14 May 2021late filing notice▼ Bad
Texas South Energy, Inc. notified the SEC that its quarterly report would be filed late.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
3 Mar 2021late filing notice▼ Bad
Texas South Energy, Inc. notified the SEC that its annual report would be filed late.
15 Oct 2020late filing notice▼ Bad
Texas South Energy, Inc. notified the SEC that its quarterly report would be filed late.
7 Aug 2020late filing notice▼ Bad
Texas South Energy, Inc. notified the SEC that its quarterly report would be filed late.
1 June 2020late filing notice▼ Bad
Texas South Energy, Inc. notified the SEC that its quarterly report would be filed late.
24 Mar 2020late filing notice▼ Bad
Texas South Energy, Inc. notified the SEC that its annual report would be filed late.
4 Mar 2020auditor change● Neutral
On March 2, 2020 the company's auditor, LBB & Associates, resigned after the SEC suspended it effective February 6, 2020. LBB's reports for 2017 and 2018 were not adverse or qualified, and the filing reports no disagreements. This ends the relationship with LBB, which was appointed in January 2014; the filing does not name a replacement.
13 Nov 2019late filing notice▼ Bad
Texas South Energy, Inc. notified the SEC that its quarterly report would be filed late.
30 Aug 2019securities registration● Neutral
Texas South Energy, Inc. filed notice of an exempt private placement.
9 Aug 2019late filing notice▼ Bad
Texas South Energy, Inc. notified the SEC that its quarterly report would be filed late.
20 May 2019quarterly activities report▼ Bad
Texas South Energy, Inc. reported a quarterly net loss of $2.4 million for the period ended 2019-03-31.
15 May 2019late filing notice▼ Bad
Texas South Energy, Inc. notified the SEC that its quarterly report would be filed late.
6 May 2019material agreement termination▼ BadMajor
On April 30, 2019 the company received a formal Default Notice and Demand for Payment from GulfSlope and Delek under the Tau joint operating agreement for $2,870,183.11 due as of April 18, 2019. That amount includes the $1,299,229 default reported in March, so the unpaid sum has grown from the earlier $1.9 million figure. The company again says it is trying to raise capital, and warns that a successful foreclosure could cost it all its rights in the Tau Prospect.
19 Mar 2019material agreement termination▼ BadMajor
As of March 15, 2019 the company was declared in default under its joint operating agreement with GulfSlope over $1,299,229 due February 12, 2019 for drilling the Tau Prospect; GulfSlope says billings have raised the total to $1,915,304, and drilling continues, so more will be owed. The agreement gives a lien on the company's Tau leases and the operator may pursue foreclosure, which the company says could mean losing all its rights in Tau if it fails to raise capital. This is a setback for the Delek farm-out drilling the company announced in January 2018.
14 Jan 2019capital raising announcement▼ Bad
The company reported small share issuances: 250,000 shares to a consultant (Oct 2018, valued at $0.02), 500,000 shares sold for $10,000 (Nov 2018), and 750,000 shares to an employee (Jan 2019). It also gave two affiliates the right to convert up to $460,000 of debt into 23 million shares at $0.02 each. If converted, this would further dilute existing holders; it continues the pattern of small raises and debt-for-share conversions.
12 Dec 2018director interest notice● Neutral
Texas South Energy, Inc. 10%+ owner Askew James M. sold 18,864,000 shares at $0.02.
14 Nov 2018quarterly activities report▼ Bad
Texas South Energy, Inc. reported a quarterly net loss of $656 thousand for the period ended 2018-09-30.
11 Sept 2018agm notice● Neutral
Texas South Energy, Inc. announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
29 Aug 2018securities registration● Neutral
Texas South Energy, Inc. filed notice of an exempt private placement.
14 Aug 2018quarterly activities report▼ Bad
Texas South Energy, Inc. reported a quarterly net loss of $656 thousand for the period ended 2018-09-30.
14 Aug 2018agm notice● Neutral
Texas South Energy, Inc. shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
1 Aug 2018agm notice● Neutral
Texas South Energy, Inc. shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
14 May 2018quarterly activities report▼ Bad
Texas South Energy, Inc. reported a quarterly net loss of $637 thousand for the period ended 2018-03-31.
23 Mar 2018director interest notice● Neutral
Texas South Energy, Inc. director John B III Connally gifted 40,000,000 shares.
12 Jan 2018capital raising announcement▲ GoodMajor
On January 8, 2018 the company signed a participation agreement with Delek GOM Investments (a Delek Group subsidiary) and GulfSlope to farm out its Gulf of Mexico leases. The initial wells are the Canoe and Tau prospects. In each phase Delek earns a 75% working interest by paying 90% of exploration well costs, the company keeps 5% while paying 2% of costs, and Delek pays the company $405,000 per exploration plan filed. Delek also gets an option to buy up to 5% of the company's stock per phase (20% maximum) at a 10% discount to the 30-day average price, expiring January 8, 2020. To pay a consultant, Hi-View Investment Partners, the company issued 20 million shares and will assign a 0.2% net profits interest; the shares come back if Delek hasn't paid the $405,000 within six months. Other issuances: 7,250,000 shares for $145,000 (Oct 2017), 650,000 shares for $13,000 (Jan 2018), and $400,000 of a promissory note converted into 15,000,000 shares. This moves the earlier 20% offshore interests toward drilling, but cuts the company's share of those prospects to 5% and adds dilution.
14 Nov 2017quarterly activities report▼ Bad
Texas South Energy, Inc. reported a quarterly net loss of $748 thousand for the period ended 2017-09-30.
9 Aug 2017quarterly activities report▼ Bad
Texas South Energy, Inc. reported a quarterly net loss of $748 thousand for the period ended 2017-09-30.
19 May 2017quarterly activities report▼ Bad
Texas South Energy, Inc. reported a quarterly net loss of $696 thousand for the period ended 2017-06-30.
16 May 2017late filing notice▼ Bad
Texas South Energy, Inc. notified the SEC that its quarterly report would be filed late.
31 Jan 2017director interest notice● Neutral
Michael J Mayell became a Texas South Energy, Inc. Chief Executive Officer and company insider (initial ownership filing).