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Here s an example of another company that files shares issued for convertibles weekly.
SECTION 3 – Securities and Trading Markets
ITEM 3.02. Unregistered Sales of Equity Securities
The registrant, ERF Wireless, Inc. is referred to herein as “we”, “our” or “us”.
From February 28 through March 6, 2015, we issued 60,826,000 common stock shares pursuant to existing Convertible Promissory Notes that have all been reported on in our earlier public filings. We receive no additional compensation at the time of the conversions beyond that previously received at the time the Convertible Promissory Notes were originally issued. The shares were issued at an average of $0.0002 per share. The issuance of the shares constitutes 17.508% of our issued and outstanding shares based on 347,414,201 shares issued and outstanding as of February 27, 2015.
DK says the company is not responsible for filing the Form 4's. He says it's the responsibility of the individual purchasing the stock.
TULLOW, AFRICA OIL STRIKE MORE OIL IN NORTH WESTERN KENYA
Tullow, Africa Oil strike more oil in North Western Kenya
March 11, 2015 in New Discoveries, Top News
Block 10BB Tullow Oil operator and joint venture partner Africa Oil have reported that the Ngamia 7 well located approximately 1.2 kilometres east of Ngamia-3 and was drilled to test the eastern flank of the Ngamia field encountered up to 132 metres of net oil pay and expanded the proven extent of the field.
Static pressure data from the Ngamia-1, 3, 5, 6 and 7 wells supports connectivity between the wells at multiple reservoir horizons, which will be further tested with the planned Ngamia EWT.
At the Ekale-2 appraisal well located in Block 13T which is currently being drilled by the Weatherford 804 rig the well is currently at a depth of 2,817 metres and encountered 50 to 70 metres of potential net oil pay
The well is currently being deepened a further 1,000 metres to test a high-amplitude seismic event with the final results from the Ekales-2 well expected to be available around the end of March.
“There is further good news from our appraisal programme in Northern Kenya where the Ngamia-7 well has successfully tested and extended the eastern flank area of the oil field. The results to date from Ekales-2 are also very encouraging and we are very pleased with the results from the 3D seismic survey which reveals there is important additional prospectivity in this exciting new oil province,” says Tullow oil exploration director Angus McCoss.
Elsewhere tests on the well flow in Block 10BB at the Amosing-1 and Amosing-2A shows that Amosing-1 well flowed at a combined maximum rate of 5,600 barrels of oil per day from five zones and the Amosing-2A well flowed at a combined maximum rate of 6,000 bopd from four zones, the fifth zone being in the aquifer with both wells demonstrating high quality reservoir sands and flowed 31 to 38° API dry oil under natural flow.
Pressure data during the initial clean-up flows shows connectivity between the two completed wells in the upper three zones with further production testing required to test connectivity in the lower two zones supporting the static pressure data which indicated connectivity between the Amosing-1, 2, 2A and 3 wells in multiple zones.
The Amosing EWT forward program is to conduct longer-term flow and water injection tests, commencing mid-March with results expected in the second quarter of this year.
The PR Marriott 46 rig which completed the Ngamia-7 well has in the meantime recently spud the Amosing-4 well located approximately 1 kilometre southeast of Amosing-1, to test the southern extent of the field.
“We are very encouraged by the continued strong results from the exploration and appraisal program in the South Lokichar Basin, which are both growing the resource base and reducing uncertainty. The strong initial Amosing EWT results continue to reinforce that we have a world-class oil basin on our hands,” says Africa Oil CEO Keith Hill.
Following completion of the Amosing-4 well the PR-46 rig will mobilize back to the Ngamia field to drill and complete the Ngamia-8 well, located in the centre of the eastern fault block between the Ngamia-3, 5, 6 and 7 wells, and will be the main production well for the EWT. Additionally, two of the existing suspended Ngamia wells will be completed as EWT wells. Initial flow testing of the Ngamia EWT wells is expected to commence around mid-year.
