17 Oct 2006director interest notice● Neutral
John Stiska became a Surge Global Energy, Inc. director and company insider (initial ownership filing).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
12 Oct 2006director officer appointment● NeutralMajor
Stephen Sharpe resigned after three months and Surge replaced him with three genuinely senior independents - former San Diego Gas & Electric chief Thomas Page, Sempra director Richard Collato, and John Stiska. Their options were struck at $0.50, a third of the price paid in March's placement, which says more about the stock than the press release does.
20 Sept 2006asset acquisition disposition● Neutral
This filing supplies the promised pro forma numbers for losing control of Signet. Surge's direct stake fell from 44.77% to 27.30% after the July 2006 C$18.7 million Signet financing, and Signet will be deconsolidated in the quarter ending September 30, 2006 and accounted for as an equity investment. On the pro forma June 30, 2006 balance sheet, total assets drop from $20,037,470 to $13,536,795 while stockholders' equity rises from $3,000,875 to $10,281,051, driven by recorded gains/revaluation of the Signet stake (equity investment $4,647,410 pro forma).
18 Sept 2006financial restatement▼ BadMajor
Surge told investors not to rely on its June 30, 2006 quarterly financial statements until an amended 10-QSB was filed. It found foreign-currency translation effects on discontinued operations had been misclassified in the balance sheet, income statement, equity and cash flow statements, with no change to loss from continuing operations, per-share results or cash balances.
28 Aug 2006substantial holder notice● Neutral
E. Jamie Schloss reported a Surge Global Energy, Inc. shareholding of 2,822,222 shares (10.15% of votes) in a periodic institutional filing.
11 Aug 2006late filing notice▼ Bad
Surge Global Energy, Inc. notified the SEC that its quarterly report would be filed late.
8 Aug 2006director interest notice● Neutral
William F Greene became a Surge Global Energy, Inc. Chief Financial Officer and company insider (initial ownership filing).
8 Aug 2006director interest notice● Neutral
Kenneth M Druck became a Surge Global Energy, Inc. director and company insider (initial ownership filing).
8 Aug 2006director interest notice● Neutral
Stephen Sharpe became a Surge Global Energy, Inc. director and company insider (initial ownership filing).
2 Aug 2006material agreement● Neutral
Kenneth Druck and Stephen Sharpe joined the board at $18,000 a year plus options at $1.11, and finance chief Greene's options were repriced down from $1.75 to $1.11 - the first visible admission that the share price was falling.
2 Aug 2006director interest notice● Neutral
Surge Global Energy, Inc. director Idziszek Chet sold 15,000 shares.
31 July 2006director interest notice● Neutral
Surge Global Energy, Inc. director Idziszek Chet sold 15,000 shares.
27 July 2006director interest notice● Neutral
Surge Global Energy, Inc. director E Jamie Schloss disposed of 2,100,000 shares via option/appreciation-right settlement.
18 July 2006director interest notice● Neutral
Surge Global Energy, Inc. director Idziszek Chet sold 6,500 shares.
13 July 2006director interest notice● Neutral
Surge Global Energy, Inc. director Idziszek Chet sold 8,000 shares.
13 July 2006director interest notice● Neutral
Surge Global Energy, Inc. director E Jamie Schloss exercised stock options for 400,000 shares and disposed of 400,000 shares.
11 July 2006asset acquisition disposition● NeutralMajor
On July 7, 2006, Signet Energy, which runs the Sawn Lake oil sands project from the 2005 farm-out, sold 16,293,000 of its own shares for C$18,736,950 to investors. Surge received none of the money, and its share of Signet fell so that it no longer controls over 50% of the voting stock, so Signet will be removed from Surge's consolidated accounts. This filing only corrects a date typo (June to July 7) and adds the deconsolidation note. The filing says Signet has drilled one well and earned a 40% working interest in 6 sections, and must complete the farm-in by February 25, 2008.
11 July 2006asset acquisition disposition▼ BadMajor
The dilution predicted by December's subsidiary financing arrived: Signet sold $18.7 million of its own stock, none of which Surge received, and Surge dropped below 50%. Sawn Lake - the only project Surge had ever operated - stopped being consolidated into its accounts, leaving Surge a minority shareholder in the company that holds its asset.
10 July 2006director interest notice● Neutral
Surge Global Energy, Inc. 10%+ owner Steven Heard sold 73,000 shares.
10 July 2006director interest notice● Neutral
Surge Global Energy, Inc. director Idziszek Chet sold 7,000 shares.
6 July 2006securities registration● Neutral
Surge Global Energy, Inc. filed the final prospectus for a registered offering.
6 July 2006director interest notice● Neutral
Surge Global Energy, Inc. director Idziszek Chet sold 11,000 shares.
5 July 2006director interest notice● Neutral
Surge Global Energy, Inc. director Idziszek Chet sold 7,600 shares.
30 June 2006director officer appointment● Neutral
The board sacked E. Jamie Schloss as finance chief and replaced him with William Greene, a compliance consultant who had been doing Surge's filing work. Schloss stayed in the company's orbit and would return as chief executive two years later.
30 June 2006securities registration● Neutral
Surge Global Energy, Inc. filed the final prospectus for a registered offering.
29 June 2006director interest notice● Neutral
Surge Global Energy, Inc. director Idziszek Chet sold 6,000 shares.
27 June 2006director interest notice● Neutral
Surge Global Energy, Inc. director Idziszek Chet sold 7,000 shares.
23 June 2006director interest notice● Neutral
Surge Global Energy, Inc. director Idziszek Chet sold 8,500 shares.
21 June 2006director interest notice● Neutral
Surge Global Energy, Inc. director Idziszek Chet sold 37,000 shares.
19 June 2006director interest notice● Neutral
Surge Global Energy, Inc. director Idziszek Chet sold 9,000 shares at $2.06.