Past year: ▼ 47%(2.00c – 5.00c USD)
Each one in plain English, with the numbers worked through for a shareholder.
7 Apr 2016capital raising announcement▼ BadMajor
Signed agreements with an unnamed accredited institutional investor: a $530,000 debenture sold for $500,000 (5% discount) with a warrant exercisable for $4.5 million, plus a $5.26 million face Series C preferred stock purchase agreement at a $3.25 conversion price and a second warrant.
1 Apr 2016director officer appointment▼ BadMajor
The Silver Star credit line failed: of the $2.4 million Silver Star was meant to advance in $200,000 monthly slices, only $1 million ever arrived, so the company turned to a $250,000 personal loan from director Alan Dreeben (booked as a $275,000 note after a 10% discount) and $450,000 of convertible notes from HFT. At the same meeting shareholders cut the quorum for their own votes from a majority to 33%, the board explaining that the stock was too thinly held to muster one.
16 Feb 2016quarterly activities report▼ Bad
CAMBER ENERGY, INC. reported a quarterly net loss of $1.0 million for the period ended 2015-12-31.
16 Feb 2016quarterly activities report▼ Bad
CAMBER ENERGY, INC. reported a quarterly net loss of $1.0 million for the period ended 2015-12-31.
16 Feb 2016merger communication▲ Good
CEO Anthony Schnur called the pending Segundo Resources acquisition a significant step, with 50 Hunton drilling locations identified and a rename to Camber Energy planned at closing. The company also amended its Silver Star credit line and sold a further $200,000 convertible note under it.
12 Feb 2016capital raising announcement▼ BadMajor
Sold Silver Star a fifth $200,000 convertible note (total $1 million of the $2.4 million line) and learned $300,000 of notes had been assigned to Rockwell Capital Partners. It gave Silver Star 30 days' notice to prepay the notes while stating it lacked the funds to do so.
21 Jan 2016merger communication● Neutral
Lucas Energy scheduled a January 21, 2016 conference call, with a presentation, to discuss its proposed acquisition of Hunton play oil and gas properties in the Mid-Continent and its new strategic direction and rebranding.
5 Jan 2016substantial holder notice● Neutral
CONDAGUA, LLC, JOHN B. HELMERS, A. GLENN HELMERS disclosed a new substantial CAMBER ENERGY, INC. shareholding (6.64% of votes).
5 Jan 2016capital raising announcement▼ Bad
Drew a fourth $200,000 tranche from the Silver Star line (dated year-end 2015), bringing the total drawn to $800,000 of the $2.4 million facility.
31 Dec 2015director officer appointment● NeutralMajor
Lucas agreed to buy producing Texas and Oklahoma properties from Segundo Resources and twenty other sellers - more than 1,200 barrels a day, several times its own output - for $31.35 million of assumed bank debt, $4.975 million cash, 13,009,664 shares and $13.8 million face value of a new redeemable convertible preferred stock. A company that had been selling assets for $700,000 at a time was taking on an acquisition many times its own size, and the preferred stock issued to pay for it is the ancestor of the dilution that later defined it. Retention bonuses of $250,000 were set aside to keep staff through the closing, $100,000 of it for chief executive Anthony Schnur.
31 Dec 2015merger communication▲ GoodMajor
Lucas Energy agreed to acquire Texas and Oklahoma producing oil and gas properties (about 1,200 barrels/day, mostly from the Hunton formation) from Segundo Resources and 20 other sellers, paying by assuming $31.35 million of bank debt and issuing new convertible preferred stock - the deal that would soon lead to the company's rename to Camber Energy.
25 Nov 2015capital raising announcement▼ Bad
Drew a third $200,000 tranche from the Silver Star line.
16 Nov 2015quarterly activities report▼ Bad
CAMBER ENERGY, INC. reported a quarterly net loss of $953 thousand for the period ended 2015-09-30.
23 Oct 2015capital raising announcement▼ Bad
Sold Silver Star a second $200,000 convertible note on October 23, 2015, effective October 21, under its $2.4 million credit line. The first $200,000 note had been sold on September 28.