The two partners were however bit dust at the first well drilled in the large North Turkana Basin (west of Lake Turkana where numerous naturally occurring oil slicks and seeps have been observed) the Engomo-1 exploration well in Block 10BA was drilled to a total depth of 2,353 metres utilising the SMP-106 rig.
The well encountered interbedded sandstones, siltstones and claystones but no significant oil or gas shows were encountered and the well has been plugged and abandoned.
The SMP-5 rig which installed production completions in the Amosing-1 and Amosing-2A wells in preparation for an Extended Well Test of the field has been released while the SMP-106 rig while drilled the Engomo-1 well has been demobilized.
The Weatherford 804 rig is expected to be released in April after completing the Ekale-2 appraisal well.
TAGS: Africa Oil Amosing 1 Amosing-2A Amosing-4 Block 10BB Block 13T Ekale 2 Engomo-1 Ngamia-7 PR-46 Rig SMP-106 Rig SMP-5 Rig Tullow Oil Weatherford 804SHARE NOW PREVIOUS POST HORN PETROLEUM REBRANDS TO AFRICA ENERGY, HIRES ADDITIONAL MANAGEMENT
TOP NEWS
March 11, 2015
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TULLOW, AFRICA OIL STRIKE MORE OIL IN NORTH WESTERN KENYA
Tullow, Africa Oil strike more oil in North Western Kenya
March 11, 2015 in New Discoveries, Top News
Block 10BB Tullow Oil operator and joint venture partner Africa Oil have reported that the Ngamia 7 well located approximately 1.2 kilometres east of Ngamia-3 and was drilled to test the eastern flank of the Ngamia field encountered up to 132 metres of net oil pay and expanded the proven extent of the field.
Static pressure data from the Ngamia-1, 3, 5, 6 and 7 wells supports connectivity between the wells at multiple reservoir horizons, which will be further tested with the planned Ngamia EWT.
At the Ekale-2 appraisal well located in Block 13T which is currently being drilled by the Weatherford 804 rig the well is currently at a depth of 2,817 metres and encountered 50 to 70 metres of potential net oil pay
The well is currently being deepened a further 1,000 metres to test a high-amplitude seismic event with the final results from the Ekales-2 well expected to be available around the end of March.
“There is further good news from our appraisal programme in Northern Kenya where the Ngamia-7 well has successfully tested and extended the eastern flank area of the oil field. The results to date from Ekales-2 are also very encouraging and we are very pleased with the results from the 3D seismic survey which reveals there is important additional prospectivity in this exciting new oil province,” says Tullow oil exploration director Angus McCoss.
Elsewhere tests on the well flow in Block 10BB at the Amosing-1 and Amosing-2A shows that Amosing-1 well flowed at a combined maximum rate of 5,600 barrels of oil per day from five zones and the Amosing-2A well flowed at a combined maximum rate of 6,000 bopd from four zones, the fifth zone being in the aquifer with both wells demonstrating high quality reservoir sands and flowed 31 to 38° API dry oil under natural flow.
Pressure data during the initial clean-up flows shows connectivity between the two completed wells in the upper three zones with further production testing required to test connectivity in the lower two zones supporting the static pressure data which indicated connectivity between the Amosing-1, 2, 2A and 3 wells in multiple zones.
The Amosing EWT forward program is to conduct longer-term flow and water injection tests, commencing mid-March with results expected in the second quarter of this year.
The PR Marriott 46 rig which completed the Ngamia-7 well has in the meantime recently spud the Amosing-4 well located approximately 1 kilometre southeast of Amosing-1, to test the southern extent of the field.
“We are very encouraged by the continued strong results from the exploration and appraisal program in the South Lokichar Basin, which are both growing the resource base and reducing uncertainty. The strong initial Amosing EWT results continue to reinforce that we have a world-class oil basin on our hands,” says Africa Oil CEO Keith Hill.
