7 Jan 2022listing compliance notice▼ BadMajor
WEST CANYON ENERGY CORP. suspended its duty to file periodic reports with the SEC.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
6 Dec 2010asset acquisition disposition● NeutralMajor
On December 1, 2010 the company completed the sale of its subsidiary PetroSouth Energy Corp. BVI, including the Talora block interest but excluding Buenavista, to Petrodorado Energy for $1.5 million, all advanced when the October 27, 2010 letter agreement was signed. This disposes of the assets acquired in the October 2007 BVI deal. The filing also says the Carbonera sale to Delavco closed October 2, 2009 for $750,000. After the sales the pro forma balance sheet shows the company still holding Unproved Interest of $2,243,680 and 21,206,667 shares outstanding at September 30, 2010 (a much lower count than before, consistent with a split).
25 Sept 2009capital raising announcement▲ GoodMajor
On September 22, 2009 the company agreed to sell its 6% Carbonera interest, bought in October 2007 for US$420,000, to Delavco Energy Colombia for $750,000, subject to conditions; its CFO Pimienta is also a consultant to Delavco. It also issued Stealth Energy Ventures a $1,050,000 promissory note at 9% to settle a $1,956,250 debt, repayable $450,000 on the Carbonera sale (by November 1, 2009) and $600,000 on a Buenavista sale (by May 31, 2010). This settles part of the Stealth debt for less than owed. The Buenavista sale agreed in September 2008 is still described as a future disposition, so it appears not to have closed (inference).
3 Apr 2009capital raising announcement● Neutral
Effective March 23, 2009 the company replaced the 500,000 shares issued to Felipe Pimienta Barrios on January 29, 2009 with 100,000 shares, saying the original were meant to be post-split shares and have been cancelled. This reduces his award and implies a share split took place; the filing gives no split ratio.
30 Jan 2009material agreement● Neutral
On January 29, 2009 the company signed an employment agreement with CFO and director Felipe Pimienta Barrios at $4,000 a month for twelve months from December 1, 2008, and issued him 500,000 shares. It also extended its Summit Consulting agreement (Shane Reeves's) to December 31, 2009. This adds share issuance and ongoing management costs.
19 Sept 2008material agreement▲ GoodMajor
Effective September 16, 2008 the company agreed to sell its 16% Buenavista interest in Colombia to Delavaco Energy for $4,000,000, of which $200,000 has been paid. The remaining $3,800,000 is due 30 days after a Delavaco liquidity event or by December 31, 2008, whichever is earlier, and the interest reverts to the company if it is not paid. Closing is subject to conditions the company says may not be met.
29 July 2008capital raising announcement● NeutralMajor
Effective July 2, 2008 the company signed a consulting agreement with Summit Consulting Limited for Shane Reeves to serve as president and director, at $8,000 a month plus 500,000 shares on signing and 500,000 on each annual renewal. 500,000 shares were approved for Reeves on July 22, 2008. Reeves signs the filings from here on in place of Fred Zaziski (inference: he has replaced Zaziski as president; the filing does not mention Zaziski).
30 June 2008capital raising announcement▼ Bad
On June 23, 2008 the company approved issuing 1,500,000 shares to directors, officers and staff for services instead of cash. This adds shares to the count without bringing in cash.
26 June 2008asset acquisition disposition● Neutral
On June 16, 2008 the company assigned its farmout agreement with Transco Oil & Gas and the 25% interest in the North Semitropic Prospect in Kern County, California to Cobra Oil & Gas for $34,000. This ends the California prospect it took on in February 2008; the filing does not say whether a test well was drilled. (The 25% figure differs from the farmout terms in the earlier context, and the filing does not explain why.)
9 June 2008capital raising announcement● Neutral
On June 2, 2008 the company entered into a $350,000 convertible note with Stealth Energy Ventures AG, due June 2, 2010 at 9% interest paid semi-annually, convertible at the 10-day average closing price and repayable early without penalty. This is another Stealth note, continuing the pattern of funding through debt from the same lender and adding to possible dilution.
2 May 2008capital raising announcement● NeutralMajor
On April 30, 2008 the company entered into a $750,000 convertible note with Stealth Energy Ventures AG, dated for reference February 5, 2008, due February 5, 2010 at 9% interest paid semi-annually. Stealth can convert it into shares at the 10-day average closing price, and the company can repay it at any time without penalty. This is a third Stealth note after the $500,000 and $300,000 notes, adding to possible dilution; the filing does not say whether it is secured.
3 Apr 2008capital raising announcement● Neutral
On March 27, 2008 the company issued a second convertible note to Stealth Energy Ventures AG, for $300,000, due March 10, 2010 at 9% interest paid semi-annually. It is convertible at the 10-day average closing price before conversion. This adds to Stealth's January $500,000 note, though this filing does not say the new note is secured.
