Past year: ▲ 2033%(45.5c – 16.00 USD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
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%.
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.
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.
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.
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.
31 Aug 2005material agreement▲ GoodMajor
Blast Energy Services (PEDEVCO's predecessor) bought a 20% stake in Alberta Energy's abrasive fluid jetting (AFJ) drilling technology, with rights to grow to 50%, and agreed to license it worldwide as the base of a new energy-services line.
26 July 2005material agreement▼ BadMajor
As Blast Energy Services (PEDEVCO's predecessor), financed its first abrasive-jetting rig with $1 million in loans from major shareholder Berg McAfee Companies, while a separate licensing counterparty, Maxim TEP, repeatedly defaulted and re-negotiated a required payment under escalating late fees — early signs of the financial fragility that led to Blast's 2007 Chapter 11 filing.
