3 Aug 2023securities registration● Neutral
TRULEUM, INC. amended a filing by which it registered a securities offering with the SEC.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
15 May 2023late filing notice▼ Bad
TRULEUM, INC. notified the SEC that its quarterly report would be filed late.
31 Mar 2023late filing notice▼ Bad
TRULEUM, INC. notified the SEC that its annual report would be filed late.
13 Mar 2023director interest notice● Neutral
Isaac Dietrich became a TRULEUM, INC. director and company insider (initial ownership filing).
22 Feb 2023director interest notice● Neutral
TRULEUM, INC. director Robert J. Flynn Jr. received 24,000 shares as part of the equity award.
16 Feb 2023material agreement● Neutral
On February 11, 2023 the company and majority shareholder AEI Acquisition Company amended the $1,500,000 revolving credit note dated June 1, 2021. Amounts owed can now be converted into shares at a fixed $1.50 per share, replacing AEI's right to convert at lower market-based rates. Nothing was outstanding at the time, and the line ends on the earlier of a firm commitment public offering or June 1, 2023, with amounts owed paid in full.
14 Feb 2023securities registration● Neutral
TRULEUM, INC. registered a securities offering with the SEC.
5 Jan 2023debt financing● NeutralMajor
On December 31, 2022 the company restructured the 7.25% notes held by 20 Shekels, Inc. (an affiliate of President Leaver; $906,754) and AEI Management (an affiliate of the majority shareholder; $413,206). The maturity moves to December 31, 2024, the collateral is narrowed to the 34-well-bore Logan 1 assets from Progressive, AEI Management becomes collateral agent, and the earlier investment agreements are terminated. Conversion stays at $5.00 per share. This continues the February 2022 note arrangement.
21 Nov 2022quarterly activities report▼ Bad
TRULEUM, INC. reported quarterly revenue of $139 thousand and a net loss of $434 thousand for the period ended 2022-09-30.
14 Nov 2022late filing notice▼ Bad
TRULEUM, INC. notified the SEC that its quarterly report would be filed late.
9 Nov 2022director interest notice● Neutral
Mark Allen Timm became a TRULEUM, INC. director and company insider (initial ownership filing).
16 Sept 2022securities registration● Neutral
TRULEUM, INC. amended a filing by which it filed notice of an exempt private placement.
29 Aug 2022director interest notice● Neutral
TRULEUM, INC. director Robert J. Flynn Jr. acquired 24,000 shares at $1.00 under a company stock plan.
25 Aug 2022securities registration● Neutral
TRULEUM, INC. filed notice of an exempt private placement.
25 Aug 2022securities registration● Neutral
TRULEUM, INC. filed notice of an exempt private placement.
23 Aug 2022capital raising announcement● NeutralMajor
The company disclosed that on February 25, 2022 it converted $906,750 owed to its President Jay Leaver and $413,206 owed to AEI Management into 7.25% Senior Secured Convertible Notes due February 24, 2024, convertible at $5.00 per share and secured by the Logan County assets bought from Progressive Well Service. It also reported closing the sale of 1,729,390 shares at $1.00 each on August 18, 2022 (plus 259,000 shares sold before 2022), which had previously been carried as a subscription liability. Insiders' debt is now secured on the Logan assets, and new shares have been issued.
18 Aug 2022quarterly activities report▼ Bad
TRULEUM, INC. reported quarterly revenue of $5 thousand and a net loss of $395 thousand for the period ended 2022-06-30.
15 Aug 2022late filing notice▼ Bad
TRULEUM, INC. notified the SEC that its quarterly report would be filed late.
29 July 2022quarterly activities report▼ Bad
TRULEUM, INC. reported quarterly revenue of $5 thousand and a net loss of $395 thousand for the period ended 2022-06-30.
6 July 2022material agreement termination▼ Bad
On July 5, 2022 the company used its right to terminate the Mercury Project purchase agreement signed May 26, 2022, without penalty. The filing gives no reason, so the planned 75% working interest in 28 well bores will not be acquired.
27 June 2022director interest notice● Neutral
Jay Leaver became a TRULEUM, INC. President and company insider (initial ownership filing).
10 June 2022substantial holder notice● Neutral
AEI Acquisition Company, LLC disclosed a new substantial TRULEUM, INC. shareholding (84.18% of votes).
31 May 2022material agreement▲ GoodMajor
On May 26, 2022 the company signed an agreement to buy a 75% working interest in 28 well bores (seven active) in the Mercury Project in Seminole County, Oklahoma, for $562,500 at closing plus 2% of net revenue. It could terminate until July 5, 2022 (or earlier if defects exceed 30% of the price), with closing expected by August 1, 2022. The filing shows a new Golden, Colorado address and is signed by Jay Leaver as President rather than John Lepin.
17 May 2022late filing notice▼ Bad
TRULEUM, INC. notified the SEC that its quarterly report would be filed late.
1 Apr 2022late filing notice▼ Bad
TRULEUM, INC. notified the SEC that its annual report would be filed late.
15 Mar 2022asset acquisition disposition▲ GoodMajor
On March 9, 2022 the company closed the Progressive Well Service purchase in Logan County, Oklahoma, and is entitled to production proceeds from January 1, 2022. The filing gives the count as 34 well bores in one place and 31 (five active) in another, and Progressive operates the properties for a one-month transition. The 3% net revenue payment on new wells, until Progressive receives $350,000, remains owed, and the company will file audited and pro forma financials within 71 days. This completes the deal signed in February 2022.
22 Feb 2022material agreement▲ GoodMajor
On February 17, 2022 the company signed the purchase agreement with Progressive Well Service that follows the 2020 Coral option, for leases of about 2,080 gross acres in Logan County, Oklahoma with 34 well bores, six active. It owes $490,000 more in cash after $110,000 already paid for the option and extensions, plus 3% of net revenue from new wells until Progressive has received $350,000. Closing was expected by February 28, 2022.
26 Jan 2022director interest notice● Neutral
Kelloff Oil & Gas, LLC became a TRULEUM, INC. company insider (initial ownership filing).
26 Jan 2022director interest notice● Neutral
TRULEUM, INC. insider Kelloff Oil & Gas, LLC acquired 45,000 shares at $1.00 under a company stock plan.
19 Jan 2022director interest notice● Neutral
TRULEUM, INC. CFO John F Lepin acquired 40,000 shares at $0.17 under a company stock plan.