Past year: ▼ 53%(15.5c – 77.0c USD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Dec 2009substantial holder notice● Neutral
Palo Alto Investors, Inc, Palo Alto Investors, LLC, William Leland Edwards, Anthony Joonkyoo Yun, MD, Palo Alto Small Cap Master Fund, L.P, Palo Alto Small Cap Fund, L.P, Micro Cap Partners, L.P, Palo Alto Global Energy Master Fund, L.P, Palo Alto Global Energy Fund, L.P reported a Triangle Petroleum Corp shareholding of 14,835,950 shares (21.22% of votes) in a periodic institutional filing.
24 Nov 2009substantial holder notice● Neutral
Palo Alto Investors, Inc, Palo Alto Investors, LLC, William Leland Edwards, Anthony Joonkyoo Yun, MD, Palo Alto Small Cap Master Fund, L.P, Palo Alto Small Cap Fund, L.P, Micro Cap Partners, L.P, Palo Alto Global Energy Master Fund, L.P, Palo Alto Global Energy Fund, L.P disclosed a new substantial Triangle Petroleum Corp shareholding (21.22% of votes).
20 Apr 2009material agreement▲ GoodMajor
On April 15, 2009 Triangle signed a 10-year production lease with the Province of Nova Scotia covering 474,625 gross acres (270,000 net per the press release) in the Windsor Block. To keep it, the company must drill seven wells by April 15, 2014 (two in the Kennetcook area by about March 2011), and undrilled or unevaluated areas can be surrendered. This follows the December 2008 approval in principle for a production lease and turns the earlier exploration agreement into longer-term tenure. The release also says the company is still looking for joint venture partners and that it and its partners have invested about $32 million in the block.
13 Feb 2009substantial holder notice● Neutral
Sprott Asset Management Inc reported a Triangle Petroleum Corp shareholding of 10,262,700 shares (14.50% of votes) in a periodic institutional filing.
19 Dec 2008material agreement termination▲ GoodMajor
On December 18, 2008 Triangle settled the $10,000,000 of Oppenheim/Centrum debentures (plus $2,204,792 interest) from December 2005. The conversion price was cut from $4.00 to $1.40, 2,500,000 shares were issued at $1.40 for $3,500,000 of debentures, and the holders will take $6,500,000 in cash in full settlement. The press release says this leaves the company debt free, subject to regulatory approval. It also says Triangle will not proceed with a flow-through share offering and will not drill a test well on the Beech Hill Block in New Brunswick, and now lists on the TSX Venture Exchange as TPE. This resolves the Oppenheim/Centrum debenture thread and the $4.00 versus $5.00 conversion price question.
24 Oct 2008substantial holder notice● Neutral
Resolute Performance Fund, Resolute Funds Limited reported no remaining Triangle Petroleum Corp shareholding in its periodic institutional filing.
29 July 2008securities registration● Neutral
Triangle Petroleum Corp amended an already-effective registration statement.
29 July 2008securities registration● Neutral
Triangle Petroleum Corp amended an already-effective registration statement.
23 July 2008securities registration● Neutral
Triangle Petroleum Corp filed the final prospectus for a registered offering.
27 June 2008securities registration● Neutral
Triangle Petroleum Corp registered a securities offering with the SEC.
10 June 2008substantial holder notice● Neutral
Sprott Asset Management Inc. disclosed a new substantial Triangle Petroleum Corp shareholding (14.10% of votes).
9 June 2008substantial holder notice● Neutral
Luxor Capital Partners, LP, LCG Select, LLC, Luxor Spectrum, LLC, Luxor Capital Partners Offshore, Ltd, LCG Select Offshore, Ltd, Luxor Spectrum Offshore, Ltd, Luxor Capital Group, LP, Luxor Management, LLC, LCG Holdings, LLC, Christian Leone reported a Triangle Petroleum Corp shareholding of 8,163,200 shares (11.80% of votes) in a periodic institutional filing.
4 June 2008capital raising announcement▲ GoodMajor
On June 3, 2008 Triangle sold 18,257,500 units at $1.40 (each one share plus half a warrant at $2.25 for two years) to 31 investors, raising $25,560,500 ($23.6 million net per the press release). The release says proceeds will repay $4 million of secured convertible debentures, fund part of the Maritimes Basin drilling program and add working capital. The company must have the resale registration effective within 150 days and list on the Toronto Stock Exchange by December 31, 2008, or pay penalty fees. The business is now described as focused on shale gas in Nova Scotia and New Brunswick (584,000 gross acres), where earlier filings had Arkansas and Barnett; the filing does not explain the change. Shares are priced well below the $2.00 paid in February 2007.
