15 Nov 2011late filing notice▼ Bad
Trimerica Energy 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.
6 Oct 2011director interest notice● Neutral
Trimerica Energy Corp CEO/Chairman Reid Andrew Vincent bought 165,000 shares on the open market.
23 Sept 2011material agreement● NeutralMajor
On September 15, 2011 the company signed a definitive deal to buy all of Paradise Energy, Ltd. from its two shareholders, replacing the August letter of intent with new terms: 4,000,000 Treaty common shares plus $162,000 cash paid over three years at $4,500 a month. The sellers also get overriding royalties (11%, 6%, and now 2% above 20,000 barrels a day, up from 1%) and two board seats, versus one in the letter. Closing is set for September 30, 2011; the new shares dilute existing holders.
21 Sept 2011director interest notice● Neutral
Reid Andrew Vincent became a Trimerica Energy Corp CEO, Chairman and company insider (initial ownership filing).
21 Sept 2011director interest notice● Neutral
Trimerica Energy Corp CEO, Chairman Reid Andrew Vincent bought 608,850 shares on the open market.
31 Aug 2011material agreement● Neutral
On August 4, 2011 the company agreed to buy the Mack H. Wooldridge and Eula E. Wooldridge leases in Shackelford County, Texas, plus operating rights and some equipment, from Search Energy for $160,000. The first $10,000 has been paid and closing is due by November 30, 2011. This adds to the company's growing set of Texas leases.
30 Aug 2011material agreement● NeutralMajor
On August 11, 2011 the company signed a letter of intent to buy all shares of Paradise Energy, Ltd. for $120,000 of restricted Treaty stock (at the lesser of $0.04 a share or a 40% discount to the 30-day average price), plus overriding royalties of 11%, 6% and 1% on tiers of daily production. Paradise's shareholders would get a board seat and consult on Belize operations for a year, with closing due by October 31, 2011. This links to the existing Belize project; issuing shares would dilute current holders.
29 Aug 2011quarterly activities report▼ Bad
Trimerica Energy Corp reported quarterly revenue of $49 thousand and a net loss of $421 thousand for the period ended 2011-09-30.
25 Aug 2011quarterly activities report▼ Bad
Trimerica Energy Corp reported quarterly revenue of $49 thousand and a net loss of $421 thousand for the period ended 2011-09-30.
15 Aug 2011late filing notice▼ Bad
Trimerica Energy Corp notified the SEC that its quarterly report would be filed late.
27 May 2011material agreement● NeutralMajor
On May 19, 2011 the company agreed to buy eight more Texas oil and gas leases (1,347 acres) from Richard C. Houston, Jr. and Karico, LP for $700,000: $50,000 due May 31, 2011 and the rest on a one-year note with monthly payments of $55,644.86. The leases have 13 producing wells, 18 shut-in wells, 12 injection wells and 4 water supply wells. The press release says current output is about 20 barrels a day and the company holds 13 Texas leases on 1,787 acres, targets 900-1000 barrels a day by year end, and names Stephen York as President and COO; these are management projections, not results.
16 May 2011quarterly activities report▼ Bad
Trimerica Energy Corp reported quarterly revenue of $70 thousand and a net loss of $3.9 million for the period ended 2011-06-30.
21 Apr 2011material agreement● Neutral
On April 20, 2011 the company agreed to buy the Shotwell W.F. and Shotwell "C" leases and equipment from Adam Earnest for $170,000: $50,000 down and $120,000 at closing on May 25, 2011. The leases have two producing wells, one flowing well and one injection well. The press release gives current production of 4.18 barrels of oil per day and says the 138 acres have 30 or more undrilled well sites. This adds to the Texas leases bought in the C&C deal.
20 Apr 2011material agreement● Neutral
On April 15, 2011 the company agreed to buy a truck-mounted drilling rig, equipment and inventory from BMR Drilling, Inc. of Fort Worth, Texas for $180,000: $60,000 at closing and $120,000 over 60 days. The press release says the company will use the rig for its own drilling on its new Texas leases and for outside jobs.
5 Apr 2011material agreement● NeutralMajor
On March 31, 2011 the company bought all the assets of C&C Petroleum Management, LLC, which owns and operates 21 oil wells on 3 West Texas leases (over 160 acres), for $600,000. The price is $350,000 in cash and $250,000 in stock: 6,000,000 common shares valued at $70,000 and 36,000 preferred shares valued at $180,000, convertible at 3, 5 and 10 cents. Cash is paid $50,000 at closing, $50,000 by April 25, then $25,000 a month from May 25, 2011. Issuing shares dilutes existing holders. The press release says C&C's owner Stephen York joins as Vice President of Acquisitions and Operations, and mentions Treaty's Belize and Kansas assets.
