30 Jan 2017late filing notice▼ Bad
Texas South Energy, Inc. notified the SEC that its annual report would be filed late.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
13 Jan 2017director interest notice● Neutral
John B III Connally became a Texas South Energy, Inc. director and company insider (initial ownership filing).
10 Jan 2017asset acquisition disposition● NeutralMajor
On January 4, 2017 the company bought onshore oil and gas assets in Louisiana and Texas from Sydson Energy and Sydson Resources, including a 37.5% working interest in the Sugarberry South Project (two existing wells that tested at over 400 barrels a day combined) and 50% interests in undrilled acreage in the West Tuleta and Ray fields in Bee County, Texas. Payment includes 100 million shares to Michael Mayell, a $250,000 note due March 5, 2017, $1,250,000 of Sydson's obligations on retained interests, carried interests and $500,000 for seismic data on one prospect. Leadership changed: Mayell became CEO, John Connally III became chairman (65.1 million shares, $420,000 salary), and founder James Askew resigned as officer and director to become a consultant at $35,000 a month with 27 million shares. This adds producing-area assets to the company's earlier offshore 20% interests and heavily dilutes existing holders. The filing was truncated, so some share-issuance details are not captured.
9 Jan 2017director interest notice● Neutral
Texas South Energy, Inc. Chief Executive Officer James M. Askew acquired 27,000,000 shares and disposed of 9,000,000 in a set of related equity transactions.
19 Sept 2016quarterly activities report▼ Bad
Texas South Energy, Inc. reported quarterly revenue of $486 and a net loss of $446 thousand for the period ended 2016-09-30.
12 Sept 2016capital raising announcement● Neutral
The company reported several smaller share issuances at $0.02 each in mid-2016: 625,000 shares for $12,500 (June 17), 7,000,000 for $140,000 (July 29), 2,500,000 for $50,000 (August 24), plus 5,000,000 shares issued on conversion of $100,000 of debt (July 29). Cash raised was used for general corporate purposes.
12 Sept 2016late filing notice▼ Bad
Texas South Energy, Inc. notified the SEC that its quarterly report would be filed late.
16 Aug 2016securities registration● Neutral
Texas South Energy, Inc. filed notice of an exempt private placement.
2 Aug 2016capital raising announcement● Neutral
On August 1, 2016 the company sold 50 million shares at $0.02 for $1 million. In July 2016 it also issued 11,500,000 shares: 6,000,000 for services valued at $0.02 each and 5,500,000 for $110,000 cash. Proceeds are for general corporate purposes, and the sales dilute existing holders at a price far below the 2014 placements' $0.05.
15 June 2016quarterly activities report▼ Bad
Texas South Energy, Inc. reported quarterly revenue of $433 and a net loss of $612 thousand for the period ended 2016-06-30.
14 June 2016late filing notice▼ Bad
Texas South Energy, Inc. notified the SEC that its quarterly report would be filed late.
14 June 2016director interest notice● Neutral
Texas South Energy, Inc. Chief Executive Officer Askew James M. bought 14,000,000 shares on the open market at $0.02.
16 Mar 2016quarterly activities report▼ Bad
Texas South Energy, Inc. reported quarterly revenue of $6 thousand and a net loss of $466 thousand for the period ended 2016-03-31.
29 Jan 2016late filing notice▼ Bad
Texas South Energy, Inc. notified the SEC that its annual report would be filed late.
21 Sept 2015material agreement▲ GoodMajor
On September 18, 2015 the company paid the final $1.8 million of the $10 million total under its GulfSlope farm-out agreement of March 10, 2014, and now holds a 20% working interest in the five Prospects. This completes the deal begun in 2014; GulfSlope remains operator and the company owes its share of annual rental costs. The company's address also changed to 2001 Kirby Dr., Houston.
11 Sept 2015quarterly activities report▼ Bad
Texas South Energy, Inc. reported a quarterly net loss of $155 thousand for the period ended 2015-07-31.
12 June 2015quarterly activities report▼ Bad
Texas South Energy, Inc. reported a quarterly net loss of $155 thousand for the period ended 2015-07-31.
9 Apr 2015substantial holder notice● Neutral
John B Connally III disclosed a new substantial Texas South Energy, Inc. shareholding (16.50% of votes).
2 Apr 2015director interest notice● Neutral
Askew James M. became a Texas South Energy, Inc. director and company insider (initial ownership filing).
2 Apr 2015director interest notice● Neutral
John B III Connally became a Texas South Energy, Inc. 10%+ owner and company insider (initial ownership filing).
16 Mar 2015quarterly activities report▼ Bad
Texas South Energy, Inc. reported a quarterly net loss of $197 thousand for the period ended 2015-04-30.
29 Jan 2015late filing notice▼ Bad
Texas South Energy, Inc. notified the SEC that its annual report would be filed late.
22 Sept 2014quarterly activities report▼ Bad
Texas South Energy, Inc. reported a quarterly net loss of $575 thousand for the period ended 2014-07-31.
15 Sept 2014late filing notice▼ Bad
Texas South Energy, Inc. notified the SEC that its quarterly report would be filed late.
27 Aug 2014capital raising announcement● NeutralMajor
Noteholders converted $6,993,000 of principal plus $27,436.86 of interest from the March 2014 convertible notes into 35,102,181 shares, which ends the company's obligations under that note agreement and dilutes existing holders. Separately, the company issued a $1,000,000 promissory note at 10% interest, maturing June 30, 2015, with a warrant for 2,000,000 shares at $0.25 (expiring June 30, 2015), effective June 12, 2014.
16 June 2014quarterly activities report▼ Bad
Texas South Energy, Inc. reported a quarterly net loss of $575 thousand for the period ended 2014-07-31.
24 Mar 2014quarterly activities report▼ Bad
Texas South Energy, Inc. reported a quarterly net loss of $603 thousand for the period ended 2014-04-30.
14 Mar 2014late filing notice▼ Bad
Texas South Energy, Inc. notified the SEC that its quarterly report would be filed late.
14 Mar 2014capital raising announcement● NeutralMajor
On March 10, 2014 the company agreed with GulfSlope Energy to buy up to a 20% working interest in five Gulf prospects for up to $10 million, payable by April 11, 2014. To fund it, it set up up to $10 million of 1% convertible notes (convertible at $0.20 per share, up to 50 million shares, maturing August 15, 2014), with $1 million funded on March 10 and the rest due in later tranches. Money goes back to noteholders if GulfSlope is not the high bidder on leases. CEO James Askew is also a GulfSlope director and owns 8.8% of it, a related-party link.
12 Mar 2014capital raising announcement● Neutral
As of March 6, 2014 the company sold 30,608,000 shares at $0.05 for gross proceeds of $1,530,400 in a private placement, continuing its share-funded fundraising. The money is intended for acquiring oil and gas interests and general corporate purposes.
What it means for a shareholder
30.6m new shares at $0.050 to raise about $1.5m. That's 9.7% dilution: every existing holder's slice gets 9.7% smaller. If you held $1,000 of shares (20,000 at the issue price), your slice goes from 0.00698% to 0.00631% of the company. To keep it you'd need 2,137 more shares - about $107 at the issue price.
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