26 Dec 2012director interest notice● Neutral
United American Petroleum Corp. COO, SECRETARY & DIRECTOR Hudson Ryan Charles disposed of 5,500,000 shares via option/appreciation-right settlement.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
14 Nov 2012quarterly activities report▼ Bad
United American Petroleum Corp. reported quarterly revenue of $214 thousand and a net loss of $137 thousand for the period ended 2012-09-30.
6 Sept 2012quarterly activities report▼ Bad
United American Petroleum Corp. reported quarterly revenue of $214 thousand and a net loss of $137 thousand for the period ended 2012-09-30.
14 Aug 2012quarterly activities report▼ Bad
United American Petroleum Corp. reported quarterly revenue of $214 thousand and a net loss of $137 thousand for the period ended 2012-09-30.
6 June 2012capital raising announcement● NeutralMajor
On June 4, 2012 the company borrowed another $215,000 under the October 2011 facility (10% note due October 14, 2014, with 215,000 warrants at $1.00), and the investor agreed to raise the facility's total size from $1.5M to $1.59M. Separately, on June 1, 2012 one foreign investor converted $590,000 of the early-2011 senior notes into 1,180,000 shares at $0.50, which removes that debt but adds shares for existing holders' dilution.
6 June 2012quarterly activities report▼ Bad
United American Petroleum Corp. reported quarterly revenue of $158 thousand and a net loss of $1.6 million for the period ended 2012-06-30.
21 May 2012quarterly activities report▼ Bad
United American Petroleum Corp. reported quarterly revenue of $158 thousand and a net loss of $1.6 million for the period ended 2012-06-30.
18 May 2012asset acquisition disposition● Neutral
This amendment says the McKenzie State Well No. 1 in Pecos County was not producing when the company bought it on November 30, 2011, and that its past production was minimal and inconsistent. The company therefore treats it as an asset purchase and withdraws its earlier promise to file financial statements. The terms ($550,000 cash plus 50,000 shares; $550,000 note due October 14, 2014) are unchanged. This resolves the open thread about the McKenzie financial statements.
17 May 2012business combination● Neutral
This second amendment to the report on the December 31, 2010 merger adds audited financial statements of 4 Phoenix Oil and Gas, LLC, the previous owner of the Lozano Tract, for Oct 19, 2009 to Dec 31, 2009 and Jan 1 to Oct 15, 2010. It was filed in response to SEC comments. The merger terms are repeated unchanged (United holders received 15,000,000 shares, 43,950,000 shares outstanding, $2.25M note facility, Negri's 2,550,000 shares cancelled, Carey/Hudson vesting terms). The visible text carries no new deal terms.
15 May 2012late filing notice▼ Bad
United American Petroleum Corp. notified the SEC that its quarterly report would be filed late.
30 Mar 2012late filing notice▼ Bad
United American Petroleum Corp. notified the SEC that its annual report would be filed late.
17 Jan 2012asset acquisition disposition● Neutral
This amendment adds financial statements for the Lozano Lease interest the company bought from Alamo on November 4, 2011. They show oil sales of $80,819 and direct operating expenses of $33,356 for the nine months to September 30, 2011 (unaudited), and oil sales of $146,904 and direct operating expenses of $42,732 for 2010 (audited by MaloneBailey). The deal terms are unchanged: the company now holds 100% of the Lozano Lease.
27 Dec 2011securities registration● Neutral
United American Petroleum Corp. filed notice of an exempt private placement.
5 Dec 2011asset acquisition disposition● NeutralMajor
On November 29, 2011 the company borrowed $550,000 more under its October 2011 facility (10% convertible note due October 14, 2014, with 550,000 warrants at $1.00). On November 30 it bought 100% of McKenzie Oil Corp.'s working interest in the McKenzie State Well No. 1 (about 186 acres, Pecos County, Texas) for $550,000 cash plus 50,000 shares. This adds a new Pecos County asset, apparently funded by the new borrowing (an inference from matching amounts and timing).
21 Nov 2011quarterly activities report▼ Bad
United American Petroleum Corp. reported quarterly revenue of $67 thousand and a net loss of $643 thousand for the period ended 2011-09-30.
