News 
Market Data 
Discover
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
|
Followers
|
211
|
Posters
|
|
|
Posts (Today)
|
0
|
Posts (Total)
|
44483
|
|
Created
|
03/15/10
|
Type
|
Free
|
| Moderators | |||
ITEM 1.01
ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On November 15, 2016 we submitted an Offer of Settlement (the “ Offer of Settlement ” ) to the Securities and Exchange Commission (the “ SEC ” ) pursuant to Rule 240(a) of the Rules of Practice of the SEC with respect to administrative proceedings initiated against us by the SEC on November 2, 2016 (File No. 3-17659) pursuant to Section 12(j) of the Securities Exchange Act of 1934, as amended (the “ Exchange Act ” ). In the Offer of Settlement, we consented to the entry of an order by the SEC (the “ Order ” ) finding that we had failed to comply with Exchange Act Section 13(a) and Rules 13a-1 and 13a-13 thereunder because we had failed to file any periodic reports with the SEC since the period ended August 31, 2014 and further consented that the registration of our common stock under Section 12 of the Exchange Act be revoked pursuant to Section 12(j) of the Exchange Act.
ITEM 8.01
OTHER EVENTS
We plan to, subject to completion of adequate financing or cash flow, re-register our common stock under Section 12(g) of the Exchange Act after the May 31, 2017 fiscal year end audit is completed, expected timeframe being September 2017, barring any delays.
Plan of Operation for Remaining Fiscal Year
During the timeframe leading up to our fiscal year end of May 31, 2017, subject to adequate financing or cash flow, we plan to complete or initiate the following:
| · | Close on a financing transaction that is currently in progress. |
| · | Re-instate the Company in the State of Nevada. |
| · | Close on two of four ULSD (Ultra Low Sulphur Diesel) physical commodity trades that are in progress with the potential to lead to a monthly demand of 60 Million gallons per month over a 12 month contract period. |
| · | Close on a contemplated acquisition of land and permits for a 102 Mega Watt (MW) power project, currently in progress. |
| · | Discharge our Convertible Debenture obligations through cash settlements. |
| · | Discharge our obligations relating to our trade payables including the November 17, 2014 Superior Court of Connecticut, Judicial District of Danbury Order approving the voluntary Stipulation for Settlement of Claims ($1,834,935 in debt obligations) through cash payments. |
| · | Change the domicile of the Company from Nevada to an as yet undetermined State. |
| · | Restructure the capital stock of the Company, including but not limited to a reverse stock split. |
|
| |
| THERE ARE NO ASSURANCES THAT THERE WILL BE A SUCCESSFUL CLOSE ON THE FINANCING, ON THE ULSD PHYSICAL COMMODITY TRADES OR ON THE ACQUISITION OF THE 102 MW POWER PROJECT. THERE CAN BE NO ASSURANCE THAT THE SALE OF THE ULSD WILL BE PROFITABLE OR THAT THE COMPANY WILL BE ABLE TO GENERATE SUFFICIENT REVENUES TO OPERATE PROFITABLY FROM THE PURCHASE AND SALE OF ULSD.
THERE ARE NO ASSURANCES THAT SHOULD THE COMPANY CLOSE ON THE FINANCING THAT THE FINANCING WILL BE SUFFICIENT TO DISCHARGE ITS DEBT OBLIGATIONS OR BE SUFFICIENT TO GENERATE REVENUES FOR THE COMPANY.
THERE ARE NO ASSURANCES THAT SHOULD THE COMPANY CLOSE ON THE ACQUISITION OF THE LAND AND PERMITS FOR THE 102 MW POWER PROJECT THAT THE COMPANY WILL BE SUCCESSFUL IN RAISING THE FUNDS NECESSARY TO COMPLETE THE CAPITAL COST OF THE PROJECT AND THERE ARE NO ASSURANCES THAT SHOULD THE COMPANY BE SUCESSFUL IN RAISING THE NECESSARY FUNDS TO COMPLETE THE 102 MW POWER PROJECT, THAT THE 102 MW POWER PROJECT WILL BE ABLE TO GENERATE SUFFICIENT REVENUES TO OPERATE PROFITABLY. | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date: November 16, 2016
XUN ENERGY, INC.
/s/ Jerry G. Mikolajczyk
By: Jerry G. Mikolajczyk
Title: President and CEOIT HAS BEEN ALMOST 2 YEARS SINCE THIS PRESS RELEASE CAME OUT. AND THERE HAS BEEN NO DEALS OR SHARE HOLDER VALUE. BUYER BEWARE.
PORTLAND, OR--(Marketwired - December 24, 2014) - Xun Energy, Inc., (OTC PINK: XNRG) (the "Company") is pleased to announce that the Board of Directors approved the actuation of the physical commodity trades division, Xun Oil Marketing (XOM), on December 24, 2014. The Company has been researching and testing the concept over the last several months and believes it is in the best interests of the Company and its shareholders to engage the physical commodity trades market with its own proprietary and creative business model.
With the Board's approval Xun Oil Marketing begins its assignment to execute the objectives of its business model. The new division's business model is that of a Buyer and Seller of a wide range of petroleum products sourced internationally and sold to Exit Buyers. It is the task of this new division to undertake the purchase of refined petroleum products at the lowest possible price and sell at the highest; to establish long term contracts with international suppliers and creditable Buyers, primarily "Majors" (major airlines, Fedex, UPS, DHL, etc.); and to earn an exemplary reputation for industry standard delivery performance, service and flexibility. XOM will collaborate with qualified financiers to fund our refined product purchases, assemble joint ventures and partnerships with individuals and companies that can facilitate these transactions. Jerry G. Mikolajczyk, President and CEO of Xun Energy, will head the management team of XOM and says of the XOM launch, "Xun Energy has the management capabilities to guide the new division through the successful purchasing, marketing and logistics of refined petroleum products. Over several years, I have made connections and facilitated refined product sales by others. I feel it is time for the Company to capitalize on the work and expertise I've gained." He further states: "Our focus will be primarily on Aviation Jet Fuel (AJF) physical commodity trades as the demand for AJF is greater than the supply and each transaction involves large quantities. A small margin multiplied by large quantities can generate substantial cash flow for the Company in a relatively short timeframe between the time of purchase of the AJF and the sale of the AJF, a matter of hours, not days or months."
As part of its activation process, the Company will launch a dedicated website for XOM. The dedicated website, www.xunoil.com, outlines the business model and will provide performance data as physical commodity trades are completed by the Company.
"We are excited to announce our new division and the XOM web site! Here Buyers and Sellers of refined petroleum products, as well as financiers, can view information on the full range of Xun Oil Marketing objectives and its performance," says Mr. Mikolajczyk.
About Xun Energy, Inc.
Xun Energy, Inc. is an oil operating company in development stage. Its primary assets are located in Venango County, Pennsylvania, USA. Our projects are subject to completing its financing and the success of the drilling and completions program. Additional information may be found at http://www.xunenergy.com and http://www.xunoil.com
This Press Release contains forward-looking information within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934 and is subject to the Safe Harbor created by those sections, and contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. For those statements, we claim the protection of the safe harbor for forward-looking statements provisions contained in the Private Securities Litigation Reform Act of 1995 and any amendments thereto. Such forward-looking statements involve risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. In particular, there is no assurance that production or other factors pertaining to the oil operations will be sustained at the expected rates or levels over time. We caution you not to place undue reliance on our forward-looking statements, which speak only as of the date of this news release, and we undertake no obligation to update this informatio
XNRG SUSPENDED AND NOW ON GREY SHEETS
http://www.otcmarkets.com/stock/XNRG/quote
