15 Aug 2012late filing notice▼ Bad
TRI VALLEY CORP 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.
9 Aug 2012bankruptcy or receivership▼ BadMajor
Filed for Chapter 11 in Delaware on 7 August 2012 together with both operating subsidiaries and the TVC OPUS 1 drilling partnership, five days after drawing a final $294,000 of emergency credit from the Gamble trust. The filing itself was another event of default, making the full $7.2 million owed to the trust immediately payable. Ends a company that had drilled in Bakersfield since 1963; the trigger was a demand-loan structure and unresolved partner and SEC claims, not the oil price, which was around $90 a barrel that week.
14 June 2012listing compliance notice▼ BadMajor
TRI VALLEY CORP's securities were notified for removal from listing and registration on its exchange.
4 June 2012listing compliance notice▼ BadMajor
Chose to leave the exchange rather than fight: with an SEC inquiry into possible securities-law violations under way and the OPUS partner claims unresolved, the board judged a compliance plan impracticable and voted to delist from NYSE Amex, trading ending around 25 June. It also took a new $1.35 million line from the Gamble trust, drawable only at the trust's discretion, and hired restructuring advisers FTI Consulting. The first public disclosure of the SEC inquiry, and the point at which insolvency became the working assumption.
17 May 2012quarterly activities report▼ Bad
TRI VALLEY CORP reported quarterly revenue of $863 thousand and a net loss of $1.5 million for the period ended 2012-03-31.
15 May 2012late filing notice▼ Bad
TRI VALLEY CORP notified the SEC that its quarterly report would be filed late.
10 May 2012securities registration● Neutral
TRI VALLEY CORP filed notice of an exempt private placement.
7 May 2012debt default or forbearance▼ BadMajor
Papered the April loan as a second secured note with a warrant struck at $0.10, and in the same filing admitted it was already in default on the March note for missing one month's interest and for being unable to pay its debts as they fell due. The Gamble trust, owed $4.98 million, reserved every remedy including immediate acceleration; a separate newsletter went to the OPUS drilling partners about settling their claims.
2 May 2012listing compliance notice▼ BadMajor
NYSE Amex issued a third deficiency notice and, for the first time, cited not just the $6 million equity shortfall but the rule covering losses so large relative to resources that the exchange doubts a company can continue. Equity was $4.4 million; the objection had moved from a number to the viability of the business.
23 Apr 2012quarterly activities report▼ Bad
TRI VALLEY CORP reported quarterly revenue of $863 thousand and a net loss of $1.5 million for the period ended 2012-03-31.
9 Apr 2012debt financing▼ BadMajor
Borrowed another $1.5 million from the Gamble trust at 14% on the same collateral, and spent all of it settling the Hansen lawsuit in Ventura County. New money was no longer buying wells, it was paying off litigation.
5 Apr 2012securities registration● Neutral
TRI VALLEY CORP filed notice of an exempt private placement.
5 Apr 2012debt financing▼ BadMajor
Converted the chairman's three demand loans into a $3.3 million senior secured note due April 2013, plus a warrant over 3 million shares at $0.19 and, permanently, 2% of the oil revenue from Claflin and 1% from every other lease. Gamble had by then stepped down as chairman in November 2011, so the company's largest creditor was no longer even at the board table, and it had signed away a slice of its best asset's revenue for good.
2 Apr 2012late filing notice▼ Bad
TRI VALLEY CORP notified the SEC that its annual report would be filed late.
18 Nov 2011quarterly activities report▼ Bad
TRI VALLEY CORP reported quarterly revenue of $685 thousand and a net loss of $2.7 million for the period ended 2011-09-30.
17 Nov 2011quarterly activities report▼ Bad
TRI VALLEY CORP reported quarterly revenue of $685 thousand and a net loss of $2.7 million for the period ended 2011-09-30.
17 Nov 2011quarterly activities report▼ Bad
TRI VALLEY CORP reported quarterly revenue of $685 thousand and a net loss of $2.7 million for the period ended 2011-09-30.
17 Nov 2011debt financing▼ BadMajor
Gamble lent a further $2 million through his family trust at 14%, on condition all $3.15 million be rolled into a secured senior note backed by pledges of both operating subsidiaries, a lien over Claflin and royalty rights on top. An unsecured board member had become a secured creditor with a claim on the company's core asset; the Oxnard leases were deliberately kept out of the collateral.
17 Nov 2011quarterly activities report▼ Bad
TRI VALLEY CORP reported quarterly revenue of $685 thousand and a net loss of $2.7 million for the period ended 2011-09-30.
17 Nov 2011quarterly activities report▼ Bad
TRI VALLEY CORP reported quarterly revenue of $685 thousand and a net loss of $2.7 million for the period ended 2011-09-30.
14 Nov 2011late filing notice▼ Bad
TRI VALLEY CORP notified the SEC that its quarterly report would be filed late.
27 Oct 2011securities registration● Neutral
TRI VALLEY CORP amended an already-effective registration statement.
24 Oct 2011financial restatement▼ BadMajor
Second restatement in seven years, this time voiding the 2010 annual accounts and four quarters. The April 2010 offering had been valued $6.5 million too high, its reset warrants should have been carried as liabilities costing another $1.8 million of losses, and $1.7 million of steam generators taken from the TVC OPUS 1 drilling partnership had never been recorded, inflating what partners appeared to owe. The last item is the accounting trace of the partner dispute that helps force the company into bankruptcy.
19 Oct 2011securities registration● Neutral
TRI VALLEY CORP filed the final prospectus for a registered offering.
19 Oct 2011debt financing▼ BadMajor
Chairman G. Thomas Gamble lent the company $150,000 in August and $1 million in October, both repayable the moment he asked and the second at 14% interest. Two at-the-market programmes and a $5 million placement earlier in the year had not been enough; working capital now came from the boardroom on demand terms.
24 Aug 2011securities registration● Neutral
TRI VALLEY CORP filed the final prospectus for a registered offering.
19 Aug 2011securities registration● Neutral
TRI VALLEY CORP filed the final prospectus for a registered offering.
19 Aug 2011quarterly activities report▼ Bad
TRI VALLEY CORP reported quarterly revenue of $503 thousand and a net loss of $2.6 million for the period ended 2011-06-30.
15 Aug 2011late filing notice▼ Bad
TRI VALLEY CORP notified the SEC that its quarterly report would be filed late.
20 July 2011securities registration● Neutral
TRI VALLEY CORP filed the final prospectus for a registered offering.