14 Sept 2021listing compliance notice▼ BadMajor
West Texas Resources, Inc. 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 Oct 2015material agreement● NeutralMajor
On Sept 30, 2015 West Texas Resources acquired oil and gas leases covering up to about 37,702 gross mineral acres (up to 24,282 in Montana and 7,487 in North Dakota) from Kiowa Oil Company, which is controlled by controlling shareholder Gary Bryant. It will pay in shares at $0.50 each, with the number set by an independent valuation of the leases (value divided by $0.50), plus a 15% royalty, so existing shareholders face dilution of an amount not yet determined. This is a related-party deal.
10 Apr 2015asset acquisition disposition● NeutralMajor
West Texas Resources sold its remaining 4.0506% Port Hudson interest to Hi-Tech Exploration for $205,000 (less production payments after March 1, 2015) and its entire 10.0167% West Cam 225 interest to Hi-Tech for $130,500, for $335,500 in total. This ends the Port Hudson and West Cam 225 positions acquired in 2013. The company says it intends to use the cash to buy a working interest in an exploratory project and was in final negotiations, hoping to conclude by April 17, 2015.
24 Sept 2014asset acquisition disposition● Neutral
West Texas Resources bought a 10% working interest (7.5% net revenue interest) in a natural gas prospect in the Birnie field, Motley County, Texas, from Escopeta Oil and Gas for $70,000. It borrowed $50,000 from a third party (6%, due Nov 16, 2014, secured by the Birnie interest) with a warrant for 100,000 shares at $0.50 expiring Sept 16, 2019.
21 Apr 2014asset acquisition disposition● NeutralMajor
West Texas Resources sold 44.1% of its Port Hudson working interest to EnTek Partners for $290,000 (less production payments received after Jan 1, 2014), leaving it with a 4.0506% working interest. EnTek also agreed to provide $275,000 of non-recourse financing for a recompletion at West Cam 225 in return for 75% of that property's net profits until costs are recouped, then 50%. This partly reverses the Port Hudson stake bought in 2013.
29 Oct 2013asset acquisition disposition● Neutral
This amendment adds the financial statements for the Port Hudson interest bought in August 2013, as promised in the original filing. They show revenue less direct operating costs of $732,692 for the year to Sept 30, 2012 and $328,534 for the six months to March 31, 2013. It also explains that Gulfex Petroleum took 45% of the interests being acquired for $575,100, leaving the company with 55% for $702,900.
13 Sept 2013asset acquisition disposition● NeutralMajor
West Texas Resources closed its purchase of the 10.0167% working interest in West Cam 225, announced in the prior filing. It borrowed $230,000 on Sept 6, 2013 to help cover its share of expenses there: $130,000 from majority shareholder Gary Bryant (6%, due Dec 6, 2013, convertible at $0.50 a share) and $100,000 from a third party (6%, due Nov 5, 2013, with a warrant for 200,000 shares at $0.50). The earlier $417,762 Bryant loan was also made convertible at $0.50 a share, which could dilute shareholders if converted.
20 Aug 2013asset acquisition disposition● NeutralMajor
West Texas Resources bought a 7.24625% working interest in the Port Hudson field in Louisiana from Wells Fargo Energy Capital for $702,900, and paid for it partly with a $417,762 loan from majority shareholder Gary Bryant (8% interest, repaid over four years from Nov 1, 2013 at $10,198 a month, secured by the Port Hudson interest). It also agreed to buy a 10.0167% working interest in West Cam 225, offshore Louisiana, for $50,000.