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Not looking any better post split.
.42 pre-split
RDMP one for 10 reverse split:
http://www.otcbb.com/asp/dailylist_detail.asp?d=01/30/2014&mkt_ctg=NON-OTCBB
LOL!!! It's "Hotel California" here. You can check in anytime you like but you can never leave!! There is NO WAY OUT of a company like RDMP that is completely ILLIQUID. The stock price here follows the cash....down down down like a burning ring of fire. RDMP will have to raise to cash AGAIN AND AGAIN to have any meaning from here. Tough to do from here if at all possible, which we know from the last 2 years...it is not.
Someone is going to be dumping 750,000 shares.....AGAIN!!!
"On July 26, 2013, the Company issued 750,000 shares of its common stock to two brokers as compensation for broker services provided in connection with a private placement of the Company’s common stock in February 2013."
More and more lawsuits......
Litigation
Cross Border and Cross Border’s former Chief Executive Officer are party to a lawsuit with a former employee. On May 4, 2011, Clifton M. (Marty) Bloodworth filed a lawsuit in the State District Court of Midland County, Texas, against Doral West Corp. d/b/a Doral Energy Corp. (the predecessor entity of Cross Border) (“Doral Energy”) and Everett Willard Gray II, Cross Border’s former Chief Executive Officer. Mr. Bloodworth alleges that Mr. Gray, as Chief Executive Officer of Cross Border, made false representations which induced Mr. Bloodworth to enter into an employment contract that was subsequently breached by Cross Border. The claims that Mr. Bloodworth has alleged are: breach of his employment agreement with Doral Energy, common law fraud, civil conspiracy breach of fiduciary duty, and violation of the Texas Deceptive Trade Practices Act. Mr. Bloodworth is seeking damages of approximately $280,000. Mr. Gray and the Company deny that Mr. Bloodworth’s claims have any merit.
Cross Border was previously party to an engagement letter, dated February 7, 2012 (the “Engagement Letter”), with KeyBanc Capital Markets Inc. (“KeyBanc”) pursuant to which KeyBanc was to act as exclusive financial advisor to Cross Border’s Board of Directors in connection with a possible “Transaction” (as defined in the Engagement Letter). The Engagement Letter was formally terminated by Cross Border on August 21, 2012. The Engagement Letter provided that KeyBanc would be entitled to a fee upon consummation of a Transaction within a certain period of time following termination of the Engagement Letter. On May 16, 2013, KeyBanc delivered an invoice to Cross Border in the amount of $751,334, representing amounts purportedly owed by Cross Border to KeyBanc as a result of the consummation of a purported Transaction that KeyBanc asserts had been consummated within the required time period and its out-of-pocket expenses in connection therewith. Cross Border disputes that any Transaction was consummated and that KeyBanc is entitled to any out-of-pocket expenses. The matter was originally filed in the 44th-B Judicial District Court for the State of Texas, Dallas County but was subsequently removed to the United States District Court for the Northern District of Texas, Dallas Division. Cross Border intends to vigorously defend the action.
Reviving the Dead Mountain....
All the doctors in the world cant revive this one.
Borrowing more and more, still violating 4 loan covenants.
As of May 31, 2013, the Company had $19.8 million outstanding under the Credit Facility and had availability of $0.2 million. The Company was not in compliance with all of the financial covenants under the Credit Facility described above at May 31, 2013."The Company incurred a net loss attributable to Red Mountain Resources, Inc. of $12.2 million during the fiscal year ended May 31, 2013. At May 31, 2013, the outstanding principal amount of the Company’s debt was $23.6 million, and the Company had a working capital deficit of $8.4 million. As of May 31, 2013, the Company had $3.8 million of debt due within the next twelve months."
Still headed lower. Buried with debt. Debt exceeds revenues!
Run and don't look back.
More DESPIRATED attempts to raise capital and pay down on the MASSIVE DEBT!
The company reported $22 million in defaulted debt last qtr, now delays reporting financials another month.
I kept an eye on this company since inception... they seemed to be rolling together quite a few good Oil and Gas assets..... It seems perhaps once again the rollup strategy has failed to deliver.
