We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Petrolia Energy Corporation (CE) | USOTC:BBLS | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.004 | 0.00 | 01:00:00 |
Texas
|
86-1061005
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
710 N Post Oak, Suite 512
Houston, Texas
|
77024
|
(Address of principal executive offices)
|
(Zip Code)
|
Large accelerated filer
r
|
|
Accelerated filer
r
|
|
|
|
Non-accelerated filer
r
|
|
Smaller Reporting Company
☒
|
|
|
|
Emerging growth company
r
|
|
|
Part I
Financial Information
|
|
|
|
|
|
Item 1.
|
3
|
|
|
|
|
Item 2.
|
14
|
|
|
|
|
Item 3
|
19
|
|
|
|
|
Item 4.
|
19
|
|
|
|
|
Part II
Other Information
|
|
|
|
|
|
Item 1
|
20
|
|
|
|
|
Item 1A.
|
20
|
|
|
|
|
Item 2
|
20
|
|
|
|
|
Item 3
|
23
|
|
|
|
|
Item 4
|
23
|
|
|
|
|
Item 5
|
23
|
|
|
|
|
Item 6.
|
23
|
|
|
|
|
24
|
||
|
|
|
25
|
|
June 30, 2017
|
December 31, 2016
|
||||||
ASSETS
|
||||||||
Current assets
|
||||||||
Cash
|
$
|
5,712
|
$
|
68,648
|
||||
Accounts receivable
|
16,067
|
199,003
|
||||||
Other current assets
|
4,470
|
31,192
|
||||||
Total current assets
|
26,249
|
298,843
|
||||||
|
||||||||
Property & equipment
|
||||||||
Oil and gas, on the basis of full cost accounting
|
||||||||
Evaluated properties
|
14,312,580
|
13,465,387
|
||||||
Furniture, equipment & software
|
264,723
|
200,416
|
||||||
Less accumulated depreciation
|
(1,155,164
|
)
|
(1,119,708
|
)
|
||||
Net property and equipment
|
13,422,139
|
12,546,095
|
||||||
|
||||||||
Other Assets
|
||||||||
Intangible assets
|
49,886
|
49,886
|
||||||
Note receivable
|
-
|
316,800
|
||||||
|
||||||||
Total Assets
|
$
|
13,498,274
|
$
|
13,211,624
|
||||
|
||||||||
LIABILITIES & STOCKHOLDERS EQUITY
|
||||||||
|
||||||||
Current liabilities
|
||||||||
Accounts payable
|
$
|
357,398
|
$
|
352,241
|
||||
Accrued liabilities
|
624,232
|
494,983
|
||||||
Debt short term
|
25,000
|
275,000
|
||||||
Convertible debt – related party, unamortized discount of 0 and 0
|
550,000
|
550,000
|
||||||
Current maturities of installment notes payable
|
32,582
|
26,186
|
||||||
Note payable – related parties
|
212,980
|
1,287,980
|
||||||
Total current liabilities
|
1,802,192
|
2,986,390
|
||||||
|
||||||||
Asset retirement obligations
|
448,320
|
322,710
|
||||||
Installment note payable – long term
|
26,797
|
-
|
||||||
Note payable to related party – long term
|
1,904,020
|
2,904,020
|
||||||
Total Liabilities
|
4,181,329
|
6,213,120
|
||||||
|
||||||||
Stockholders’ Equity
|
||||||||
Preferred stock, $0.001 par value, 1,000,000 shares authorized;
120,590 and 0 shares issued & outstanding
|
121
|
-
|
||||||
Common stock, $.001 par value; 150,000,000 shares authorized;
90,834,505 and 79,034,505 shares issued and outstanding
|
90,834
|
79,034
|
||||||
Additional paid in capital
|
18,919,026
|
14,887,090
|
||||||
Accumulated deficit
|
(9,693,036
|
)
|
(7,967,620
|
)
|
||||
Total Stockholders’ Equity
|
9,316,945
|
6,998,504
|
||||||
|
||||||||
Total Liabilities and Stockholders’ Equity
|
$
|
13,498,274
|
$
|
13,211,624
|
|
Three Months Ended
June 30, 2017
|
Three Months Ended
June 30, 2016
|
Six Months Ended
June 30, 2017
|
Six Months Ended
June 30, 2016
|
||||||||||||
Oil and gas sales
|
||||||||||||||||
Oil and gas sales
|
$
|
41,831
|
$
|
34,294
|
$
|
75,391
|
$
