27 Aug 2015quarterly activities report▼ Bad
VICTORY CLEAN ENERGY, INC. reported a quarterly net loss of $1.2 million for the period ended 2015-06-30.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
27 Aug 2015quarterly activities report▼ Bad
VICTORY CLEAN ENERGY, INC. reported a quarterly net loss of $1.2 million for the period ended 2015-06-30.
17 Aug 2015late filing notice▼ Bad
VICTORY CLEAN ENERGY, INC. notified the SEC that its quarterly report would be filed late.
22 July 2015debt financing▼ BadMajor
On July 16, 2015 Victory and Rogers amended the June settlement: the amount owed rose from $253,750 to $258,125, plus $22,500 of Rogers's attorney fees. Victory had not paid by the July 15 deadline, so it was in default and default interest of $129.0625 per day applies; no payments had been made as of the filing. The escrowed Lucas property rights and shares (now 44,069 shares after a Lucas reverse split) go back to Lucas if Victory has not paid in full by August 27, 2015. This continues the Rogers thread negatively, with the payment missed.
30 June 2015material agreement termination● NeutralMajor
On June 24, 2015 Victory settled the failed Lucas Energy deal with three agreements (Lucas, lender Louise H. Rogers, and Earthstone/Oak Valley). Victory keeps five Penn Virginia well-bores, gets Lucas's rights in a further property in the same field, and gets about 1.1 million Lucas shares in place of the $600,000 it had advanced (the filing says $600,000 was advanced, versus $250,000 drawn per earlier filings). The $250,000 contingent note to Rogers is cancelled in exchange for a $253,750 payment due by July 15, 2015, and the extra property and shares are held in escrow until Victory pays. Victory also assigns two Karnes County wells (per the press release, Boggs Unit No. 1H and 2H) to Earthstone/Oak Valley. This resolves the Lucas settlement and contingent-note threads.
15 May 2015material agreement▼ BadMajor
On May 11, 2015 Victory terminated its non-binding letter of intent to merge with Lucas Energy, and said it will lend Lucas no further money under the February 2015 loan agreement. The companies are negotiating a mutual settlement. This ends the proposed combination announced in February 2015; the filing does not say what happens to the $250,000 already lent, the pledged shares, or the contingent note to Lucas's lender, which stay open.
15 May 2015late filing notice▼ Bad
VICTORY CLEAN ENERGY, INC. notified the SEC that its quarterly report would be filed late.
20 Apr 2015business combination● Neutral
Victory filed a presentation it planned to give on April 20, 2015 at the IPAA OGIS Conference in New York, marked as merger-related soliciting material for the Lucas deal. The text provided contains no figures or new terms; the presentation itself is only an exhibit.
17 Apr 2015debt financing▼ BadMajor
On April 13, 2015 Texas Capital Bank cut Aurora's borrowing base from $800,000 to $500,000, leaving loans $300,000 above the limit, with a $10,000 monthly reduction starting June 1, 2015 and a 200 basis point interest rate increase while the shortfall exists. The filing attributes the drop in reserve value to lower commodity prices and the June 2014 sale of leasehold properties (the 'Lightnin' Assets') for about $4,000,000. Aurora says it intends to repay the $300,000 by May 13. This is the borrowing base redetermination flagged in earlier filings, and it came out negatively.
15 Apr 2015quarterly activities report▼ Bad
VICTORY CLEAN ENERGY, INC. reported a quarterly net loss of $1.5 million for the period ended 2015-03-31.
15 Apr 2015capital raising announcement● NeutralMajor
This amendment covers agreements signed February 26, 2015 (amended March 3) with Lucas Energy ahead of the proposed combination. Victory agreed to lend Lucas up to $2 million ($250,000 drawn February 26, 2015, secured by 1,100,655 pledged Lucas shares, maturing February 26, 2016). In return Lucas assigned rights to seven wells to a Aurora subsidiary, which keeps them even if the deal fails. Victory also gave Lucas's senior lender, Louise H. Rogers, a $250,000 contingent note at 18% interest, payable if the deal ends or the well funding requirements are not met. The amendment itself was filed to mark the filing as merger solicitation material and add required disclosures, and it says a registration statement and proxy will be filed.
2 Apr 2015quarterly activities report▼ Bad
VICTORY CLEAN ENERGY, INC. reported a quarterly net loss of $1.5 million for the period ended 2015-03-31.
9 Feb 2015business combination● NeutralMajor
On February 4, 2015 Victory announced a letter of intent for a proposed business combination with Lucas Energy, Inc. The filing gives no terms, price or share exchange details, only that a press release (not included in the text provided) was issued. This is a new, non-binding proposal and would change what shareholders own if completed.
14 Nov 2014late filing notice▼ Bad
VICTORY CLEAN ENERGY, INC. notified the SEC that its quarterly report would be filed late.