Following completion of the Amosing-4 well the PR-46 rig will mobilize back to the Ngamia field to drill and complete the Ngamia-8 well, located in the centre of the eastern fault block between the Ngamia-3, 5, 6 and 7 wells, and will be the main production well for the EWT. Additionally, two of the existing suspended Ngamia wells will be completed as EWT wells. Initial flow testing of the Ngamia EWT wells is expected to commence around mid-year.
The two partners were however bit dust at the first well drilled in the large North Turkana Basin (west of Lake Turkana where numerous naturally occurring oil slicks and seeps have been observed) the Engomo-1 exploration well in Block 10BA was drilled to a total depth of 2,353 metres utilising the SMP-106 rig.
The well encountered interbedded sandstones, siltstones and claystones but no significant oil or gas shows were encountered and the well has been plugged and abandoned.
The SMP-5 rig which installed production completions in the Amosing-1 and Amosing-2A wells in preparation for an Extended Well Test of the field has been released while the SMP-106 rig while drilled the Engomo-1 well has been demobilized.
The Weatherford 804 rig is expected to be released in April after completing the Ekale-2 appraisal well.
TAGS: Africa Oil Amosing 1 Amosing-2A Amosing-4 Block 10BB Block 13T Ekale 2 Engomo-1 Ngamia-7 PR-46 Rig SMP-106 Rig SMP-5 Rig Tullow Oil Weatherford 804SHARE NOW PREVIOUS POST HORN PETROLEUM REBRANDS TO AFRICA ENERGY, HIRES ADDITIONAL MANAGEMENT
TOP NEWS
March 11, 2015
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Hopefully insiders (PN)can't buy because something is in the works. It seems to me their pay checks are in danger real soon unless they get a substantial amount of money from some source. I am not sure if they can keep selling convertibles at these low share prices to cover the expenses. Maybe to Chrome.
They would not be is dire straits if they would cut some of the over $4M overhead expenses.
If we assume they need about $10M for obligations (overhead, Kenya, Chad) and they use convertibles for the funding the will have to issue about 5B shares at a minimum.
Oil-cowboy in IHUB jail until March 28
But why didn't you sell August 14, 2014. Why take these losses if you really were convinced this would happen?
ADAMANTINE ENERGY SEEKS 15 MONTH EXTENSION IN KENYA’S BLOCK 11B
March 4, 2015 in Top News
Adamantine, operator of block 11B, has advised that they have applied to the Kenyan authorities for a 15 month extension to allow for the acquisition, processing and evaluation of 2D seismic.
This follows delayed commencement of seismic operations due to logistical issues as well as security concerns.
Given the above concerns Adamantine says that the programme will be unable to be completed prior to the expiry of the first exploration phase of the licence on 26 May 2015.
Already Adamantine and Bowleven the partner in the block are enjoying a one year license extension after their request to also enable them carry out evaluation ahead of second phase decision.
Block 11B encompasses an area covering the Loeli, Lotikipi, Gatome and South Gatome basins. These basins are a part of the geologically young East African Rift system to the north of the Lokichar Basin, where significant discoveries have recently been made.
Bowleven entered block 11B by farming in to Adamantine in September 2012 and was set to see its license expire in May 2014 two years after the operator was awarded a Petroleum Sharing Contract by the Kenyan government.
Under the agreement Bowleven which holds 50 percent stake is to provide technical and other services
TAGS: Adamantine Energy Block 11B Bowleven East African Rift System Gatome Kenya Loeli Lokichar Basin Lotikipi South Gatome Basins PREVIOUS POST ANADARKO TO DRILL PLAY-OPENING DEEPWATER WELL IN KENYA
TOP NEWS
March 4, 2015
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ADAMANTINE ENERGY SEEKS 15 MONTH EXTENSION IN KENYA’S BLOCK 11B
March 4, 2015 in Top News
Adamantine, operator of block 11B, has advised that they have applied to the Kenyan authorities for a 15 month extension to allow for the acquisition, processing and evaluation of 2D seismic.