1 Oct 2015capital raising announcement▼ BadMajor
Drew the first $200,000 under its new $2.4 million Silver Star Oil Company convertible-note credit line -- 6% interest (15% in default), convertible at $1.50/share -- opening a fresh drip-financing relationship after the Victory Energy deal fell through.
25 Sept 2015capital raising announcement● Neutral
Sold 45,546 treasury shares to Allied Petroleum (run by a Silver Star Oil Company principal) for $104,756 at a 17% discount to market -- a minor transaction tied to the new Silver Star credit line.
1 Sept 2015material agreement▼ BadMajor
With NYSE MKT delisting still looming after 18 months of compliance extensions, Lucas Energy lined up a new $2.4 million convertible-note credit line from Silver Star Oil Company and further eased lender Louise H. Rogers's loan terms (maturity pushed to October 2016) - stopgap financing while its listing status stayed unresolved.
14 Aug 2015quarterly activities report▼ Bad
CAMBER ENERGY, INC. reported a quarterly net loss of $1.0 million for the period ended 2015-06-30.
30 June 2015late filing notice▼ Bad
CAMBER ENERGY, INC. notified the SEC that its annual report would be filed late.
30 June 2015capital raising announcement● Neutral
Lucas settled with Victory and Earthstone, ending the planned merger and related agreements. Earthstone agreed to pay Lucas $54,020, and Lucas agreed to issue 1,101,729 restricted shares to Victory for the $600,000 owed, in lieu of pledged shares never issued. Lucas also sold 139.04 net Karnes County acres to Earthstone for $347,600.
15 May 2015material agreement termination▼ BadMajor
The non-binding letter of intent for a merger with Victory Energy was terminated on May 11, 2015. Under the loan agreement Victory will extend no further credit to Lucas, and the two are negotiating an unwinding of the steps already taken.
11 May 2015substantial holder notice● Neutral
TERRY LEE BUTLER disclosed a new substantial CAMBER ENERGY, INC. shareholding (5.20% of votes).
20 Apr 2015business combination● Neutral
Lucas Energy said Victory Energy, its proposed merger partner under a letter of intent, planned to present at the IPAA Oil & Gas Investment Symposia in New York on April 20, 2015. Lucas disclaimed any responsibility for the Victory PowerPoint.
20 Apr 2015merger communication● Neutral
Lucas Energy filed the standard legal notice required ahead of registering the proposed Victory Energy merger with the SEC - a procedural filing with no new deal terms.
15 Apr 2015merger communication● Neutral
A months-old NYSE MKT notice giving Lucas Energy until March 31, 2015 to regain listing compliance was re-filed under SEC merger-communication rules once the Victory Energy deal was pending - no new information.
15 Apr 2015capital raising announcement● NeutralMajor
The detail behind the abandoned Victory Energy reverse merger: alongside the pre-merger collaboration agreement with Victory, Aurora Energy Partners and Navitus Energy Group, Lucas took a draw-down loan from Victory secured on pledged Lucas shares and capped at 19.9% of the company. Lucas was being funded by the party proposing to take it over, before the deal lapsed the following month.
15 Apr 2015merger communication● Neutral
A second, later NYSE MKT compliance-extension notice (targeting August 28, 2015) was likewise re-filed under merger-communication rules - no new information.
15 Apr 2015merger communication● Neutral
Lucas Energy disclosed the underlying February 2015 collaboration and funding agreements with Victory Energy Corporation that led to the proposed merger, intended to fund several Eagle Ford wells and working capital ahead of the deal.
15 Apr 2015material agreement● Neutral
Lucas re-filed as an 8-K/A its February 23, 2015 letter agreement with senior lender Louise Rogers, solely to mark it as a merger communication under Rules 425 and 14a-12. It added no new terms.
15 Apr 2015merger communication● Neutral
Lucas's senior lender, Louise Rogers, agreed to cut interest to 12% and to let Lucas extend the loan's maturity from August 13 to September 13, then October 13, 2015, for 2% fees. The deal also released her mortgage on certain wells for the planned Victory merger.