12 Feb 2008material agreement● NeutralMajor
On February 1, 2008 the company signed a farmout with Transco Oil & Gas for about 3,290 acres in Kern County, California (North Semitropic Prospect). It pays 100% of the first test well's costs to earn a 100% working interest in that well, which becomes 85% after Transco keeps a 15% back-in and a 6% overriding royalty; Transco delivers a 77% net revenue interest. This adds a California prospect to its Colombian holdings.
4 Feb 2008capital raising announcement● NeutralMajor
On January 24, 2008 the company issued a $500,000 convertible note to Stealth Energy Ventures AG, due February 17, 2010 with 9% interest paid semi-annually. Stealth can convert it into shares at the average closing price over the 10 trading days before conversion, and the note is secured against all the company's assets. This is the first debt financing in the record, after earlier share placements.
17 Dec 2007asset acquisition disposition● Neutral
This is an amended version of the October 3, 2007 report on the BVI acquisition. The visible text repeats the same deal terms (28,266,666 shares and warrants issued, 99,533,333 shares outstanding, Talora and Buenavista stakes), and the part that may show what changed was cut off, so no new substance can be identified.
30 Nov 2007capital raising announcement● Neutral
On November 28, 2007 the company closed a private placement of 500,000 units at US$1.00, raising $500,000, with warrants at US$1.50 until November 28, 2010. It follows the same terms as the October 11 placement.
What it means for a shareholder
500,000 new shares at US$1.00 to raise about US$500,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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29 Oct 2007material agreement▲ GoodMajor
The company bought a 6% interest in the Carbonera Contract, a 64,000-acre concession in northern Colombia, for US$420,000 plus other consideration from Omega Energy Colombia, which is already its partner on other Colombian concessions. The filing says the concession currently produces gas (4.0 MMCF/day) and condensate (60 BBL/day) and is operated by Well Logging Ltda, which makes it a producing interest beside the earlier exploration-stage blocks.
26 Oct 2007auditor change● Neutral
The company replaced its auditor, Madsen and Associates, with Weaver and Tidwell LLP, saying it wanted a firm with oil and gas accounting expertise after shifting from mineral to oil and gas exploration following the BVI acquisition. The filing says there were no disagreements, though Madsen's earlier reports included going-concern doubt.
16 Oct 2007capital raising announcement● Neutral
On October 11, 2007 the company closed a private placement of 500,000 units at US$1.00, raising $500,000, with warrants at US$1.50 until October 11, 2010. This is its first raise after the BVI acquisition and adds more shares and warrants.
3 Oct 2007asset acquisition disposition● NeutralMajor
On October 2, 2007 the company, which describes itself as a former shell, acquired all of private British Virgin Islands company PetroSouth Energy Corp. BVI by issuing 28,266,666 shares and 28,266,666 warrants (US$1.25) to its shareholders' nominee, Johann Roland Vetter. That gives the sellers about 29% of the company (about 45% if the warrants are exercised), with 99,533,333 shares outstanding. The deal brings a 20% stake in Colombia's Talora Block and a 16% stake in the Buenavista Block, which the filing describes as early-stage exploration with going-concern doubt noted in its risk factors.
21 Sept 2007capital raising announcement● Neutral
The company reported closing, on September 21, 2007, a placement of 266,667 units at US$0.75 for $200,000, with warrants at US$1.25 until September 21, 2010. The filing says the money was received on May 31, 2007, so this appears to be a separate placement from the $200,000 May 1 one (inference: the unit count and price match the May 1 placement, so it may be a related or repeated raise).
What it means for a shareholder
266,667 new shares at US$0.750 to raise about US$200,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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29 Aug 2007capital raising announcement● Neutral
On August 27, 2007 the company closed a private placement of 1,500,000 units at US$1.00, raising $1,500,000. Each unit has one share and one warrant at US$1.50 until August 27, 2010; the unit price is higher than the US$0.75 in the earlier placements.
What it means for a shareholder
1.5m new shares at US$1.00 to raise about US$1.5m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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2 July 2007capital raising announcement● Neutral
On June 25, 2007 the company closed another private placement of 1,333,333 units at US$0.75, raising $1,000,000. Each unit carries one share and one warrant exercisable at US$1.25 until June 25, 2010, adding to the share count and potential dilution.
What it means for a shareholder
1.3m new shares at US$0.750 to raise about US$1.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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3 May 2007capital raising announcement● Neutral
The company, now filing as PetroSouth Energy Corp. (formerly Mobridge Explorations Inc.), closed a private placement on May 1, 2007 of 266,667 units at US$0.75 each, raising $200,000. Each unit is one share plus a warrant to buy one share at US$1.25 until May 1, 2010, so existing shareholders are diluted by the new shares and potentially by the warrants.
What it means for a shareholder
266,667 new shares at US$0.750 to raise about US$200,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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