30 Sept 2014material agreement termination▼ BadMajor
On September 23, 2014 Aurora and TELA mutually terminated the Fairway purchase agreement, so the second closing (the ~$3.3 million balance) will not happen because of title impairment issues found in due diligence. Only the first closing stands: a 10% working interest and 7.5% net revenue interest in about 2,180 gross acres in Glasscock and Howard Counties, against the 4,530 acres first planned. No penalties or payments were due, and the press release says Aurora keeps a 10% interest in the Taree 193-1 well with no closing date set. This scales back the acquisition announced in July 2014.
28 Aug 2014quarterly activities report● Neutral
VICTORY CLEAN ENERGY, INC. reported a quarterly net income of $272 thousand for the period ended 2014-06-30.
20 Aug 2014quarterly activities report● Neutral
VICTORY CLEAN ENERGY, INC. reported a quarterly net income of $272 thousand for the period ended 2014-06-30.
19 Aug 2014quarterly activities report● Neutral
VICTORY CLEAN ENERGY, INC. reported a quarterly net income of $272 thousand for the period ended 2014-06-30.
13 Aug 2014late filing notice▼ Bad
VICTORY CLEAN ENERGY, INC. notified the SEC that its quarterly report would be filed late.
8 July 2014asset acquisition disposition▲ GoodMajor
On June 30, 2014 Aurora (50% Victory, 50% Navitus) agreed to buy a 10% interest in oil and gas assets of the Fairway Project in the Permian Basin from TELA Garwood Limited, LP for about $5.8 million. About $2.5 million was paid at the first closing on June 30 for a 10% working interest in the Darwin, BOA and Wagga Wagga leases and other leases; the remaining ~$3.3 million is due at a second closing planned for about July 31, 2014, subject to lease conveyances and customary conditions. The company's press release says the deal adds about 64 BOE per day and about 40 drilling locations. This is the first acquisition after the June 2014 Glasscock sale; the filing does not say how it is funded.
23 June 2014director interest notice● Neutral
Fred James Smith Jr. became a VICTORY CLEAN ENERGY, INC. Chief Financial Officer and company insider (initial ownership filing).
11 June 2014asset acquisition disposition▲ GoodMajor
On June 5, 2014 Aurora sold its leasehold interests in about 640 gross (128 net) mineral acres in Glasscock County, Texas to an unrelated buyer for about $4 million in cash gross to Aurora, under an agreement dated April 30, 2014. Aurora has customary post-closing indemnification obligations. The filing does not say how the proceeds will be used or what share goes to Victory.
15 May 2014quarterly activities report▼ Bad
VICTORY CLEAN ENERGY, INC. reported quarterly revenue of $195 thousand and a net loss of $435 thousand for the period ended 2014-03-31.
14 May 2014quarterly activities report▼ Bad
VICTORY CLEAN ENERGY, INC. reported quarterly revenue of $195 thousand and a net loss of $435 thousand for the period ended 2014-03-31.
31 Mar 2014late filing notice▼ Bad
VICTORY CLEAN ENERGY, INC. notified the SEC that its annual report would be filed late.
26 Feb 2014capital raising announcement● NeutralMajor
On February 20, 2014 Aurora (50% Victory, 50% Navitus) signed a revolving credit agreement with Texas Capital Bank for up to $25M, but the initial borrowing base is only $1.45M and $868,000 was drawn on February 22. It matures February 20, 2017, is secured on the oil and gas properties and the Aurora interests, and is guaranteed by Victory and Navitus. Navitus is raising $10M from private investors to put into Aurora in tranches (up to $15M under the partnership agreement), with a 10% preferred distribution for five years and one warrant on Victory stock per dollar invested. The filing also puts shares outstanding at about 27.56M held by about 1,430 holders, with 47.5M common shares authorized. This ends the company's debt-free position of March 2012, though the debt sits at Aurora with a Victory guarantee, and Navitus funding is described as being raised, not yet delivered.
3 Dec 2013auditor change● Neutral
This amendment repeats the November 2013 switch from Marcum back to Weaver and Tidwell and adds Marcum's letter dated December 2, 2013 as an exhibit. The text of the letter is not included here and no new facts are added.
26 Nov 2013auditor change▼ BadMajor
On November 20, 2013 Victory dismissed Marcum and re-engaged Weaver and Tidwell, the firm it had dismissed in August 2012. The filing says Marcum's reports on 2011 and 2012 carried a going-concern paragraph and there were no disagreements, and Marcum noted internal-control weaknesses. It gives no reason for the switch. This is the third auditor change in about 17 months.
12 Nov 2013late filing notice▼ Bad
VICTORY CLEAN ENERGY, INC. notified the SEC that its quarterly report would be filed late.
15 Aug 2013late filing notice▼ Bad
VICTORY CLEAN ENERGY, INC. notified the SEC that its quarterly report would be filed late.