|
57,293
|
||||||||
Equipment sales – related party
|
-
|
18,000
|
-
|
198,000
|
||||||||||||
Total Revenue
|
41,831
|
52,294
|
75,391
|
255,293
|
||||||||||||
|
||||||||||||||||
Operating expenses
|
||||||||||||||||
Lease operating expense
|
123,118
|
62,902
|
240,672
|
107,803
|
||||||||||||
Cost of equipment sold
|
-
|
3,030
|
-
|
33,330
|
||||||||||||
Production tax
|
2,696
|
1,679
|
5,134
|
2,772
|
||||||||||||
General and administrative expenses
|
871,106
|
292,620
|
1,144,774
|
631,102
|
||||||||||||
Depreciation, depletion and amortization
|
19,131
|
17,669
|
37,404
|
35,201
|
||||||||||||
Impairment of Oil & Gas Properties
|
-
|
-
|
-
|
-
|
||||||||||||
Asset retirement obligation accretion
|
12,275
|
6,605
|
24,205
|
13,033
|
||||||||||||
Total operating expenses
|
1,028,326
|
384,505
|
1,452,189
|
823,241
|
||||||||||||
|
||||||||||||||||
Loss from operations
|
(986,495
|
)
|
(332,211
|
)
|
(1,376,798
|
)
|
(567,948
|
)
|
||||||||
|
||||||||||||||||
Other Income (expenses)
|
||||||||||||||||
Interest (expense)
|
(187,557
|
)
|
(84,400
|
)
|
(260,669
|
)
|
(157,476
|
)
|
||||||||
Other income
|
661
|
15,457
|
806
|
34,959
|
||||||||||||
Loss on conversion of debt
|
(88,755
|
)
|
(1,705
|
)
|
(88,755
|
)
|
(14,336
|
)
|
||||||||
|
||||||||||||||||
Net loss
|
$
|
(1,262,146
|
)
|
$
|
(402,859
|
)
|
$
|
(1,725,416
|
)
|
$
|
(704,801
|
)
|
||||
|
||||||||||||||||
Series A Preferred Dividends
|
(11,230
|
)
|
-
|
(11,230
|
)
|
-
|
||||||||||
Net Loss Attributable to Common Stockholders
|
(1,273,376
|
)
|
(402,859
|
)
|
(1,736,646
|
)
|
(704,801
|
)
|
||||||||
Loss per share
(Basic and fully diluted)
|
$
|
(0.02
|
)
|
$
|
(0.01
|
)
|
$
|
(0.02
|
)
|
$
|
(0.02
|
)
|
||||
|
||||||||||||||||
Weighted average number of shares of common stock outstanding
|
81,393,621
|
45,747,169
|
81,393,621
|
44,634,222
|
|
Six Months Ended
June 30, 2017
|
Six Months Ended
June 30, 2016
|
||||||
Cash Flows Used in Operating Activities
|
||||||||
Net loss
|
$
|
(1,725,416
|
)
|
$
|
(704,801
|
)
|
||
Adjustment to reconcile net loss to net cash provided
by/(used in) operating activities:
|
||||||||
Depreciation and amortization
|
37,404
|
35,201
|
||||||
Accretion of debt discount
|
-
|
134,467
|
||||||
ARO accretion
|
24,205
|
13,033
|
||||||
Finance fee for extension of note payable
|
60,101
|
-
|
||||||
Loss on conveyance of ORRI warrants
|
-
|
14,336
|
||||||
Interest on ORRI conversion
|
128,229
|
-
|
||||||
Debt issuance costs
|
47,319
|
-
|
||||||
Loss on conversion of Jovian debt
|
88,755
|
-
|
||||||
Loss on sale of vehicle
|
3,677
|
-
|
||||||
Stock-based compensation expense - employees
|
144,957
|
138,097
|
||||||
Stock-based compensation expense - directors
|
394,154
|
-
|
||||||
Stock-based compensation expense – consultant
|
21,519
|
-
|
||||||
|
||||||||
Changes in operating assets and liabilities
|
||||||||
Accounts receivable
|
33,949
|
(68,662
|
)
|
|||||
Inventory
|
-
|
33,330
|
||||||
Other assets
|
26,722
|
4,537
|
||||||
Accounts payable
|
5,158
|
257,073
|
||||||
Accrued liabilities
|
179,801
|
61,418
|
||||||
Net cash flows used in operating activities
|
(529,466
|
)
|
(81,971
|
)
|
||||
|
||||||||
Cash Flows (used in) Provided by Investing Activities
|
||||||||
Cash acquired from investment in Askarii
|
114
|
|||||||
