Past year: ▲ 800%(0.30c – 10.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
6 Mar 2007agm notice● Neutral
All resolutions at the annual and special meeting passed, including six directors, the option plan, ratification of 970,000 CDIs, the 50 million share issue mandate and director options. This resolves the open AGM thread.
5 Mar 2007regulatory community update▲ Good
Fall River relays that Questar's Trail 13C-15J well, about 80 km from its Baxter acreage, flowed 9 million cubic feet a day. Fall River says it shows 'sweet spot' upside, but such zones are currently unpredictable. It is another company's well, not Fall River's.
16 Feb 2007agm notice● Neutral
Notice of 28 February 2007 annual and special meeting. Items include ratifying the 9,200,000 CDI placement, a 50 million share issue mandate, a stock option plan, and options for directors (Hollingsworth 670,000, McBain and Mulready 1,000,000 each, Pearce 670,000).
16 Feb 2007annual report● Neutral
Re-release of the audited 2006 accounts with a chairman's report, restating the same figures: net loss C$2,044,719 and the clean audit opinion. The chairman highlights the Baxter test and plans to acquire more North American interests.
16 Feb 2007agm notice● Neutral
Addendum to the 28 February 2007 meeting notice, clarifying resolutions for ASX Listing Rule compliance. The 50 million share mandate now carries up to 50 million options expiring 31 March 2009, and the voting exclusions are widened. No new commercial information.
16 Feb 2007annual report● Neutral
Management discussion for the year to 30 September 2006, restating known facts: 20% Sprowl interest producing about 670 mcf/d and 15 bbl/d, revenue below projections, and a sixth well planned. It also says Sprowl should earn about A$300,000 a year if the sixth well succeeds.
1 Feb 2007quarterly activities report▼ Bad
In the December 2006 quarter, operating cash outflow was A$217k and net financing inflow was A$340k. Cash at quarter end was A$81k, up from an opening overdraft of A$42k.
1 Feb 2007quarterly activities report● Neutral
December 2006 quarter: no drilling. Sprowl output has settled at about 670 mcf/d and 15 bbl/d on low gas prices, with Gruver 1 undated. Baxter test and West Florence deal restated; second Baxter earning well awaits operator.
31 Jan 2007farm in farm out agreement▲ GoodMajor
Fall River gets a 15% interest in 12,000 acres at West Florence, Colorado, with operator Mountain Energy. It will join the Slanovich 32-23 well around May 2007, with its share at US$165,000. Company estimates 100-200 bcf potential.
22 Jan 2007capital raising announcement● NeutralMajor
The placement closed on 19 January, raising A$920,000 through 9,200,000 CDIs at A$0.10. Martin Place gets a 2% management fee and 5% placement fee. Funds are for a new drilling program and working capital.
What it means for a shareholder
9.2m new shares at A$0.100 to raise about A$920,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
18 Jan 2007well test result▲ GoodMajor
Operator Samson's Green Canyon 29-2 Baxter Shale frac test flowed about 100 mcf/d plus 48 bbl/d of load water, from 305 ft of a 3,400 ft interval. Fall River calls it encouraging; it was funded by the operator and was not an earning well.
8 Jan 2007annual report● Neutral
Audited accounts for the year to 30 September 2006 (C$): net loss C$2,044,719, revenue C$111,184, and cash C$215,127. The auditor gave a clean opinion. Total assets were C$6.17m.
8 Jan 2007capital raising announcement● NeutralMajor
Company mandated Martin Place Securities to place 9,200,000 CDIs at A$0.10 to raise A$920,000, with funds largely committed. The price is half the A$0.20 of the 2006 raising. Proceeds are for a new drilling program and cash flow.
What it means for a shareholder
9.2m new shares at A$0.100 to raise about A$920,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
8 Jan 2007listing compliance notice● Neutral
ASX lifted the trading suspension immediately after receiving the full-year report. This resolves the late-filing halt of 2 January.
