6 Aug 2012substantial holder notice● Neutral
Michael L. Peterson disclosed a new substantial PEDEVCO CORP shareholding (7.20% of votes).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
6 Aug 2012substantial holder notice● Neutral
Gregory G. Galdi disclosed a new substantial PEDEVCO CORP shareholding (10.10% of votes).
6 Aug 2012substantial holder notice● Neutral
Clark R. Moore disclosed a new substantial PEDEVCO CORP shareholding (9.90% of votes).
6 Aug 2012substantial holder notice● Neutral
John Liviakis disclosed a new substantial PEDEVCO CORP shareholding (6.80% of votes).
2 Aug 2012business combination▲ GoodMajor
Completed its reverse merger with privately-held Pacific Energy Development Corp (PEDCO): renamed itself PEDEVCO Corp., executed a 1-for-112 reverse stock split, and converted all outstanding preferred stock to common — the transformation from failed drilling-tech company Blast Energy into a US onshore E&P company.
28 June 2012business combination▲ GoodMajor
As a condition tied to the PEDCO merger, Blast extinguished $1.64 million owed to insiders Berg McAfee Companies and Clyde Berg by converting it into 81.8 million shares of common stock at $0.02/share - about 49% of the company's fully-diluted share count - clearing its largest legacy debt just before the merger closed.
31 May 2012material agreement● Neutral
On May 29, 2012, Blast and Pacific Energy Development (PEDCO) amended their merger agreement, moving its termination date from June 1 to August 1, 2012. Related notes, voting agreements and debt conversion agreements were extended to match.
18 May 2012quarterly activities report▼ Bad
Blast reported a net loss of about $366 thousand for the quarter ended March 31, 2012, down from about $548 thousand a year earlier. Revenue was about $118 thousand.
15 May 2012late filing notice▼ Bad
PEDEVCO CORP notified the SEC that its quarterly report would be filed late.
23 Apr 2012business combination● NeutralMajor
Blast filed a preliminary proxy asking shareholders to approve the January 2012 reverse merger with Pacific Energy Development Corp (PEDCO), which continues the deal announced on 2012-01-20. Under the terms, Blast would reverse-split its common stock 1-for-110, rename itself PEDEVCO CORP, and issue 17,857,261 common shares and 11,489,537 new Series A preferred shares to PEDCO holders, who would own about 95% of the common stock after the merger, so existing Blast shareholders would be heavily diluted. Eric McAfee, Clyde Berg and Centurion Credit Funding (62.9% of common and all the preferred) have agreed to vote in favour, and the board unanimously recommends approval. This is a preliminary copy with the meeting date and other details left blank.
30 Mar 2012late filing notice▼ Bad
PEDEVCO CORP notified the SEC that its annual report would be filed late.
20 Jan 2012business combination▲ GoodMajor
Blast agreed to a reverse-merger reorganization with privately-held Pacific Energy Development Corp (PEDCO): PEDCO becomes a wholly-owned subsidiary, Blast converts its preferred stock and reverse-splits its common stock, and renames itself PEDEVCO Corp - the transaction that turns the failed drilling-services company into an oil & gas E&P.
27 Dec 2011asset acquisition disposition▼ BadMajor
Blast agreed with Solimar that Solimar would forgive $311,872 owed in exchange for 25% of the working interest in the GH 76-33 well, cutting Blast's stake from 50% to 25%, with an option to earn back 10% by paying $311,872 by March 8, 2012. It also agreed to pay its lender an extra $30,000 fee at the notes' maturity, and CEO Michael Peterson resigned.
14 Nov 2011quarterly activities report▼ Bad
Blast reported a net loss of about $702 thousand for the quarter ended September 30, 2011, up from about $232 thousand a year earlier. Interest expense of about $517 thousand drove most of the loss.
13 Oct 2011material agreement● Neutral
On October 7, 2011, Blast and its lender amended the 12-million-share warrant issued with its February 2011 note purchase agreement. The exercise price was set at no more than $0.01 per share, and the lender paid Blast $30,000.
22 Aug 2011quarterly activities report▼ Bad
PEDEVCO CORP reported a quarterly net loss of $491 thousand for the period ended 2011-06-30.
15 Aug 2011late filing notice▼ Bad
PEDEVCO CORP notified the SEC that its quarterly report would be filed late.
23 May 2011quarterly activities report▼ Bad
PEDEVCO CORP reported a quarterly net loss of $548 thousand for the period ended 2011-03-31.
16 May 2011late filing notice▼ Bad
PEDEVCO CORP notified the SEC that its quarterly report would be filed late.
31 Mar 2011late filing notice▼ Bad
PEDEVCO CORP notified the SEC that its annual report would be filed late.
2 Mar 2011capital raising announcement▼ BadMajor
Entered a farmout with Solimar Energy and Neon Energy to drill a test well in the Guijarral Hills field (San Joaquin Basin, California), earning a 50% working interest if successful, financed by up to $2.52 million in expensive secured notes (10% interest, original issue discount, royalty and penalty warrants if the well underperforms) from an outside lender — costly financing typical of the company's weak bargaining position at the time.
13 Jan 2011capital raising announcement▼ Bad
Extended Berg McAfee's $1.12 million note to February 2013, subordinated it to new drilling and Sun Resources debt, and cut its conversion price to $0.08/share — more debt deferral and dilution to keep the lender on side.
5 Jan 2011asset acquisition disposition● Neutral
Blast sold its original Satellite Communications business - the company's legacy pre-drilling operating line - to GlobaLogix for just $50,000 plus assumed liabilities, completing its shift into oil & gas.
7 Dec 2010asset acquisition disposition▲ GoodMajor
Acquired its first real producing oil and gas interest — a 66% working interest in three producing wells (~43 gross bopd) in the Sugar Valley Field, Matagorda County, Texas — from Sun Resources Texas for $600,000 cash, a $300,000 note and $300,000 of stock, funded by Quicksilver settlement proceeds.
15 Nov 2010quarterly activities report▼ Bad
PEDEVCO CORP reported a quarterly net loss of $232 thousand for the period ended 2010-09-30.
2 Nov 2010material agreement▲ GoodMajor
Blast signed a letter of intent with ASX-listed Solimar Energy to participate in a field-extension drilling project on undeveloped acreage in California's Guijarral Hills Field, contingent on raising the funding for its share of drilling costs.
23 Sept 2010asset acquisition disposition▲ GoodMajor
Blast closed the Sugar Valley Field purchase from Sun Resources, taking a 66% working interest in three producing wells plus related equipment - its first completed oil & gas property acquisition.
16 Aug 2010quarterly activities report▼ Bad
PEDEVCO CORP reported a quarterly net loss of $202 thousand for the period ended 2010-06-30.
3 May 2010material agreement▲ GoodMajor
Blast agreed to buy a majority working interest in three producing wells (plus a larger stake in undeveloped reserves) in the Sugar Valley Field, Texas from Sun Resources for $1.2 million cash and stock - its first move into direct oil & gas ownership, partly funded by the $2 million Quicksilver settlement payment due that September.
1 Apr 2010late filing notice▼ Bad
PEDEVCO CORP notified the SEC that its annual report would be filed late.