24 Apr 2008financial restatement▼ BadMajor
On April 21, 2008 Triangle and its new auditor KPMG agreed that the accounting when the Cornell-type 5% debentures were converted was wrong, so the 10-Q reports for the quarters ended April 30, July 31 and October 31, 2007 must be restated again. The restatements increase the losses: nine-month net loss goes from $13,468,080 to $15,270,143, with the adjustment being non-cash. Amended filings are expected by May 8, 2008. This is a second restatement on top of the January 2008 one.
12 Mar 2008auditor change● NeutralMajor
On March 11, 2008 Triangle dismissed Manning Elliott LLP as auditor and hired KPMG LLP, a decision by the Audit Committee to consolidate accounting and outside accounting functions in Calgary. The filing reports no disagreements with Manning Elliott, and notes both its 2006 and 2007 audit reports included a going-concern doubt paragraph. This follows the January 2008 restatement announcement, although the filing itself gives only the Calgary consolidation as the reason.
14 Feb 2008substantial holder notice● Neutral
Luxor Capital Partners, LP, LCG Select, LLC, Luxor Capital Partners Offshore, Ltd, LCG Select Offshore, Ltd, Luxor Capital Group, LP, Luxor Management, LLC, LCG Holdings, LLC, Christian Leone reported a Triangle Petroleum Corp shareholding of 2,550,100 shares (5.50% of votes) in a periodic institutional filing.
30 Jan 2008substantial holder notice● Neutral
Resolute Performance Fund, Resolute Funds Limited reported a Triangle Petroleum Corp shareholding of 9,300,000 shares (19.90% of votes) in a periodic institutional filing.
25 Jan 2008financial restatement▼ BadMajor
On January 22, 2008 Triangle decided its financial statements for the years ended January 31, 2006 and 2007 and several quarters through October 31, 2007 can no longer be relied on, after its auditor Manning Elliott flagged errors in how the convertible debentures (the 2005 and 2006 Rowlings, Cornell and Oppenheim/Centrum deals) were accounted for. The company says it should have recorded derivative liabilities for the conversion features and warrants; the unrecorded amount is undetermined, and these are described as non-cash charges or credits. Restated reports are expected by February 28, 2008.
26 Nov 2007substantial holder notice● Neutral
Resolute Performance Fund, Resolute Funds Limited reported a Triangle Petroleum Corp shareholding of 5,198,672 shares (13.80% of votes) in a periodic institutional filing.
15 Nov 2007substantial holder notice● Neutral
Resolute Performance Fund, Resolute Funds Limited disclosed a new substantial Triangle Petroleum Corp shareholding (7.70% of votes).
31 Aug 2007securities registration● Neutral
Triangle Petroleum Corp amended an already-effective registration statement.
24 July 2007securities registration● Neutral
Triangle Petroleum Corp amended an already-effective registration statement.
27 June 2007securities registration● Neutral
Triangle Petroleum Corp amended an already-effective registration statement.
22 June 2007substantial holder notice● Neutral
Luxor Capital Partners, LP, LCG Spectrum, LLC, Luxor Capital Partners Offshore, Ltd, Luxor Capital Group, LP, Luxor Management, LLC, LCG Holdings, LLC, Christian Leone disclosed a new substantial Triangle Petroleum Corp shareholding (5.10% of votes).
11 June 2007securities registration● Neutral
Triangle Petroleum Corp amended an already-effective registration statement.
24 May 2007securities registration● Neutral
Triangle Petroleum Corp amended an already-effective registration statement.
14 Mar 2007securities registration● Neutral
Triangle Petroleum Corp filed the final prospectus for a registered offering.
2 Mar 2007securities registration● Neutral
Triangle Petroleum Corp registered a small-business securities offering with the SEC.
27 Feb 2007capital raising announcement▲ GoodMajor
On February 26, 2007 Triangle sold 10,412,000 common shares at $2.00 each to 24 investors, raising $20,824,000 (about $19.3 million net per the press release), with no warrants attached. The money is to fund the 2007 spending program, mostly Fayetteville drilling in Conway County, Arkansas, continuing the Kerogen project from September 2006. Existing shareholders are diluted by the new shares. Triangle must file a resale registration within 30 days and have it effective within 120 days, or pay 1% of the amount invested per 30 days of delay, up to 10%; placement agents received a 6.5% cash fee.
What it means for a shareholder
10.4m new shares at $2.00 to raise about $20.8m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
7 Nov 2006material agreement● Neutral
On November 1, 2006 Triangle hired Parabolic, LLC for marketing and public relations through December 2006. The stated purpose is to broaden its shareholder base beyond mainly European holders, improve liquidity in its stock and raise awareness among investors. Triangle has an option to pay Parabolic $250,000 for a further five months of service, January 1 to May 31, 2007.
