Past year: ▼ 69%(0.40c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Oct 2009annual report● Neutral
Annual report (text truncated, no financials visible). The chairman calls it a very tough year, notes the former MD's departure and a reorganised board, and cites four successful Park City oil wells, new capital raised and PEL 105 as priorities. Park City has room for about 60 more wells.
1 Sept 2009drilling result▲ GoodMajor
Fourth Park City well, Harlin Tarter #1, tests above 29 bopd, lifting cumulative flow to over 82 barrels per day. All four wells in the first completion program succeeded. A phase two drilling plan is being prepared during September, and 22 barrels were sold to the refinery on 26 August.
24 Aug 2009drilling progress report▲ Good
Park City oil flow to storage passes 53 barrels per day, with Tarter #2 testing above 32 bopd on pump. Fourth well due this week. Refinery confirms pick-up of stored oil on 26 August; August sales are paid in September. Gas plant hoped available early September.
19 Aug 2009drilling progress report▲ Good
Park City four-well completion program is ahead of schedule: three wells confirmed as oil producers, with Spillman #1 and #2 together flowing 17-22 barrels of oil per day. The fourth well is due in August. First oil pickup is set for 26 August.
13 Aug 2009drilling progress report▲ Good
Second Park City oil well, Spillman #2, completed with oil present, but no flow rate yet. Third well, Tarter, is under way. The company says wells cost under US$50,000 to complete, though these are management economics claims.
11 Aug 2009well test result▲ GoodMajor
First Park City oil well, Spillman #1, tested at 12 barrels of oil per day, and 15 of 17 drilled wells appear to have oil zones. Strategy shifts from gas to oil. Austin now holds 100% WI and 78.125% NRI (up from 56.25%). First oil sales are expected in August.
5 Aug 2009director officer appointment▼ BadMajor
Managing Director David Schuette leaves the company with immediate effect and no longer runs the US subsidiary. New director Guy Goudy becomes president of Aus-Tex, and Kenny Hill stays as VP. The focus is now Park City.
31 July 2009quarterly activities report● Neutral
June quarter report: no operations during the quarter and no product receipts. It restates the July RET settlement, with 100% WI in Park City, and the 4c placement, with $320,000 received on application. It also notes two new directors, and PEL 105 drilling possibly in the second half of 2009.
30 July 2009director officer appointment● Neutral
William Kefalianos, an accountant and tax specialist and principal of MMI Financial Partners, is appointed a director to add financial skills to the board.
14 July 2009material agreement▲ GoodMajor
Park City litigation with RET is settled on confidential terms. Austin's subsidiary takes operatorship of the 17 wells and 100% WI (87.5% NRI before Newtak and California Service interests) from 1 July 2009. It also places 16m shares at 4c to raise $640,000.
13 July 2009director officer appointment● Neutral
Guy Goudy, who has three years in financial services as an authorised representative with a stockbroking firm, joins the board as a director.
8 May 2009regulatory community update● Neutral
Park City lawsuit against RET moves to a jury trial set for mid-2010; Austin seeks at least US$4m in damages. Its March injunction bid to open RET's financial records was denied, though the records stay in discovery. This differs from the earlier hope of resolution by end of May.
24 Apr 2009quarterly activities report▼ Bad
March quarter report: no significant operational changes. Talks continue with private US investors about buying producing oil properties, with nothing signed. Cash fell to $560,046 at quarter end from $838,800, after $197,024 raised from shares in the quarter.
16 Mar 2009half year report● Neutral
Half-year report to 31 December 2008 (text partly garbled and truncated, no financials visible). Park City: RET's dismissal motion was denied in early February 2009; the company hopes for resolution by end of May. St Gabriel work is suspended; PEL 105 first well planned for 2009.
11 Feb 2009director officer appointment● NeutralMajor
Chairman Paul Teisseire, a director since May 2006 and chairman since October 2007, retires to spend time on other business and family interests. Director Dominic Pellicano, an accountant, becomes chairman immediately.
30 Jan 2009quarterly activities report▼ Bad
December quarter report: the MD says falling energy prices have hurt the Park City value and the share price. The company has no institutional debt, is cutting non-essential spending, and is exploring funds to buy producing US oil and gas properties. Polecat Creek output is held back until gas reaches $7-8/mcf.
