reported a quarterly net loss of $960 thousand for the period ended 2010-06-30.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
16 Aug 2010late filing notice▼ Bad
T-REX OIL, INC. notified the SEC that its quarterly report would be filed late.
23 June 2010late filing notice▼ Bad
T-REX OIL, INC. notified the SEC that its annual report would be filed late.
16 Feb 2010late filing notice▼ Bad
T-REX OIL, INC. notified the SEC that its quarterly report would be filed late.
16 Nov 2009late filing notice▼ Bad
T-REX OIL, INC. notified the SEC that its quarterly report would be filed late.
29 Oct 2009bankruptcy or receivership▼ BadMajor
On October 28, 2009, about two weeks after the GasRock default, Rancher filed for Chapter 11 reorganization in Colorado and said it will keep operating as a debtor-in-possession. The company says the aim is to restructure its debt and finances and to gain time to obtain financing; the filing says nothing yet about what happens to shareholders.
19 Oct 2009debt financing▼ BadMajor
Rancher did not repay the $10,222,000 principal (plus interest) due to GasRock on October 15, 2009, so an event of default has occurred. GasRock may demand immediate payment of any or all obligations, and the interest rate on principal rises to the 18% default rate. This is the failure of the loan that had been extended repeatedly since April 2009.
17 Aug 2009late filing notice▼ Bad
T-REX OIL, INC. notified the SEC that its quarterly report would be filed late.
13 Aug 2009securities registration● Neutral
T-REX OIL, INC. filed the final prospectus for a registered offering.
12 Aug 2009securities registration● Neutral
T-REX OIL, INC. amended an already-effective registration statement.
29 July 2009securities registration● Neutral
T-REX OIL, INC. amended an already-effective registration statement.
30 June 2009late filing notice▼ Bad
T-REX OIL, INC. notified the SEC that its annual report would be filed late.
5 June 2009debt financing▼ BadMajor
On June 3, 2009 the short extensions ended in an eighth amendment pushing the GasRock loan's maturity to October 15, 2009. In return GasRock received a 10% net profits interest in Rancher's properties, which Rancher can buy back (two-thirds for $2,000,000 through Aug 7, 2009, or one-third for $1,333,333 from Aug 8 to Oct 15), and the interest rate rose to the greater of 16% or LIBOR plus 6%, with 4% added to principal instead of paid in cash. GasRock waived certain default tests (loan-to-value and the 48-month projected revenue test) from March 31, 2009 to maturity. This resolves the run of short extensions but at a higher cost to shareholders.
28 May 2009debt financing▼ Bad
On May 27, 2009 Rancher and GasRock signed a seventh amendment moving the loan's maturity from May 27 to June 3, 2009. No other terms are given; the loan is still outstanding.
22 May 2009debt financing▼ Bad
On May 21, 2009 Rancher and GasRock signed a sixth amendment moving the loan's maturity from May 21 to May 27, 2009. No other terms are given; the loan is still unpaid.
20 May 2009debt financing▼ Bad
On May 19, 2009 Rancher and GasRock signed a fifth amendment moving the loan's maturity from May 19 to May 21, 2009. No other terms are given; this is another two-day extension of the unpaid loan.
14 May 2009debt financing▼ Bad
On May 13, 2009 Rancher and GasRock signed a fourth amendment moving the GasRock loan's maturity from May 13 to May 19, 2009. The filing gives no other terms; the loan remains outstanding and this continues the string of short extensions.
11 May 2009debt financing▼ Bad
On May 8, 2009 Rancher and GasRock signed a third amendment extending the loan's maturity again, from May 8 to May 13, 2009. The filing gives no other terms. This is the second short extension in a row, with the GasRock loan still unpaid.
30 Apr 2009debt financing▼ Bad
On April 30, 2009, the day the GasRock loan was due, Rancher and GasRock signed a second amendment pushing maturity from April 30 to May 8, 2009, a gap of eight days. The filing gives no other terms and no reason. The loan, now $10,000,000 after the October 2008 pay-down, remains outstanding.
9 Apr 2009material agreement termination▼ BadMajor
On April 3, 2009 ExxonMobil told Rancher it was terminating, effective immediately, the February 2008 CO2 agreement, saying Rancher had not provided performance assurances in the form of a letter of credit. Rancher disputes this, saying no assurances are due until CO2 delivery starts, which it says will not occur in 2009, and believes the termination is unlawful; it has told ExxonMobil its position. This puts at risk the CO2 supply that underpinned its recovery plan and the portion assigned to Merit in March 2009; the filing does not say how the dispute will be resolved.
24 Mar 2009material agreement● NeutralMajor
On March 18, 2009 Rancher assigned part of its ExxonMobil CO2 contract to Merit Energy, with ExxonMobil's consent. Merit may buy up to 37.5 MMcf per day for two years from the contract's start-up date (plus an option on 6.5 MMcf per day more), delivered near Bairoil, Wyoming, and afterwards may buy any volumes Rancher is not using for its own recovery. If Merit is buying and an Event of Default occurs, Rancher must assign its remaining rights under the contract to Merit at Merit's discretion. This shares out a portion of the 70 MMcf per day Rancher agreed to in February 2008; no payment to Rancher is stated.
13 Feb 2009substantial holder notice● Neutral
Hound Partners, LLC, Hound Performance, LLC, Jonathan Auerbach, Hound Partners, LP, Hound Partners Offshore Fund, LP reported a T-REX OIL, INC. shareholding of 13,228,463 shares (11.14% of votes) in a periodic institutional filing.
13 Feb 2009substantial holder notice● Neutral
Persistency reported a T-REX OIL, INC. shareholding of 6,894,448 shares (5.80% of votes) in a periodic institutional filing.
10 Feb 2009director interest notice● Neutral
T-REX OIL, INC. 10%+ owner Hound Partners, LLC sold 58,963 shares.
5 Feb 2009substantial holder notice● Neutral
Sergei Stetsenko disclosed a new substantial T-REX OIL, INC. shareholding (7.66% of votes).
23 Oct 2008debt financing▼ BadMajor
On October 22, 2008 Rancher and GasRock extended the loan's maturity from October 31, 2008 to April 30, 2009. In return Rancher paid down $2,240,000, leaving a $10,000,000 balance, and raised GasRock's overriding royalty from 2% to 3%, with Rancher able to buy back one-third of it. Interest stays at the greater of 12% or LIBOR plus 600 basis points. This continues the October 2007 loan: it was not repaid at its original maturity and cost Rancher cash and a bigger royalty burden to extend.
11 Sept 2008director interest notice● Neutral
T-REX OIL, INC. President and CEO John Works sold 500,000 shares at $0.16.
15 Aug 2008securities registration● Neutral
T-REX OIL, INC. filed the final prospectus for a registered offering.
22 July 2008securities registration● Neutral
T-REX OIL, INC. filed the final prospectus for a registered offering.
14 July 2008securities registration● Neutral
T-REX OIL, INC. amended an already-effective registration statement.