Three Forks registers shares from private offering
Last Updated: 17:45 June 16, 2014
Three Forks through its filing last week registered shares from a previous private offering, said Michael Littman, an attorney listed in Three Forks’ filing. According to the filing, the company is registering the stock for sale by shareholders. It is not publicly traded.
“They are registering the shares with the SEC so if somebody wants to resell their shares, they can resell them,” he said.
The company will not receive proceeds from sales of the shares, according to the filing.
Three Forks recently announced its return to Weld County after it sold a previous interest in the region.
In January 2013, Three Forks sold for $1.6 million its interest in Weld County oil and gas wells that it had acquired in 2012.
The company, however, said in April 2014 that it reached a deal with Houston-based Vanguard Natural Resources LLC (Nasdaq: VNR) to drill on Vanguard-leased lands in Weld County. The deal requires Three Forks to drill two wells before Sept. 15, 2014.
Three Forks had $6.5 million in assets, $1.8 million in liabilities and $4.3 million in shareholder equity as of March 31, 2014, according to the SEC filing. For the first quarter, the company reported a net loss of $725,000 and revenue of about $490,000.
The company had an accumulated deficit of $3.2 million as of March 31.
“We anticipate that we will operate in a deficit position and continue to sustain net losses for the foreseeable future,” the company said in its filing.
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