20 Nov 2008drilling scheduled▲ GoodMajor
Austin adds a 160-acre Giddings Field lease with three producing wells. Spudding of the ODC #4 re-completion and deepening to the Georgetown formation is expected within days, run by Bruington Operating. Austin holds 70% WI (43.75% NRI) in the Georgetown; Newtak and California Services take 30%.
20 Nov 2008agm notice● Neutral
AGM presentation: the court case and 90-day Park City plan should be resolved by end of January. Management flags a tight cash flow, salary reviews, and possible sale of St Gabriel and other higher-risk leases. Polecat Creek is now at 125 mcf/day and about 5 barrels of oil/day. Repeats known facts.
20 Nov 2008agm notice● Neutral
Chairman's AGM address: reviews the shift to lower-risk development, the Park City and Moses Austin acquisitions, the $1 million US investor and a commitment to lower operating expenses. It acknowledges operator issues at Park City. Nothing new.
11 Nov 2008regulatory community update● Neutral
The court sets a 19 November hearing on Austin's injunction motion against Park City operator RET, which must respond by 13 November. The judge will decide whether to rule on the filings or hear further evidence. No ruling yet.
5 Nov 2008capital raising announcement● NeutralMajor
A private Houston-based investor takes a AU$1 million placement of 5 million shares at A$0.20, well below the $0.31 of the recent share purchase plan and placement. The money is restricted to Moses Austin recompletions; further capital raising is said to be under way.
What it means for a shareholder
5.0m new shares at A$0.200 to raise about A$1.0m. That's 8.7% dilution: every existing holder's slice gets 8.7% smaller. If you held A$1,000 of shares (5,000 at the issue price), your slice goes from 0.0095% to 0.00867% of the company. To keep it you'd need 475 more shares - about A$95 at the issue price.
Create a free account to see this worked out for your own holding.
5 Nov 2008well test result▲ GoodMajor
Acid stimulation of Polecat Creek Ezell 4-H (35% WI) lifted gas from 15 mcf/day to a post-treatment high of 190 mcf/day plus 5 barrels of oil/day. Austin expects it to stabilise at 200-350 mcf/day. Treatment cost US$12,506.55. Early results, while the well is still unloading fluid.
30 Oct 2008quarterly activities report▼ Bad
September quarter report: Park City delays by operator RET jeopardise the 200-well program, and no income from RET-sold gas has been received. Polecat Creek was off production about three weeks for repairs and stimulation. Moses Austin drilling is expected to start in October. PEL73 study results are due by year-end.
23 Oct 2008regulatory community update▼ BadMajor
Austin asks a US federal court for a preliminary injunction against Park City operator RET, to force an audit and place gas revenues in a court-managed account. It alleges breach of duty and misrepresentation. It also launches a 90-day plan with other investors, including removing RET as operator. A sharp break with the operator.
17 Oct 2008annual report● Neutral
Printer version of the 2008 annual report released on 30 September, with the same chairman's report and operations overview. No new information (text is truncated).
3 Oct 2008production update● Neutral
Weekly update: 18 Park City wells drilled, gas to AKK's interest of 8,446 mcf since 1 July. The operator RET has not achieved timely New Albany shale fracs, so well-count forecasts await three fracs. PEL 73 hydrocarbon sensing fieldwork is finished; a Moses Austin spud is still due in October.
30 Sept 2008annual report● Neutral
2008 annual report for the year to 30 June. The chairman cites US$5M of further private investment and a AU$2.4m share purchase plan, the Park City first gas sales on 1 July 2008, and PEL105 drilling on schedule for early 2009. Text is truncated, so no financials are visible.
19 Sept 2008investor presentation● Neutral
First regular portfolio update: 18 Park City wells drilled, six selling gas (7,555 mcf net since 1 July). First Moses Austin well expected to spud in October; PEL 105 spud now planned Jan-Feb 2009. Park City well count forecast to be revised.
26 Aug 2008production update▲ Good
Park City now has three wells selling gas after the Hennion #1 well rose from 17.5 to about 100 mcf/day with a redesigned acid treatment. Net sales were about 2,273 Mcf in July and 3,437 Mcf in August. Two fracced wells and an oil well are due online soon.
26 Aug 2008drilling scheduled● Neutral
Austin agrees to an acid stimulation of the Polecat Creek Ezell 4-H well (35% WI), now making about 50 mcf/day and 1-2 barrels of oil/day. It costs Austin US$12,506.55; the operator hopes for 300-500 mcf/day. Earlier carried as fully impaired, but the well still earned over US$100,000 this fiscal year.