$22 million debt burden, $5 million in revenues, $6 million G&A. This one is toast. Desperately attempting to raise $$$ to avoid BK. SP tumbles, setting new lows.
$6 million in G&A, as production falls. The only thing going up the the debt levels! $22 million, loan violations.
House of cards is falling!
Yup, the truth be known!
$22 million in Debt, Massive dilution.
Real DD foresaw it coming. The house of cards has collapsed!
What a fricken JOKE!
Red Mountain Resources, Inc. (OTCQB : RDMP.QB) (the "Company") announced today that it plans to offer 30,000,000 shares of its common stock in an underwritten public offering, subject to market conditions. The Company intends to use the net proceeds from the offering to repay outstanding indebtedness and to fund drilling and development of its properties.
Hello, 30 million shares @ .70 cant even pay off the debt, never mind fund any drilling or development!
30,000,000 million share dilution and a reverse split!
on top of $22 million of debt!
Even more bailing on this one, another 51,000 out at $.80. Headed to new lows. Massive $22 million debt load, Huge $24 million negative working capital.
Sure looks like insider selling. Pennies away from now low.
RDMP fried XBOR shareholders!
ROFLMAO. 300,000 acres in the middle of nowhere! Really, this goat ranch is in western New Mexico? The oil is in the Permian Basin! What go is this goat ranch land, looks impressive on paper. Western New Mexico? Only thing there is goats and illegals crossing the border. Hummmm....Cross Border...,,
The question is why invest in the first place....
Never had any assets, cash or management in oil and oil.
Insider bailing, huge $24 million negative working capital, massive debt load, non compliant loan covenants, G&A topping Revenues
Ship is sinking and insider bailing, all signs the house of cards are falling.
Boomer, did you dump all your shares?
How Deep of A Hole can Barksdale dig? Shrinking working interests, massive Debt load, maxed out debt, loan violations, G&A topping Revenues.....
Insider Bailing, what next?
Huge $24 million Negative Working Capital, Massive Debt, 40% drop in production, going concern issues, insider bailing. What else can Barksdale do? This one is done. Insider bailing
Like I said...."shudda got out long ago" Why are you telling me this??? You SHUDDA GOT OUT LONG AGO!!! LOLOLOLOLOL!!!!! Like I said!
These off topic posts about comparing this RDMP to some Canadian "Scamcouver" exchange traded stock are ridiculous! It's obvious that one company has ongoing drilling operations while one is standing by waiting on Noah and some magical flood. What's next??? Comets of 2016? Earthquakes of '17 to shake loose the sludge??
And I have been pointing out the HUGE Negative Working Capital Issue that doubled in the last 3 months!
Production is off by 40% in one year, debt is massive, double annual revenues, CL is 3x CA, loans covedents are non compliant
Insiders bailing.
No...I've been telling you forever that you "shudda got outlong ago"!!!! LOL!!
I think there are 14 posts that say the same thing..."shudda got out long ago"
Wanna see 'em?
-$24 million! Boomer, I thought you said things were getting better. This one is dead! $24 million NEGATIVE working capital, G&A is more than Revenue!
Insiders Bailing!
Shudda got out long like I said. I have no idea why you think I care. Is there anybody else here on this board that does?
YYYAAAWWWN.
Looks like things are getting worse....that's quite a hole Barksdale is digging!
2. Going Concern
......