14 Nov 2011late filing notice▼ Bad
United American Petroleum Corp. notified the SEC that its quarterly report would be filed late.
8 Nov 2011asset acquisition disposition▲ GoodMajor
On November 4, 2011 the company bought Alamo Energy Corp.'s 75% working interest in the Lozano Lease (Frio County, Texas) for $160,000, taking its stake from 25% to 100%. The lease has three producing wells, and the company gets sales from oil produced after October 1, 2011. This resolves the partial-ownership position held since the 2010 merger; audited financials for the acquisition were promised in an amendment.
18 Oct 2011capital raising announcement● NeutralMajor
On October 14, 2011 the company signed a new Note and Warrant Purchase Agreement with an investor for up to $1,500,000 in installments, with a $400,000 first installment received and 400,000 warrants issued. Notes convert at $0.50 and warrants are $1.00 for five years, and the company must register the underlying shares for resale within 180 days. This is a second financing facility separate from the December 2010 one; the filing does not say whether the investor is the same.
19 Aug 2011quarterly activities report▼ Bad
United American Petroleum Corp. reported quarterly revenue of $67 thousand and a net loss of $643 thousand for the period ended 2011-09-30.
15 Aug 2011late filing notice▼ Bad
United American Petroleum Corp. notified the SEC that its quarterly report would be filed late.
6 July 2011capital raising announcement● Neutral
On June 30, 2011 the company received another $115,000 under the December 2010 note facility, issuing a 10% senior secured convertible note due December 31, 2013 (convertible at $0.50) and 115,000 warrants at $1.00 expiring in five years. This is a further draw following the $75,000 received ten days earlier, adding to the convertible debt.
22 June 2011capital raising announcement● Neutral
On June 20, 2011 the company received a further $75,000 under its December 2010 note facility, issuing a 10% senior secured convertible note due December 31, 2013 (convertible at $0.50 per share) and 75,000 warrants at $1.00 expiring in five years. This is another draw on the existing facility, adding to the company's convertible debt.
23 May 2011quarterly activities report● Neutral
United American Petroleum Corp. reported quarterly revenue of $42 thousand and net income of $183 thousand for the period ended 2011-06-30.
16 May 2011late filing notice▼ Bad
United American Petroleum Corp. notified the SEC that its quarterly report would be filed late.
31 Mar 2011late filing notice▼ Bad
United American Petroleum Corp. notified the SEC that its annual report would be filed late.
25 Mar 2011business combination● Neutral
This amendment re-files the January 2011 report on the December 31, 2010 merger of Forgehouse into United American Petroleum Corp. to add United's audited financial statements and a pro forma balance sheet. The deal terms repeat what was already reported (15,000,000 shares issued for United's 10,000,000; 43,950,000 shares outstanding; up to $2,250,000 note facility with $620,000 first installment; 2,550,000 of Negri's shares cancelled; milestone vesting for Carey and Hudson). The filing says it reflects no events after the original report, and the text shown does not include the financial figures.
15 Feb 2011director interest notice● Neutral
Mighty Falcon LTD became a United American Petroleum Corp. 10%+ owner and company insider (initial ownership filing).
3 Feb 2011asset acquisition disposition▲ GoodMajor
On January 28, 2011 the company bought working interests in Texas wells from Patriot Minerals, LLC (Shackelford, Erath and Wilbarger counties) in exchange for a consulting agreement with Jamie Teahan at $5,000 a month. It also bought Gabriel Rosser, LP's 50.83% working interest in several wells for $10 plus about $85,000 of vendor expenses, and formed United Operating, LLC and UAP Management, LLC to run them. This expands the Texas asset base beyond the Marcee and Lozano interests.
24 Jan 2011capital raising announcement● Neutral
The company drew a further $150,000 on its December 2010 note facility on January 20, 2011, issuing a senior secured convertible note due December 31, 2013 at 10% interest, plus 150,000 warrants at $1.00 per share expiring in five years. This adds to the debt behind the facility.
13 Jan 2011substantial holder notice● Neutral
Christian Negri reported a United American Petroleum Corp. shareholding of 500,000 shares (1.14% of votes) in a periodic institutional filing.