Past year: ▼ 73%(17.0c – 64.0c CAD)
Each one in plain English, with the numbers worked through for a shareholder.
4 Mar 2016asset acquisition disposition● Neutral
After Chairman Mitchell sold his own stake in Viking Services to a third party, his affiliate Dalea Investment Group set up a new entity, PSIL, to take over the equipment and oilfield-services relationship with the company on similar terms - the insider-linked services chain simply changed hands rather than ending.
6 Jan 2016capital raising announcement▼ BadMajor
Borrowed against a new $5 million convertible note from ANBE Holdings - an entity owned by Chairman Mitchell's children - at 13% interest, deepening the company's reliance on the Mitchell family for financing as public capital markets stayed shut to it.
16 Nov 2015production update▼ BadMajor
Launched a process to sell its Albania assets and operations - barely a year after acquiring them in the Stream deal - as it looked to raise cash amid the prolonged oil price downturn.
14 Aug 2015capital raising announcement▼ Bad
Issued a second round of warrants to Mitchell for extending the same Gundem resort pledge, at a lower exercise price reflecting the falling share price.
27 Apr 2015capital raising announcement▼ Bad
Issued warrants to Chairman Mitchell personally as compensation for pledging his stake in a Turkish resort (through Gundem Turizm) to secure an extension on one of the company's Turkish bank facilities - the company was now leaning on the chairman's personal real estate to keep its financing in place.
25 Feb 2015capital raising announcement▼ Bad
Completed the note offering at $55.0 million total and exchanged the notes for registered Exchange Notes under a formal indenture - closing out an expensive financing round taken right as the oil price crash was deepening.
10 Feb 2015capital raising announcement▼ Bad
Sold a further $1 million of the notes, bringing the total to $49.7 million, as the fundraising continued in smaller tranches.
14 Jan 2015capital raising announcement▼ Bad
Sold another $1.3 million of the 13% convertible notes, bringing the total raised to $48.7 million.
5 Jan 2015capital raising announcement▼ BadMajor
Raised $37.7 million (with another $9.7 million pending) through a private placement of 13% convertible notes maturing 2017 - expensive debt reflecting how much harder financing had gotten as oil prices collapsed through late 2014.
19 Nov 2014asset acquisition disposition▲ GoodMajor
Closed the Stream Oil & Gas acquisition, gaining three onshore oil fields and a natural gas concession in Albania covering about 75,000 net acres - though Viking International, still linked to Chairman Mitchell, already held a services relationship and a promissory note with Stream.
8 Sept 2014business combination● Neutral
Detailed the Stream Oil & Gas deal terms: up to $41.2 million in newly issued shares (0.04812 shares per Stream share, plus a contingent 0.00845 more if certain Albanian license amendments came through), structured as an arm's-length Canadian plan of arrangement.
3 Sept 2014business combination▲ GoodMajor
Announced an agreement to acquire Calgary-listed Stream Oil & Gas Ltd., adding Albania oil and gas assets to its Turkey-centered portfolio.
28 Mar 2014material agreement● Neutral
Signed an equipment-yard services agreement with Viking International (now roughly half-owned by Chairman Mitchell's family) for yards in Turkey, continuing to route oilfield logistics through insider-linked entities even after the 2012 divestment.
10 July 2013material agreement▼ Bad
Issued $2.5 million of shares to Direct Petroleum Exploration as partial liquidated damages for missing a drilling deadline on the Deventci-R2 well in Bulgaria, and reset the deadline to May 2014 with a further $2.5 million penalty if missed again.
23 May 2013listing compliance notice▼ Bad
Received a third NYSE MKT late-filing deficiency notice in seven months, this time for its Q1 2013 10-Q - a persistent reporting-timeliness problem heading into mid-2013.
14 May 2013material agreement● Neutral
Signed a smaller replacement office lease with Longfellow Energy (still a Mitchell family company), continuing the related-party leasing arrangement.
5 Apr 2013listing compliance notice▼ Bad
Received a second NYSE MKT deficiency notice, this time for a late 2012 annual report - reporting delays were becoming a pattern.
21 Nov 2012listing compliance notice▼ Bad
Received a NYSE MKT deficiency notice for failing to file its Q3 2012 10-Q on time, with until February 2013 to regain compliance - the first sign of reporting delays that would recur through 2013.
19 June 2012asset acquisition disposition● NeutralMajor
Closed the sale of its Viking oilfield-services business to the Dalea/Abraaj joint venture, and immediately signed ongoing master services agreements to keep buying drilling, stimulation and other oilfield services from the newly independent (but still insider-linked) Viking companies.
26 Apr 2012material agreement● Neutral
Signed a new services agreement with Viking Petrol Sahasi Hizmetleri, a company 97% owned by Chairman Mitchell, his children and son-in-law - yet another related-party administrative-services contract.
20 Mar 2012material agreement● NeutralMajor
Signed the definitive agreement to sell Viking to Dalea for $164 million ($152.5 million cash plus an $11.5 million note from Dalea, guaranteed by Mr. Mitchell personally); the deal was negotiated and approved by a special committee of independent directors given the obvious conflict of interest, with Dalea expected to bring in Abraaj as a partner before closing.
28 Feb 2012material agreement● NeutralMajor
Agreed, in a non-binding letter of intent, to sell its entire oilfield-services business (Viking International and Viking Geophysical) to a new entity jointly owned by Dalea Partners (Chairman Mitchell's company) and private-equity firm Abraaj Investment for $164 million - a major related-party divestment that would hand a profitable unit to the chairman's own venture.
24 Feb 2012auditor change● Neutral
Switched its audit engagement from KPMG's Canadian practice to KPMG's US practice for fiscal 2012, without any reported disagreements over its books.
14 Nov 2011material agreement● Neutral
Extended repayment of its Dalea Partners credit line to March 2012 or the closing of a planned sale of its Viking oilfield-services subsidiaries, whichever came first - tying the insider loan's repayment to a divestment not yet publicly announced.
20 Sept 2011material agreement● Neutral
Got another short compliance-deadline extension on its Standard Bank facility, this time for Turkish regulatory approvals needed by its Amity and Petrogas subsidiaries.
25 Aug 2011material agreement● Neutral
Leased new Addison, Texas office space from Longfellow Energy - a company indirectly owned by Chairman Mitchell's family - adding another related-party contract to its books.
11 Aug 2011material agreement▲ Good
Increased its Standard Bank credit facility borrowing base to $95 million as Amity Oil formally joined as a borrower, reflecting the larger reserve base from 2010's acquisitions.
10 June 2011asset acquisition disposition▲ GoodMajor
Closed its direct purchase of Thrace Basin Natural Gas Turkiye from Mustafa Mehmet Corporation, paying an extra $10 million cash on top of the shares already committed for an additional 6.5% interest in production and acreage - ending the year-long TBNG/PTI saga with TransAtlantic itself as owner rather than Valeura Energy.
19 May 2011listing compliance notice▲ GoodMajor
Replaced its original three-year Standard Bank/BNP Paribas facility with a new five-year amended and restated credit facility, using part of the proceeds to repay the $30 million bridge loan taken out for the Amity/Petrogas purchase.
3 May 2011material agreement● Neutral
Extended the Valeura Energy talks over the PTI stake once more, to May 11, 2011, even as it moved ahead separately on directly acquiring TBNG.