This follows delayed commencement of seismic operations due to logistical issues as well as security concerns.
Given the above concerns Adamantine says that the programme will be unable to be completed prior to the expiry of the first exploration phase of the licence on 26 May 2015.
Already Adamantine and Bowleven the partner in the block are enjoying a one year license extension after their request to also enable them carry out evaluation ahead of second phase decision.
Block 11B encompasses an area covering the Loeli, Lotikipi, Gatome and South Gatome basins. These basins are a part of the geologically young East African Rift system to the north of the Lokichar Basin, where significant discoveries have recently been made.
Bowleven entered block 11B by farming in to Adamantine in September 2012 and was set to see its license expire in May 2014 two years after the operator was awarded a Petroleum Sharing Contract by the Kenyan government.
Under the agreement Bowleven which holds 50 percent stake is to provide technical and other services
TAGS: Adamantine Energy Block 11B Bowleven East African Rift System Gatome Kenya Loeli Lokichar Basin Lotikipi South Gatome Basins PREVIOUS POST ANADARKO TO DRILL PLAY-OPENING DEEPWATER WELL IN KENYA
TOP NEWS
March 4, 2015
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I guess from your tone you are your group that hold 40m+ shares have written this investment off as a total loss.
What's your opinion of ERHC apparently going to pink sheets?
The symbol was changed from ERHC to ERHE many years ago. There are no reports past due. As I said before if reports were past due the symbol would be changed to ERHEE.
Yes you are missing something the symbol would be ERHEE if they were late on the 10K or 10Q
If AO drilled 23 wells and 17 were successful that's a 74% rate far better than the 25% rate some have been saying that can be expected for our block.
EXPLORATION SLOWS DOWN IN KENYA AS RIG COUNT FALLS
February 27, 2015 in Top News
The number of drilling rigs in Kenya is expected to significantly fall in Kenya in 2015 as oil companies cut down on exploration as well as the main players’ ramp up their exploration and appraisal program.
According to Africa Oil a joint partner with Tullow Oil in blocks 10BB, 13T and 10BA the partners had five rigs towards the end of 2014 one in Block 9 where Africa Oil is the operator together with its partner Marathon Oil.
In 2015 as the company concentrates on appraisal and development of the discovered basin in Northern Kenya, the Africa Oil – Tullow partnership has released one of its four rigs.
Later this year, by the end of the second quarter the partners will again release two additional rigs remaining with just one single rig operating in Kenya.
“The focus of the work program in 2014 was drilling out the remaining prospect inventory in the discovered basin in Northern Kenya, appraising existing discoveries, drilling new basin opening wells and progressing the development studies towards project sanction for the discovered basin in Northern Kenya,” says Africa Oil in a statement.
Already the partners have drilled 23 wells in Northern Kenya 17 of which have been successful.
In Ethiopia Africa Oil is also pulling back two rigs from Ethiopia’s South Omo Block and Blocks 7/8.
All is however not lost as a number of other players in other basins are beginning their drilling programmes including Rift Energy, Swala Energy, Bowleven with others like ERHC starting their program in 2016.
TAGS: Africa Oil Block 10BA Block 10BB Block 13T Bowleven ERHC Exploration Rigs Kenya Rift Energy Swala Energy Tullow Oil PREVIOUS POST ABERDEEN UNIVERSITY TO HELP DEVELOP OIL AND GAS EDUCATION IN TANZANIA
TOP NEWS
February 27, 2015
ATTACHMENTIMG-20150127-WA0012
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EXPLORATION SLOWS DOWN IN KENYA AS RIG COUNT FALLS
February 27, 2015 in Top News
The number of drilling rigs in Kenya is expected to significantly fall in Kenya in 2015 as oil companies cut down on exploration as well as the main players’ ramp up their exploration and appraisal program.
