14 Sept 2017quarterly activities report▼ Bad
Petro River Oil Corp. reported quarterly revenue of $9 thousand and a net loss of $880 thousand for the period ended 2017-07-31.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
28 Aug 2017agm notice● Neutral
Petro River Oil Corp. shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
27 June 2017drilling progress report● Neutral
The company announced it would spud the Cattani-Rennie 47X-15 exploration well in the Sunset Boulevard prospect, Kern County, California, costing about $2 million to a depth of 9,000 feet, with initial results expected in about 30 days. The company says it holds 19.25% of the field (13.75% direct plus 5.5% through its 20% stake in Horizon Energy); the 50 million barrel figure is prospective resources, not proven.
16 June 2017capital raising announcement▼ BadMajor
On June 13, 2017 the company issued a $2.0 million senior secured note to Petro Exploration Funding, LLC for working capital, at 10% interest, maturing June 30, 2020, and secured on all company assets. Funding Corp. also received a warrant for 840,336 shares at $2.38 (three years) and a 2% overriding royalty on Osage County production held through Spyglass. Scot Cohen controls 31.25% of the lender, so this is a related-party financing.
30 May 2017drilling result▲ GoodMajor
The Red Fork 1-3 found up to 30 feet of oil-bearing rock plus a separate chat zone possibly larger than the one found weeks earlier - a second field inside the 106,500-acre Osage County concession within a month. Flow and frac tests still had to come before any production rate could be claimed.
16 May 2017drilling progress report▲ GoodMajor
Petro River spudded the Red Fork Channel 1-3 to about 2,800 feet at Pearsonia West, chasing a second find a week after announcing the Chat discovery. Both targets came off the same 3-D seismic survey, which the company said had identified more than a dozen prospects.
17 Mar 2017quarterly activities report▼ Bad
Petro River Oil Corp. reported a quarterly net loss of $670 thousand for the period ended 2017-01-31.
14 Dec 2016quarterly activities report▼ Bad
Petro River Oil Corp. reported a quarterly net loss of $612 thousand for the period ended 2016-10-31.
22 Sept 2016agm notice● Neutral
Petro River Oil Corp. shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
14 Sept 2016quarterly activities report▼ Bad
Petro River Oil Corp. reported a quarterly net loss of $1.3 million for the period ended 2016-07-31.
17 Aug 2016agm notice● Neutral
Petro River Oil Corp. shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
15 July 2016director interest notice● Neutral
Petro River Oil Corp. EXECUTIVE CHAIRMAN Scot Cohen was credited 889,969 deferred share units under a company plan.
15 July 2016director interest notice● Neutral
Petro River Oil Corp. insider Fred S Zeidman was credited 50,000 deferred share units under a company plan.
15 July 2016director interest notice● Neutral
Petro River Oil Corp. insider John Gilbert Wallace was credited 40,000 deferred share units under a company plan.
15 July 2016director interest notice● Neutral
Petro River Oil Corp. insider Glenn Pollack was credited 50,000 deferred share units under a company plan.
13 July 2016material agreement● Neutral
On July 11, 2016 the Missouri subsidiary assigned its roughly 320 acres of Grassy Creek leases to Paluca Petroleum, which takes on all liabilities and grants a 4% overriding royalty on production. The filing describes it as part of a strategy to divest legacy assets, which continues the Missouri assets review in the context, though it does not mention the $6 million preferred payment.
22 June 2016director interest notice● Neutral
Petro River Oil Corp. EXECUTIVE CHAIRMAN Scot Cohen bought 1,379,246 shares on the open market at $0.00.
14 June 2016listing compliance notice▼ Bad
Petro River Oil Corp. withdrew a registration statement, abandoning the offering it covered.
26 May 2016asset acquisition disposition● Neutral
This is an amendment to the May 2016 report confirming the Horizon I Investments acquisition closed on May 3, 2016. It adds no new figures; the audited financial statements and pro forma information are promised in a later amendment.
23 May 2016drilling progress report● NeutralMajor
Drilling began on the Woodburn Forest-1 well in the Larne Basin, Northern Ireland, with initial results expected in July 2016. The company holds 9% and Horizon Energy 16% of the licences; the 25 million barrel figure is a partner estimate of prospective resources, not a discovery.
9 May 2016material agreement▲ GoodMajor
The Horizon I Investments purchase closed on May 3, 2016, slightly later than the April 2016 date earlier filings had expected. The company got about $5.0 million in cash and receivables and a 20% stake in Horizon Energy Partners, and issued 11,564,250 shares. About $683,000 was released from escrow, and an amendment had added about $850,000 of advances and extra shares.
21 Mar 2016quarterly activities report▼ Bad
Petro River Oil Corp. reported a quarterly net loss of $10.1 million for the period ended 2016-01-31.
14 Mar 2016late filing notice▼ Bad
Petro River Oil Corp. notified the SEC that its quarterly report would be filed late.
10 Mar 2016material agreement● NeutralMajor
On March 4, 2016 the company bought a 13.75% working interest in oil and gas leases in southern Kern County, California, alongside Horizon Energy (27.5%), paying $83,333 net in cash at closing. It also owes further costs and payments on existing and new leases, and the sellers get an overriding royalty on certain leases; amounts are in the agreement, not this filing.
9 Feb 2016material agreement▲ GoodMajor
Petro River agreed conditionally to buy Horizon I Investments, which would bring in about $5 million of cash plus a 20% interest in Horizon Energy, earmarked for developing its Pearsonia West acreage in Osage County. The same update disclosed a 1-for-200 reverse split, an application to move up to the NYSE MKT, and Stephen Brunner joining as president.
20 Jan 2016debt financing● NeutralMajor
On Jan 19, 2016 the company's UK subsidiary agreed to acquire a 9% interest in two petroleum licences in the Larne Basin, Northern Ireland, alongside Horizon Energy's subsidiary (16%) and Brigantes (10% retained). Petro UK put about $735,000 into escrow toward the roughly $6.16 million first-well cost, funded by a $750,000 non-recourse note to Horizon I Investments (0.5% interest), the investor the company agreed in Dec 2015 to buy; Petro UK also bears its pro-rata share of later wells. The first well, Woodburn Forest #1, is described as scheduled for Q1 2016.
16 Dec 2015quarterly activities report● Neutral
Petro River Oil Corp. reported a quarterly net income of $3.2 million for the period ended 2015-10-31.
16 Dec 2015quarterly activities report● Neutral
Petro River Oil Corp. reported a quarterly net income of $3.2 million for the period ended 2015-10-31.
15 Dec 2015late filing notice▼ Bad
Petro River Oil Corp. notified the SEC that its quarterly report would be filed late.
5 Nov 2015auditor change▼ Bad
On Oct 30, 2015 the board dismissed auditor Marcum LLP and hired GBH CPAs, PC. Marcum's reports for fiscal years 2014 and 2015 carried going-concern explanatory paragraphs, and the filing reports no disagreements with Marcum, apart from material weaknesses in internal control over financial reporting. The filing gives no reason for the change.