Proceeds from sale of property and equipment
|
30,000
|
|||||||
Purchase of fixed asset
|
(9,256
|
)
|
(13,116
|
)
|
||||
Cash flows (used in) provided by investing activities
|
(9,256
|
)
|
16,998
|
|||||
|
||||||||
Cash Flows Provided by Financing Activities
|
||||||||
Proceeds from shareholder advances
|
206,500
|
118,000
|
||||||
Payments of shareholder advances
|
(14,000
|
)
|
(81,000
|
)
|
||||
Proceeds from issuance of common stock for exercise of warrant
|
48,000
|
48,000
|
||||||
Proceeds from issuance of preferred stock
|
241,000
|
-
|
||||||
Cash paid for PORRI conversion
|
(3,230
|
)
|
-
|
|||||
Payments on notes payable
|
(2,484
|
)
|
(1,610
|
)
|
||||
Cash flows provided by financing activities
|
475,786
|
83,390
|
||||||
|
||||||||
Net change in cash and cash equivalents
|
(62,936
|
)
|
18,417
|
|||||
|
||||||||
Cash and cash equivalents
|
||||||||
Beginning of period
|
68,648
|
3,091
|
||||||
|
||||||||
End of period
|
$
|
5,712
|
$
|
21,508
|
SUPPLEMENTAL DISCLOSURES
|
||||||||
Interest Paid
|
$
|
22,782
|
$
|
16,453
|
||||
NON-CASH INVESTING AND FINANCIAL DISCLOSURES
|
||||||||
Sale of vehicle to related party
|
8,677
|
-
|
||||||
Note payable for purchase of vehicle
|
35,677
|
-
|
||||||
Initial recognition of asset retirement obligation
|
101,405
|
-
|
||||||
Preferred shares issued for purchase of related party’s equipment
|
30,000
|
-
|
||||||
Settlement of accounts receivable and other assets for oil and gas properties
|
465,798
|
-
|
||||||
Settlement of debt with preferred shares
|
154,000
|
-
|
||||||
Settlement of debt with preferred shares – related parties
|
375,900
|
|||||||
Settlement of ORRI investments with preferred shares
|
405,000
|
-
|
||||||
Settlement of related party debt with shares of common stock and warrants
|
2,033,152
|
-
|
||||||
Payment of affiliated note payable through share issuance
|
-
|
146,875
|
||||||
Settlement of accrued accounts payable through share issuance
|
-
|
42,000
|
||||||
Purchase of Askarii
|
-
|
50,000
|
||||||
Transfer to Askarii inventory
|
-
|
146,861
|
||||||
Warrants issued with debt
|
-
|
3,451
|
||||||
Share issued in payment of shareholder advance
|
$
|
-
|
$
|
20,000
|
|
Warrants
|
Weighted Average
Exercise Price
|
Aggregate
intrinsic value
|
Weighted average remaining contractual life (years)
|
||||||||||||
Outstanding at year ended December 31, 2016
|
16,825,527
|
$
|
0.26
|
$
|
-
|
3.20
|
||||||||||
Granted
|
14,207,500
|
0.23
|
-
|
3.05
|
||||||||||||
Exercised
|
(600,000
|
)
|
0.10
|
-
|
-
|
|||||||||||
Expired
|
-
|
-
|
-
|
-
|
||||||||||||
Outstanding at quarter ended June 30, 2017
|
30,433,027
|
$
|
0.25
|
$
|
151,729
|
2.65
|
·
|
10 million shares of common stock were valued using the market price on the date of issuance of $0.14 per share ($1,400,000)
|
·
|
Warrants to purchase 6 million shares of common stock with an exercise price of $0.20 per share based on a $0.12 valuation, volatility of 293%, a discount rate of 1.09% and warrants to purchase 4 million shares of common stock with an exercise price of $0.35 per share based on a $0.12 valuation, volatility of 293%, and a discount rate of 1.09%. All warrants expire in 3 years. The 6 million warrants were valued at $709,776 while the 4 million warrants were valued at $471,104, totaling $1,180,880.