According to Africa Oil a joint partner with Tullow Oil in blocks 10BB, 13T and 10BA the partners had five rigs towards the end of 2014 one in Block 9 where Africa Oil is the operator together with its partner Marathon Oil.
In 2015 as the company concentrates on appraisal and development of the discovered basin in Northern Kenya, the Africa Oil – Tullow partnership has released one of its four rigs.
Later this year, by the end of the second quarter the partners will again release two additional rigs remaining with just one single rig operating in Kenya.
“The focus of the work program in 2014 was drilling out the remaining prospect inventory in the discovered basin in Northern Kenya, appraising existing discoveries, drilling new basin opening wells and progressing the development studies towards project sanction for the discovered basin in Northern Kenya,” says Africa Oil in a statement.
Already the partners have drilled 23 wells in Northern Kenya 17 of which have been successful.
In Ethiopia Africa Oil is also pulling back two rigs from Ethiopia’s South Omo Block and Blocks 7/8.
All is however not lost as a number of other players in other basins are beginning their drilling programmes including Rift Energy, Swala Energy, Bowleven with others like ERHC starting their program in 2016.
TAGS: Africa Oil Block 10BA Block 10BB Block 13T Bowleven ERHC Exploration Rigs Kenya Rift Energy Swala Energy Tullow Oil PREVIOUS POST ABERDEEN UNIVERSITY TO HELP DEVELOP OIL AND GAS EDUCATION IN TANZANIA
TOP NEWS
February 27, 2015
ATTACHMENTIMG-20150127-WA0012
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Condor-please send your questions to DK. Don't know if he will answer but it's worth a try.
No one knows for sure but based on history of ERHC I don't believe he has ever sold any stock.
I don't think Offer will be a toxic converter because he won't sell the stock.
My guess is that he won't be able to answer any of your questions since they were not disclosed in the PR. Hope I am wrong. Let us know.
I doubt terms will be announced until the next 10Q. Hope I am wrong. I asked DK for terms and he would not comment.
We don't know the terms of this note as they won't disclose them probably until the next 10Q. Chrome (SEO) may be able to convert at 60% of the current price maybe At .003 or so. How can this be legal or ethical.
Chrome will convert but they won't sell the shares. That's the difference.
This note seems shady to me. How can this be legal?
I agree.
I asked DK his reply.
I can't provide more details than has been disclosed. The news release states:
"The note will bear interest at the rate of eight percent and have a 12 month tenure."
If more details are required to be disclosed, the Company will do so in compliance with disclosure regulations in the form of a filing with the SEC.
Some of the outstanding notes allow conversion immediately at .60 of the last 20 day price. Not disclosing the terms make it look like this note is just a way for Chrome (SEO) to acquire more shares at a lower price than any of us can.
Yes but they didn't tell us when they can convert (180 days?) or what the conversion % is (.60 of last 20 days?)
Please ask DK what the terms of the note are. I already e-mail him but the more the merrier.
Do you have access to the entire article?
TAIPAN RESOURCES HITS DRY HOLE IN KENYA’S BADADA-1 WELL
February 23, 2015 in Top News
Kenya-based subsidiary of Taipan Resources Inc that the Badada-1 well has been drilled to a total depth of 3,500 metres MDBRT (Measured Depth Below the Rotary Table) and following completion of logging operations will be plugged and abandoned as a dry hole.
The well encountered a thick and previously untested Neogene age succession in the Anza Basin, of similar age to that encountered in the Lokichar and Albertine Basins, confirming the pre-drill geological model for this part of the basin.
Tower adds that although the well has failed to find commercial hydrocarbons, minor gas shows and traces of heavier gas molecules indicate the presence of a thermogenic source rock.
The well which has taken a total of 46 days to date, compared to the Operator’s expectations of 70 days in total and is expected to have been drilled under the gross budget of $25.8 million.
