9 Sept 2005securities registration● Neutral
SKY PETROLEUM, INC. amended a filing by which it registered a small-business securities offering with the SEC.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
7 Sept 2005director interest notice● Neutral
Michael David Noonan became a SKY PETROLEUM, INC. Vice President, Corporate and company insider (initial ownership filing).
2 Sept 2005director officer appointment▲ GoodMajor
Sky raised $7.1 million selling 8.8 million shares at $0.80 to 106 investors, appointed James Screaton as finance chief and Michael Noonan as VP corporate, and - unusually - founder Daniel Meyer handed back 12 million of his own shares for cancellation with no payment, cleaning up the cheap stock left over from the shell days ahead of the raise.
2 Sept 2005director interest notice● Neutral
James Ross Screaton became a SKY PETROLEUM, INC. Vice Pres., Finance and CFO and company insider (initial ownership filing).
31 Aug 2005director interest notice● Neutral
SKY PETROLEUM, INC. President, Secretary and Treas Daniel F Meyer disposed of 12,000,000 shares via option/appreciation-right settlement.
30 Aug 2005securities registration● Neutral
SKY PETROLEUM, INC. registered a small-business securities offering with the SEC.
23 Aug 2005director interest notice● Neutral
SKY PETROLEUM, INC. President, Secretary, Treasure Daniel F Meyer bought 14,000,000 shares on the open market at $0.00.
16 Aug 2005late filing notice▼ Bad
SKY PETROLEUM, INC. notified the SEC that its quarterly report would be filed late.
8 Aug 2005director interest notice● Neutral
Donald Colin Cameron became a SKY PETROLEUM, INC. Chief Executive Officer and company insider (initial ownership filing).
1 Aug 2005director officer appointment▲ GoodMajor
Sky met its $5 million Mubarek instalment on time and hired its first proper chief executive, Donald Cameron, on a consulting contract at $11,000 a month plus 1.5 million options - a shell acquiring both an asset and a management team in the same quarter.
21 July 2005capital raising announcement▼ BadMajor
A further $2.45 million of demand loans plus $1.37 million of shares sold at $0.80 kept the Mubarek payments current. Sky was funding a $25 million obligation hand-to-mouth.
6 July 2005debt financing▼ BadMajor
Sky could not meet the first $5 million instalment on the Mubarek deal, so half of it was deferred by two weeks and $1.5 million was borrowed on demand notes at 8% to cover the rest - the funding strain on this commitment shows up within six weeks of signing it.
25 May 2005capital raising announcement▲ GoodMajor
Sky bought its way into the oil business: subsidiary Sastaro agreed to fund $25 million of drilling on two wells in the Mubarek field offshore the UAE, operated by Buttes Gas and Oil International, a Crescent Petroleum company. Note what Sky did not get - no interest in the concession itself, only a share of whatever those wells produce.
12 May 2005capital raising announcement▲ Good
The $2.5 million subscribed in April was actually received, giving Sky the cash it had promised investors it would deploy.
8 Apr 2005capital raising announcement▲ GoodMajor
Six days after the name change, four offshore investors signed up for 5 million shares at $0.50 to put $2.5 million into the newly renamed company - the first real money behind Meyer's plan to buy into oil and gas.
What it means for a shareholder
5.0m new shares at US$0.500 to raise about US$2.5m. 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.
4 Apr 2005bylaws amendment● NeutralMajor
A dormant Nevada shell called Seaside Exploration changed hands: its majority holder sold a 54% stake to Daniel Meyer for $7,000, and the company was renamed Sky Petroleum, split its shares 4-for-1 and announced it would look for oil and gas deals. Everything that follows starts here - the company had no petroleum assets at all on this date.
30 Dec 2004director interest notice● Neutral
Daniel F Meyer became a SKY PETROLEUM, INC. President,Secretary,Treasurer and company insider (initial ownership filing).
7 Apr 2004securities registration● Neutral
SKY PETROLEUM, INC. amended an already-effective registration statement.
7 July 2003director interest notice● Neutral
Christine L Szymarek became a SKY PETROLEUM, INC. President, Secretary/Treasurer and company insider (initial ownership filing).
20 Dec 2002securities registration● Neutral
SKY PETROLEUM, INC. filed the final prospectus for a registered offering.
17 Dec 2002securities registration● Neutral
SKY PETROLEUM, INC. amended a filing by which it registered a small-business securities offering with the SEC.
8 Nov 2002securities registration● Neutral
SKY PETROLEUM, INC. amended a filing by which it registered a small-business securities offering with the SEC.
15 Oct 2002securities registration● Neutral
SKY PETROLEUM, INC. amended a filing by which it registered a small-business securities offering with the SEC.
27 Sept 2002securities registration● Neutral
SKY PETROLEUM, INC. amended a filing by which it registered a small-business securities offering with the SEC.
12 Sept 2002securities registration● Neutral
SKY PETROLEUM, INC. registered a small-business securities offering with the SEC.