History
A small oil producer that kept losing money in 2004 saw its board and officers turn over in 2005, then lost its SEC registration in 2009 for failing to file reports.
1999-2004: Small producer at the mercy of oil prices
The record opens with a small oil company, later known as Caddo International but then called Petrol Industries, whose fortunes followed the price of oil. In 1998 the global oil-price collapse pushed its average realized price down to $12.03 a barrel. Revenue nearly halved to $472,591 and the net loss deepened sharply to $383,990.
The next beats in the record come from 2001. For 2000, prices averaged $27.18 a barrel, the company's best in years. It made a small operating profit of $3,685 before other items, but interest costs left a net loss of $34,768 on revenue of $799,536. The record for the years between is quiet. For 2004 the company reported revenue of $805,039 and a continued operating loss. Production fell 26.5% to 19,685 barrels from 26,766, partly offset by a higher average oil price of $38.57 a barrel versus $27.52.
2005: A new investor and a new board
In May 2005 Texas-based SHWJ Oil & Gas bought newly issued shares at $0.40 each. The first tranche was 678,612 shares for $271,444. SHWJ's Mario Lanza joined the board, replacing resigning director Robert Bontempi. In June SHWJ bought a second tranche of 562,000 shares for $225,800, taking its total to 1,240,612 shares for $497,244. President and Chairman Joseph M. Rodano and VP and Secretary Arlys C. Milan resigned. Ronnie Allen and Stephan Latieyre joined the board, and David A. Taylor became President and Secretary.
The new order did not last. Taylor resigned after barely three weeks, with no replacement named. The same filing disclosed that on July 14, 2005 the company's Lucille & Charles Horne lease was assigned for $10,000 plus about $325,000 of assumed debt. One director made the deal with an entity represented by another, and the company said it did not yet know whether this was a related-party deal.
2006-2009: Silence and revocation
After a 2006 late-filing notice, no periodic report followed. In July 2009, by then renamed Caddo International, the company disclosed that the SEC had opened a proceeding on June 26, 2009 to revoke its registered securities. Management said it was consulting counsel and its auditors. On October 27, 2009 the SEC ordered the registration revoked for the multi-year failure to file reports, ending the company's public reporting life. That was the last event in the record.
Written from the 8 story beats below (1999 to 27 Oct 2009), which come from the company's own announcements and filings.