Subsequent to the closing of the Credit Agreement, the outstanding principal amount of the Company’s debt was $22.0 million, net of an aggregate discount of $0.7 million, and the Company had a working capital deficit of $24.3 million at February 28, 2013. Of the outstanding debt, $0.5 million is due July 31, 2013 under a subordinated note payable to Hyman Belzberg, William Belzberg, Caddo Management, Inc. and RMS Advisors, Inc. (collectively, the “Note Lender”), and an aggregate of $3.75 million is due on convertible promissory notes of which $1.0 million is due on July 30, 2013 and $2.75 million is due on November 25, 2013. In addition, the Company was not in compliance with the financial covenants in the Credit Agreement for the three months ended February 28, 2013 and is seeking a waiver from the Lender or an amendment to the Credit Agreement to cure the non-compliance. Under the terms of the Credit Agreement, the Lender may refuse to advance additional funds to the borrowers under the credit facility and may seek to accelerate the Company’s repayment obligations. As of the date hereof, the Lender had not taken either of these actions. As a result of the non-compliance, the entire amount of indebtedness owed under the credit facility has been classified as a current liability on the consolidated balance sheet at February 28, 2013. The Company also incurred a net loss of $10.0 million during the nine months ended February 28, 2013. The Company currently does not have sufficient funds to repay these debt obligations. The Company is exploring available financing options, including the sale of debt or equity. If the Company is unable to finance its operations on acceptable terms or at all, its business, financial condition and results of operations may be materially and adversely affected. As a result of the recurring losses from operations and a working capital deficiency, there is substantial doubt regarding the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the possible inability of the Company to continue as a going concern.
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RMR currently maintains an ownership interest in 52 gross wells (33.4 net), including approximately 39 gross operated wells (31.3 net) and 13 gross non-operated wells (2.1 net) with 112 gross (98.1 net) potential drilling locations. RMR owns 9,686 gross acres (5,512 net) comprised of 5,091 gross acres (4,125 net) in the Permian Basin of West Texas and Southeast New Mexico, and 4,595 gross acres (1,387 net) in the onshore Gulf Coast of South Texas. As of May 31, 2011 our proved reserves totaled approximately 1.368 MMBOE (62% Liquids), with a total proved PV10 value of approximately $35.31 million. As of May 31, 2011 our probable reserves totaled 2.321 MMBOE (81% Liquids), with a total probable PV10 value of approximately $43.92 million. As of May 31, 2011, our 2P reserves total 3.689 MMBOE (74% Liquids), with a total 2P PV10 value of approximately $79.23.
RMR has developed the following strategy aimed at the ultimate goal of increasing shareholder value.
We have a goal-oriented approach that allows RMR to systematically execute our strategy.
Alan Barksdale has been Red Mountain Resources' President, Chief Executive Officer and a director since June 2011 and served as our Interim Acting Chief Financial Officer from June 2011 to August 2011. Mr. Barksdale has also served as President of Black Rock since its inception. Mr. Barksdale has also been the owner and president of the StoneStreet Group ("StoneStreet") since 2008. Mr. Barksdale formed StoneStreet to provide advisory and management services and pursue merchant banking activities. At StoneStreet, Mr. Barksdale oversees the firm's capital investments, manages its subsidiaries and serves as the senior advisor to StoneStreet's clients. Through its wholly owned subsidiaries, StoneStreet owns and operates upstream and midstream oil and gas assets, a portfolio of real estate and various investments in oilfield service companies. From January 2007 to April 2010, Mr. Barksdale served as a Director in the Capital Markets Group of Crews & Associates, an investment banking firm, and served as senior banker for approximately 115 transactions. From August 2006 to October 2006, Mr. Barksdale served as an investment banker at Stephens Inc., an investment banking firm. From 2002 to August 2006, Mr. Barksdale was an investment banker at Crews & Associates. Mr. Barksdale graduated from the University of Arkansas at Little Rock in 2001 where he received a Bachelor of Business Administration with an emphasis in Finance. He is registered with FINRA, MSRB, PSA and various state securities departments throughout the US. Mr. Barksdale also holds Series 7 and Series 63 licenses.
Tommy W. Folsom has been Red Mountain Resources' Executive Vice President and Director of Exploration and Production since September 2011. Mr. Folsom is the founder of Enerstar Resources O & G, LLC, an oil company involved in the drilling, re-completion, re-entry and acquisition of properties and leases in the United States, and has served as its President since its formation in 1994. From 1996 to August 2011, Mr. Folsom served as the Operations Manager of Murchison Oil and Gas, Inc., a privately-held independent oil and gas company engaged in the acquisition, development and production of oil and gas resources in the United States. In 1990, Mr. Folsom was a partner in the formation of Vision Energy, Inc., an oil and gas company, and served as its Vice President of Operations until 1994. From 1976 to 1990, Mr. Folsom served as an Area Supervisor for Santa Fe Energy, Inc. in Carlsbad, New Mexico.
