Stockholders’ Equity

Equity Offering Program

In February 2019, the Company entered into an equity sales agreement (the "2019 Equity Agreement") with Murray FO for the sale of up to $5.0 million in shares of the Company's common stock from time to time, at the Company’s option, subject to certain volume and pricing restrictions. Shares purchased under the 2019 Equity Agreement will be purchased at a 10% discount to the volume weighted average sales price of such shares prior to the Company initiating sales. The shares will be sold pursuant to the Company’s shelf registration statement on Form S-3, filed on February 26, 2019, for the purchase of up to $50 million of the Company’s securities.

Effective August 2018, the Company entered into an equity sales agreement (the "2018 Sales Agreement") with Leviston Resources for the sale of up to $2.25 million in shares of the Company's common stock from time to time, at the Company's option. As of March 31, 2019, the Company has issued shares with an aggregate sales price of $1.7 million under the 2018 Sales Agreement. Final proceeds from the 2018 Sales Agreement were received in February 2019 and the 2018 Sales Agreement was terminated.

Effective April 2017, the Company entered into an equity sales agreement (the "2017 Sales Agreement") with Leviston for the purchase of up to $7.25 million in shares of the Company's common stock from time to time, at the Company's option. Effective August 2018, the Company and Leviston terminated the 2017 Sales Agreement and made no further sales pursuant to that program. At the time of termination, the Company had issued shares with an aggregate purchase price of $5.3 million.

Effective June 2016, the Company entered into an at-the-market offering sales agreement program (the “ATM Agreement”) wherein the Company could offer and sell, from time to time at its sole discretion, shares of its common stock, having an aggregate offering price of up to $5.0 million. Final proceeds from the ATM Agreement were received in January 2018, and the ATM Agreement was terminated. The Company paid the sales agent a commission of 2.5% of the gross proceeds.

During the year ended December 31, 2018, the Company issued Leviston 877,233 common shares valued at $0.2 million for issuance fees under the 2017 Sales Agreement and the 2018 Sales Agreement.

Following is a reconciliation of the transactions under the ATM Agreement, 2017 Sales Agreement and the 2018 Sales Agreement for three months ended March 31, 2019, and 2018, respectively:



	Three Months Ended		Three Months Ended
	March 31, 2019		March 31, 2018
Number of shares sold	5,452,000		4,679,904

Gross proceeds	$	813,561	$	1,385,452
Fees	85,093		252,568
Net proceeds	$	728,468	$	1,132,884

Average price per share	$	0.15	$	0.30

In January 2018, the Company issued 1,475,410 shares of restricted stock as initial payment to acquire 25% of the total membership interests of Pelen, LLC (Note 15).