2 Jan 2007listing compliance notice▼ Bad
ASX trading in the shares was halted because the annual report was filed late; the company expects filing by 8 January 2007. It blames the demands of dual Canadian and Australian reporting. Trading continues in Canada.
2 Nov 2006production update▼ BadMajor
All five Sprowl wells are producing about 900 mcf/d and 25 bbl/d. The company says revenue will fall below projections on lower gas prices and output, and now expects about A$900,000 a year with a sixth well. Gruver 1-14 is next.
1 Nov 2006quarterly activities report● Neutral
September 2006 quarter: Sprowl 6-14 cost US$1.7m and flows about 150 mcf/d plus 8 bbl/d, with 78 ft net pay but depletion from the 1-14 well. Next well, Gruver 1-14, is delayed. Baxter's next step is a Green Canyon 27-2 re-entry and fracture stimulation.
1 Nov 2006quarterly activities report▼ Bad
Appendix 5B to 30 September 2006: receipts A$78k, operating outflow A$289k, cash A$44k at quarter end. Next quarter outflows estimated at A$450k. Separately, about A$470k sits in convertible note interest and sinking funds.
21 Sept 2006production update▲ GoodMajor
Sprowl 6-14 is connected to sales, with preliminary flow of 140-180 mcf/d plus 8 bopd while fluids still hold back gas. Fall River now has 5 producing Sprowl wells; the next well is due to spud shortly.
13 Sept 2006drilling progress report● Neutral
Fracture stimulation at Sprowl 6-14 completed; production rate to be tested after clean-up. No flow rate yet.
6 Sept 2006drilling progress report● Neutral
Workover rig on site at Sprowl 6-14; perforating is complete and the fracture stimulation program is about to start. Four wells still producing.
5 Sept 2006quarterly activities report● Neutral
Unaudited nine-month accounts to 30 June 2006 (C$): net loss C$1,524,791, cash C$275,772, working capital C$136,799. First petroleum revenue of C$89,337 in the quarter, from Sprowl.
5 Sept 2006quarterly activities report● Neutral
Management discussion for the June 2006 quarter. Repeats that the A$6,371,650 raising was completed and used mainly for Sprowl. Fifth well drilled and awaiting fracture stimulation; Baxter participation terms restated. No new results.
30 Aug 2006drilling scheduled● Neutral
Sixth Sprowl well, Sprowl 5-14, expected to spud mid-September 2006, targeting Red Fork Sandstone at about 10,600 ft. Fall River holds 20%; fifth well still awaits completion.
28 Aug 2006drilling progress report● Neutral
Workover rig engaged for completion and fracture stimulation of Sprowl 6-14, starting around 5 September. Fall River holds 20%; Kaiser-Francis operates with 60% and R&M 20%.
22 Aug 2006drilling result▲ Good
Sprowl 6-14 reached 10,550 ft; logs show over 50 ft of net pay in a sand over 100 ft thick. Company says it should add significantly to production, but full evaluation awaits perforation and fracture stimulation.
16 Aug 2006drilling progress report● Neutral
Sprowl 6-14 at 9,594 ft on 15 August, expected to reach the Red Fork target sands around 20 August. No new result yet.
9 Aug 2006drilling progress report● Neutral
Sprowl 6-14 at 6,342 ft on 8 August, drilling on schedule. Planned total depth 10,700 ft, with the Red Fork target near 10,300 ft.
2 Aug 2006drilling spud● Neutral
Sprowl 6-14, the fifth Sprowl well, spudded 31 July 2006 targeting Red Fork Sandstone at about 10,000 ft. It follows the plan flagged in June; the company holds 20% and four wells are producing.
1 Aug 2006quarterly activities report● Neutral
June quarter operations report. Sprowl is a 12.5 bcf field, 2.5 bcf net to Fall River, producing about 700 mcf/d from 4 wells. Canadian wells disappointing on oil, with only shallow gas potential left. Baxter Green Canyon well needed fracture stimulation it could not receive.