|
·
|
12,749,286 shares of common stock were valued using the market price on the date of issuance of $0.104 per share ($1,325,926).
|
·
|
The Preferred Stock was valued at $10.00 per share, the cash price paid by third party investors for the same stock with an aggregate value of $215,100.
|
Three Months Ended
June 30, 2017
|
Three Months Ended
June 30, 2016
|
Six Months Ended
June 30, 2017
|
Six Months Ended
June 30, 2016
|
|||||||||||||
Revenues
|
||||||||||||||||
Oil & Gas
|
$
|
41,831
|
$
|
34,294
|
$
|
75,391
|
$
|
57,293
|
||||||||
Oil field services
|
-
|
18,000
|
-
|
198,000
|
||||||||||||
Net Income (Loss)
|
||||||||||||||||
Oil & Gas
|
(1,258,099
|
)
|
(417,829
|
)
|
(1,717,320
|
)
|
(869,471
|
)
|
||||||||
Oil field services
|
(4,048
|
)
|
14,970
|
(8,096
|
)
|
164,670
|
||||||||||
Assets
|
||||||||||||||||
Oil & Gas
|
13,320,728
|
4,129,506
|
13,320,728
|
4,129,506
|
||||||||||||
Oil field services
|
177,546
|
113,523
|
177,546
|
113,523
|
||||||||||||
Accounts Receivable
|
||||||||||||||||
Oil & Gas
|
16,067
|
117,295
|
16,067
|
117,295
|
||||||||||||
Oil field services
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
|
Three Months Ended
June 30, 2017
|
Three Months Ended
June 30, 2016
|
Six Months Ended
June 30, 2017
|
Six Months Ended
June 30, 2016
|
||||||||||||
Oil and gas sales
|
$
|
41,831
|
$
|
77,967
|
$
|
80,951
|
$
|
297,424
|
||||||||
|
||||||||||||||||
Net Loss
|
$
|
(1,262,147
|
)
|
$
|
(457,736
|
)
|
$
|
(1,725,416
|
)
|
$
|
(977,702
|
)
|
●
|
The sale prices of crude oil;
|
●
|
The amount of production from oil wells in which we have an interest;
|
●
|
Lease operating expenses;
|
●
|
International conflict or acts of terrorism;
|
●
|
General economic conditions; and
|
●
|
Other factors disclosed in this report.
|
·
|
10 million shares of common stock were valued using the market price on the date of issuance of $0.14 per share ($1,400,000)
|
·
|
Warrants to purchase 6 million shares of common stock with an exercise price of $0.20 per share based on a $0.12 valuation, volatility of 293%, a discount rate of 1.09% and warrants to purchase 4 million shares of common stock with an exercise price of $0.35 per share based on a $0.12 valuation, volatility of 293%, and a discount rate of 1.09%. All warrants expire in 3 years. The 6 million warrants were valued at $709,776 while the 4 million warrants were valued at $471,104, totaling $1,180,880.