Hilda D. Kouvelis has more than 25 years of industry accounting and finance experience. From January 2005 until June 2011, she was employed with Transatlantic Petroleum Ltd., a vertically integrated, international oil and gas company engaged in the acquisition, exploration, development and production of crude oil and natural gas, serving as its chief financial officer from January 2007 until April 2011 and as its vice president from May 2007 to April 2011. She also served as its controller from 2005 to January 2007. Since leaving Transatlantic Petroleum in June 2011, she has been a private consultant advising on accounting matters and acquisitions. From November 2007 to May 2008, Ms. Kouvelis served as chief financial officer of Sky Petroleum Inc., a company that makes direct property acquisitions and/or funds exploration or development of oil and natural gas properties for others, and Southern Star Energy Inc., an exploration stage company engaged in the acquisition, exploration and exploitation of prospective oil and gas properties. From 2001 to 2004, Ms. Kouvelis served as controller for Ascent Energy, Inc., an oil and natural gas exploration and development company. From 1998 to 2000, Ms. Kouvelis served as controller for International Operations at PetroFina S.A.'s headquarters in Brussels, Belgium. Ms. Kouvelis began her career with FINA, Inc. where she held various positions in accounting and finance, including controller and treasurer. Ms. Kouvelis received a B.B.A. in accounting from Angelo State University and an M.B.A. from the University of Dallas. Ms. Kouvelis is a licensed Certified Public Accountant.
John T. Hanley has been Red Mountain Resources' Executive Vice President and Director of Finance since August 2011. Mr. Hanley has 37 years of experience in the oil and gas industry. Prior to joining RMR, Mr. Hanley served as Controller for Coastal Energy Company, an international oil and gas exploration and production company located in Houston, Texas with assets in Thailand, from June 2009 to August 2011. While at Coastal Energy, Mr. Hanley directed the successful implementation of IDEAS Accounting System in the Houston and Bangkok offices, as well as working with the company's management and auditors to help implement new internal controls and procedures necessary for it to meet Toronto Stock Exchange requirements (which Coastal Energy is now listed on). From February 2009 to May 2009, Mr. Hanley was a Senior Tax Accountant at Carl Pearce CPA, PC, an accounting firm. From July 2008 to January 2009, Mr. Hanley was President of Six Cleats Energy, LLC, a company he founded that provided small oil and gas companies with outsourcing for their back office services, as well as other related services. From August 2001 to June 2008, Mr. Hanley was the Chief Financial Officer of Arcturus Corporation, a company specializing in the exploration, development and production of crude oil and natural gas. Prior to this, Mr. Hanley held significant accounting positions, including Controller or Chief Financial Officer, of numerous companies, including Phillips Petroleum Company, Aminoil USA, Inc. and Triton Energy Company. Mr. Hanley is a CPA and received a B.B.A. from the University of Oklahoma and an M.B.A. from the University of Central Oklahoma.
Jack Bradley is a geologist for Red Mountain Resources and also serves as a Vice President and RMR's Director of Business Development. Mr. Bradley has nearly a decade of experience in petroleum geology and oil and gas property value assessment. He previously served as a Geologist and Director of Business Development for StoneStreet Group, Inc. At StoneStreet Mr. Bradley evaluated numerous oil and gas opportunities throughout the country, ultimately making acquisition recommendations to company management. Mr. Bradley recommended and ultimately assisted in the acquisition process of the Wilcox property in South Texas and the Pawnee and Madera prospects in Southeast New Mexico, all of which are currently operated by RMR. Prior to joining StoneStreet, Mr. Bradley served as a GeoTech and Geologist for R.K. Ford & Associates and Sebring Exploration in Midland, Texas. Mr. Bradley has extensive geographical experience in the Permian Basin, Val Verde Basin, and in South Texas. Mr. Bradley earned his Geology degree from Sul Ross State University and is a member of the American Association of Petroleum Geologists and the West Texas Geological Society.
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