Taipan says it proposes seeking additional time from the Government of Kenya in order to complete its evaluation of the remaining prospectivity of what is a very large 5,458 sq km Block, prior to a decision on entering the next phase of exploration.
Tower Resources CEO Graeme Thomson says the well was sandier than had been expected and the development of sealing claystones is less than had been hoped.
“This was the first well to drill the thicker undisturbed Tertiary section in the Anza Basin, close to the basin-bounding faults and potentially analogous to Tullow Oil’s Ngamia discovery in the South Lokichar Basin. Drilling results suggest that the section here is sandier than had been expected and the development of sealing claystones is less than had been hoped. This was always the principal risk for the play. We shall be evaluating the results of the well to assess the remaining prospectivity in this very large area,” said Graeme.
Taipan Resources and Operator of Block-2B with 30% working interests while Tower Resources and Premier Oil have 15% and 55% respectively.
TAGS: Anza Basin Badada-1 Well Block 2B Kenya Premeir Oil Taipan Resources Tower Resources PREVIOUS POST MAERSK TRAINING TO OFFER ADVANCED TRAINING PROGRAMS TO BP DRILLING TEAMS
TOP NEWS
February 23, 2015
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TAIPAN RESOURCES HITS DRY HOLE IN KENYA’S BADADA-1 WELL
February 23, 2015 in Top News
Kenya-based subsidiary of Taipan Resources Inc that the Badada-1 well has been drilled to a total depth of 3,500 metres MDBRT (Measured Depth Below the Rotary Table) and following completion of logging operations will be plugged and abandoned as a dry hole.
The well encountered a thick and previously untested Neogene age succession in the Anza Basin, of similar age to that encountered in the Lokichar and Albertine Basins, confirming the pre-drill geological model for this part of the basin.
Tower adds that although the well has failed to find commercial hydrocarbons, minor gas shows and traces of heavier gas molecules indicate the presence of a thermogenic source rock.
The well which has taken a total of 46 days to date, compared to the Operator’s expectations of 70 days in total and is expected to have been drilled under the gross budget of $25.8 million.
Taipan says it proposes seeking additional time from the Government of Kenya in order to complete its evaluation of the remaining prospectivity of what is a very large 5,458 sq km Block, prior to a decision on entering the next phase of exploration.
Tower Resources CEO Graeme Thomson says the well was sandier than had been expected and the development of sealing claystones is less than had been hoped.
“This was the first well to drill the thicker undisturbed Tertiary section in the Anza Basin, close to the basin-bounding faults and potentially analogous to Tullow Oil’s Ngamia discovery in the South Lokichar Basin. Drilling results suggest that the section here is sandier than had been expected and the development of sealing claystones is less than had been hoped. This was always the principal risk for the play. We shall be evaluating the results of the well to assess the remaining prospectivity in this very large area,” said Graeme.
Taipan Resources and Operator of Block-2B with 30% working interests while Tower Resources and Premier Oil have 15% and 55% respectively.
TAGS: Anza Basin Badada-1 Well Block 2B Kenya Premeir Oil Taipan Resources Tower Resources PREVIOUS POST MAERSK TRAINING TO OFFER ADVANCED TRAINING PROGRAMS TO BP DRILLING TEAMS
TOP NEWS
February 23, 2015
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Do you think that a single buyer could have bought all those 100M shares? I know many on this board have bought some.
IMO no one could buy 300M shares on the open market without driving the price much higher that 3 to 4 cents. The price went to 4 cents not long ago with much less vol.
If I remember correctly you bought more at .03 so I understand why you have a tear in your eye.
E*Trade list the market cap @ 3.9M. Surely someone on this board has $2m that they could use to buy up controlling interest, fire everyone, and run the company. Maybe midtier. LOL
Can you please explain what you are saying this means to ERHC. I am lost.
The 10Q is due Tuesday. Would be due Monday but Monday is a holiday.