|
·
|
12,749,286 shares of common stock were valued using the market price on the date of issuance of $0.104 per share ($1,325,926).
|
·
|
The Preferred Stock was valued at $10.00 per share, the cash price paid by third party investors for the same stock with an aggregate value of $215,100.
|
Cash provided (used) in operations
|
$
|
(529,466
|
)
|
|
Purchase of fixed asset
|
(9,256
|
)
|
||
Proceeds from shareholder advances
|
206,500
|
|||
Proceeds from issuance of common and preferred stock
|
289,000
|
|||
Payments of shareholder advances
|
$
|
(14,000
|
)
|
|
●
|
10 million shares of common stock were valued using the market price on the date of issuance of $0.14 per share ($1,400,000)
|
●
|
Warrants to purchase 6 million shares of common stock with an exercise price of $0.20 per share based on a $0.12 valuation, volatility of 293%, a discount rate of 1.09% and warrants to purchase 4 million shares of common stock with an exercise price of $0.35 per share based on a $0.12 valuation, volatility of 293%, and a discount rate of 1.09%, All warrants expire in 3 years. The 6 million warrants were valued at $709,776 while the 4 million warrants were valued at $471,104, totaling $1,180,880.
|
●
|
12,749,286 shares of common stock were valued using the market price on the date of issuance $0.104 per share ($1,325,926).
|
●
|
The Preferred Stock was valued at $10.00 per share, the cash price paid by third party investors for the same stock with an aggregate value of $215,100.
|
|
PETROLIA ENERGY CORPORATION
|
|
|
|
|
|
|
August 21, 2017
|
By:
|
/s/ Zel C. Khan
|
|
|
|
Zel C. Khan
|
|
|
|
Chief Executive Officer
|
|
|
|
(Principal Executive Officer
|
|
|
PETROLIA ENERGY CORPORATION
|
|
|
|
|
|
|
August 21, 2017
|
By:
|
/s/ Paul Deputy
|
|
|
|
Paul Deputy
|
|
|
|
Chief Financial Officer
|
|
|
|
(Principal Financial and Accounting Officer
|
|
3.1
|
Certificate of Designations of Series A Convertible Preferred Stock of Petrolia Energy Corporation, filed with the Secretary of State of Texas on May 3, 2017 (filed as Exhibit 3.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, filed with the Securities and Exchange Commission on May 15, 2017 and incorporated by reference herein
|
|
|
10.1
|
Series A Convertible Preferred Stock Offering Memorandum (filed as Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, filed with the Securities and Exchange Commission on May 15, 2017 and incorporated by reference herein)
|
|
|
10.2
|
Form of Preferred Stock Subscription Agreement for the Company’s Series A Convertible Preferred Stock Offering (filed as Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, filed with the Securities and Exchange Commission on May 15, 2017 and incorporated by reference herein)
|
|
|
10.3
|
Debt Conversion Agreement, dated June 30, 2011, by and between the Company, Jovian Petroleum Corporation and its subsidiary, Jovian Resources LLC (filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on May 31, 2017 and incorporated by reference herein)
|
|
|
10.4
|
Debt Conversion Agreement, dated July 19, 2017 by and between the Company and Jovian Petroleum Corporation and its subsidiary, Jovian Resources LLC (filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on July 24, 2017 and incorporated by reference herein)
|
|
|
10.5
|
Debt Conversion Agreement, dated July 6, 2017 by and between the Company and Rick Wilber (filed as Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on July 24, 2017 and incorporated by reference herein)
|
10.6 *
|
|
31.1 *
|
|
|
|
31.2 *
|
|
|
|
32.1 **
|
|
|
|
32.2 **
|
|
|
|
101.INS+
|
XBRL Instance Document
|
|
|
101.SCH+
|
XBRL Taxonomy Extension Schema Document
|
|
|
101.CAL+
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
101.DEF+
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
101.LAB+
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
101.PRE+
|
XBRL Taxonomy Presentation Linkbase Document
|
1 Year Petrolia Energy (CE) Chart |
1 Month Petrolia Energy (CE) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions