Past year: ▲ 0%(0.00c – 0.01c USD)
Each one in plain English, with the numbers worked through for a shareholder.
8 Aug 2005auditor change● Neutral
Wentworth dismissed its auditor Hunter, Atkins & Russell, PLC effective April 15, 2005, and hired MacKay LLP. The filing says there were no disagreements and no reportable events. Hunter had not supplied the required confirmation letter to the SEC despite several requests when this was filed in August.
19 July 2005capital raising announcement● Neutral
Wentworth disclosed several share issues from May to July 2005: 17,857 shares for services and 30,000 as a bonus on a convertible note investment (both at $0.70), 50,000 to settle a debt at $0.25, and 896,000 in a private placement at $0.25. It also accepted a subscription from Kelburn Corporation for 120,000 units at $0.75, each with a share and a warrant to buy another share at $0.75 within two years. No commissions were paid. All of these add to the share count.
1 June 2005asset acquisition disposition● NeutralMajor
On June 1, 2005, Wentworth completed the share exchange it had announced in March, taking 86.76% of Wentworth Oil & Gas, Inc. (3,540,000 of 4,080,000 shares) and issuing 1,416,000 of its own shares. Director Gordon McDougall and Oil & Gas director Alan Sedgwick were among the exchanging holders, and McDougall abstained from the board vote. The remaining 540,000 Oil & Gas shares can still be exchanged. This resolves the March letter of intent, though the stake is not yet 100%.
15 Apr 2005material agreement● Neutral
Wentworth signed management agreements on April 2, 2005: C4 Capital Advisory will supply Gordon McDougall as President for $10,800 a month (cash or stock) plus at least 800,000 options a year, and Peter Henricsson will consult for $1,000 a month plus options, 25,000 shares if $500,000 is raised, and fees of 10% on equity and 5% on debt he raises. These are pay terms that could add share dilution; the filing sets no further effect.
31 Mar 2005material agreement● NeutralMajor
Wentworth bought an option to acquire KLE Mineral Holdings, LLC (Kentucky) for $50,000 at signing plus $10,000 a month until completion, and also signed an agreement to buy KLE outright for $12,250,000. Payment is 7,500,000 shares valued at $1.50 each plus $1,000,000 cash, with closing between June 1 and August 31, 2005 and two seller-designated seats on the board. Option payments reduce the cash portion. Shareholders would be diluted by the 7,500,000 new shares if it closes.
22 Mar 2005capital raising announcement● NeutralMajor
Now named Wentworth Energy, the company raised $31,000 by selling 1,550,000 shares at $0.02 each in a private placement, to be used as working capital. It also signed a letter of intent to buy Wentworth Oil & Gas, Inc. (a Nevada company) by issuing one Wentworth share for every 2.5 shares of that company, with a definitive agreement due by April 15, 2005. This marks the move toward an oil and gas business.
27 Sept 2002asset acquisition disposition● Neutral
Avondale Capital I Corp., a small Oklahoma shell company (later renamed Wentworth Energy), bought FHW, Inc., a finance and bank-lending consulting firm, effective September 16, 2002. The seller, Frank H. Ward, received Avondale shares and joined as Executive Vice President and a director; the filing says Avondale intends to continue the consulting services. This is the starting point of the company's history and has nothing to do with oil and gas yet.