5 Apr 2011financial restatement▼ BadMajor
This amendment revises the March 31 non-reliance notice. The company now says the right treatment is to increase interest expense by $100,000 and liabilities by the same amount plus accrued interest, not to raise the Belize property basis. It also says the buyers of the 20,000,000 shares were other investors, not Princess Petroleum's principals as first stated. The correction will go into the 2010 annual report.
31 Mar 2011financial restatement▼ BadMajor
On March 30, 2011 the board concluded the June 30 and September 30, 2010 quarterly reports should no longer be relied upon. The company had recorded its Belize joint venture with Princess Petroleum Limited at $100,000, shown as paid by a principal shareholder. It found that shareholder sold 20,000,000 shares and the company agreed to repay $100,000, plus a further $100,000 promissory note. It said it would raise the Belize basis to $200,000 and correct this in the 2010 annual report. A later amendment changes this treatment.
30 Mar 2011late filing notice▼ Bad
Trimerica Energy Corp notified the SEC that its annual report would be filed late.
18 Nov 2010quarterly activities report▼ Bad
Trimerica Energy Corp reported quarterly revenue of $2 thousand and a net loss of $483 thousand for the period ended 2010-09-30.
15 Nov 2010late filing notice▼ Bad
Trimerica Energy Corp notified the SEC that its quarterly report would be filed late.
16 Aug 2010quarterly activities report▼ Bad
Trimerica Energy Corp reported quarterly revenue of $2 thousand and a net loss of $483 thousand for the period ended 2010-09-30.
21 May 2010quarterly activities report▼ Bad
Trimerica Energy Corp reported quarterly revenue of $0 and a net loss of $115 thousand for the period ended 2010-06-30.
18 May 2010late filing notice▼ Bad
Trimerica Energy Corp notified the SEC that its quarterly report would be filed late.
31 Mar 2010late filing notice▼ Bad
Trimerica Energy Corp notified the SEC that its annual report would be filed late.
12 Jan 2010material agreement● NeutralMajor
On December 31, 2009 the Town Oil purchase was amended. The price stays $6,000,000 but Town Oil keeps a 5% overriding royalty interest. Treaty stock worth $900,000 goes into escrow, returned at closing or forfeited to Town Oil on default. From February 1, 2010 Town Oilfield Services is operator, and oil proceeds go into a joint account split 50-50, which Treaty intends to use to pay for the leases. The closing is pushed from December 31, 2009 to September 30, 2010 (extendable by Treaty to December 31, 2010). This shows the deal missed its original closing date, and the filing does not say the $3,000,000 cash or bank financing was obtained.
14 Oct 2009material agreement termination● NeutralMajor
On October 7, 2009 the company agreed to buy oil and gas leases from Town Oil Company, Inc. for $6,000,000: $3,000,000 cash at closing and the rest as a seller note at 3% interest, repaid by crediting 5% of the leases' production. Closing was due before December 31, 2009, and the company expects to obtain bank financing for the cash portion. The press release describes 54 leases in Kansas. The same filing ends the Vago #1 purchase from HighGround; the press release says it was rescinded because Treaty could not get the information needed for its financial statements. This reverses the July 2009 Vago deal. The press release also says the Baker and Taylor lease deals are delayed and the SAGO lease relationship is ending.
24 Sept 2009director interest notice● Neutral
Trimerica Energy Corp Chief Executive Officer Newton Randall bought 1,649,485 shares on the open market at $0.01.
4 Sept 2009director interest notice● Neutral
Trimerica Energy Corp Chief Executive Officer Newton Randall bought 4,221,519 shares on the open market at $0.02.
12 Aug 2009director interest notice● Neutral
Newton Randall became a Trimerica Energy Corp Chief Financial Officer and company insider (initial ownership filing).
4 Aug 2009material agreement● Neutral
On July 30, 2009 the company agreed to buy the Vago #1 oil and gas lease in Taylor County, Texas (212 acres, two productive well bores needing repairs) from HighGround of Texas, LLC for $175,000, paid in 7,000,000 new Treaty shares (implied $0.025 per share). Closing was set for August 10, 2009. Issuing the shares would dilute existing holders. The press release says the deal was first announced as a letter of intent on January 9, 2009.