29 July 2009director interest notice● Neutral
Roger Patrick Herbert became a PEDEVCO CORP director and company insider (initial ownership filing).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
29 July 2009director interest notice● Neutral
John A Macdonald became a PEDEVCO CORP CFO and company insider (initial ownership filing).
29 July 2009director interest notice● Neutral
John R Block became a PEDEVCO CORP director and company insider (initial ownership filing).
17 Feb 2009material agreement▲ GoodMajor
Blast and Eagle Domestic Drilling signed a settlement letter with Hallwood that modified the April 2008 terms. Hallwood had paid $2.0 million in cash and forgiven $1.65 million of obligations, and the $2.75 million equity portion was to be met with a 7% Class C interest in Hallwood Energy. The deal still needed Hallwood board approval.
11 Dec 2008material agreement▲ GoodMajor
Blast signed a service contract with Resource Energy Technologies to test its AFJ jetting technology on up to 100 wells in Kentucky - the first real deployment opportunity for the technology it acquired in 2005-06, with Blast earning a 40% share of any resulting production revenue if the operator exercises the option after a paid test phase.
21 Oct 2008capital raising announcement▲ GoodMajor
Using proceeds from a favorable litigation settlement with Quicksilver Resources, paid off its $2.1 million Laurus senior lien and a $125,000 McClain County, Oklahoma note, redeemed $1 million of preferred stock held by insiders Clyde Berg and McAfee Capital, and converted $191,000 of deferred board compensation into stock — a real turning point emerging from the post-bankruptcy debt overhang.
22 Sept 2008material agreement▲ GoodMajor
Blast settled litigation with Quicksilver Resources: Quicksilver will pay Eagle Domestic Drilling $10 million over three years ($5 million upfront, already received), a meaningful cash lifeline while the company works through Chapter 11.
1 Apr 2008late filing notice▼ Bad
PEDEVCO CORP notified the SEC that its annual report would be filed late.
6 Mar 2008director officer appointment▲ GoodMajor
Blast's Chapter 11 plan was confirmed on February 26, 2008, keeping shareholders' equity intact. A $4.0 million convertible preferred sale paid all unsecured, administrative and priority claims (about $2.4 million) and left $1.6 million for operations. A move to Texas was approved but still pending, and three secured obligations remained, led by a $2.1 million interest-free Laurus claim.
5 Mar 2008auditor change● Neutral
Blast dismissed auditor Malone & Bailey and engaged GBH CPAs as its independent accountant for fiscal year 2007.
3 Dec 2007material agreement▲ GoodMajor
Creditors and shareholders overwhelmingly approved Blast's Chapter 11 reorganization plan in bankruptcy court, though the company still needed to raise $3 million to actually exit bankruptcy.
14 Nov 2007late filing notice▼ Bad
PEDEVCO CORP notified the SEC that its quarterly report would be filed late.
23 Aug 2007material agreement▲ Good
Blast signed a mutual release with Thornton Security Business Trust, which sold all 16,477,500 of its Blast shares back to the company for the release and $16.48. The Bankruptcy Court approved the deal, and the cancelled shares cut shares outstanding by about 24%.
16 May 2007late filing notice▼ Bad
PEDEVCO CORP notified the SEC that its quarterly report would be filed late.
14 May 2007material agreement▼ BadMajor
Blast (which filed Chapter 11 in January 2007 after the Laurus default) reached a bankruptcy settlement: Eagle's five land rigs and spare parts go to Laurus to satisfy the $40.6 million note, Blast repurchases 900,000 of its own shares from Second Bridge for $900, and Thornton Entities drop their lawsuits - effectively surrendering the drilling-rig business it bought a year earlier.
3 Apr 2007late filing notice▼ Bad
PEDEVCO CORP notified the SEC that its annual report would be filed late.
7 Feb 2007listing compliance notice▼ Bad
PEDEVCO CORP withdrew a registration statement, abandoning the offering it covered.
22 Jan 2007bankruptcy or receivership▼ BadMajor
Blast Energy Services and its Eagle Domestic Drilling subsidiary filed for Chapter 11 in Houston. The August 2006 land-rig acquisition had been underwritten on five two-year drilling contracts; Hallwood and Quicksilver cancelled them within months, the senior lender declared default, and the company filed by agreement with that lender while suing both customers for breach.
8 Jan 2007debt default or forbearance▼ BadMajor
Laurus Master Fund formally notified Blast of the loan default three days after the missed payment and said it intends to charge default penalties on top of the $40.6 million owed.
5 Jan 2007debt financing▼ BadMajor
Just months after the Eagle acquisition, two major customers cancelled their drilling contracts, cutting revenue so sharply that Blast suspended interest payments on the $40.6 million Laurus loan secured by Eagle's rigs, triggering a default.
15 Nov 2006late filing notice▼ Bad
PEDEVCO CORP notified the SEC that its quarterly report would be filed late.
24 Oct 2006securities registration● Neutral
PEDEVCO CORP registered a small-business securities offering with the SEC.
30 Aug 2006asset acquisition disposition▲ GoodMajor
Blast completed a $50 million cash-and-stock purchase of Eagle Domestic Drilling Operations, a Texas land-rig contractor with three producing rigs and three more under construction on Barnett/Fayetteville Shale contracts, funded mainly by a $40.6 million loan from Laurus Master Fund - a major pivot from jetting technology into contract land drilling.
11 Aug 2006listing compliance notice▼ Bad
PEDEVCO CORP withdrew a registration statement, abandoning the offering it covered.
13 June 2006securities registration● Neutral
PEDEVCO CORP amended a filing by which it registered a small-business securities offering with the SEC.
12 Apr 2006securities registration● Neutral
PEDEVCO CORP amended a filing by which it registered a small-business securities offering with the SEC.
29 Mar 2006financial restatement▼ BadMajor
After SEC comments, Blast said it planned to restate its 2004 and 2005 financial statements the week ending March 31, 2006. The restatement would reflect a $3.2 million non-cash impairment of the Landers' License as of December 31, 2004.
27 Mar 2006material agreement▲ GoodMajor
Alberta Energy accelerated the AFJ technology deal, assigning Blast full 50% ownership of the jetting technology immediately instead of the gradual step-up from 20% agreed in 2005.
24 Mar 2006financial restatement▼ BadMajor
Blast's accountants told it, after SEC comments, that it should restate its 2004 annual report and three 2005 quarterly reports. The restatement would record a $3.2 million non-cash impairment of the Landers' License as of December 31, 2004.
22 Feb 2006debt financing▼ Bad
Extended the maturity of Berg McAfee's $1 million rig-financing notes from September 2006 to March 2007, deferring debt rather than repaying it.