The potential of hydrocarbon Concessions and other opportunities in the Oil & Gas industry have continued to be the main focus of the Corporation from that time until the present. Effective March 30th, 2010, the Board of Directors of Parafin have authorized the President to negotiate the acquisition of Hydrocarbon Assets in North America.
By Farmout Agreement with Guarani Petroleum Exploration, S.A. Parafin has the right to earn an 80% interest in the Alto Parana Block consisting of 2,456,452 hectares (approximately 6.06 million Acres) in Alto Parana Province, Paraguay.
The Chaco Parana Basin in Paraguay is one of the last, largely unexplored, oil and gas frontiers in the world with known hydrocarbons. It covers most of Paraguay and portions of Brazil, Uruguay, Argentina and Bolivia. In Paraguay alone it covers an area of 98,840,000 acres (400,000 sq kilometers). To date, 49 exploration wells have been drilled in Paraguay
(a country with a landmass roughly the size of California). 24 of the exploration wells (49%) have oil shows. Within the Chaco and Parana Basins are established hydrocarbon areas where oil and gas have been produced in Argentina, Bolivia and Brazil since the early 1920's.
HIS Energy, a US based energy consultancy, recently ranked Paraguay as the seventh best Oil and Gas fiscal regime globally, while its neighbor Argentina ranks 38th and the US 44th. Recent political and economic changes in the country, coupled with the establishment of gas imports to Southern Brazil from Bolivia, place Paraguay as an enticing area for exploration.
The US Geological Survey, in its 2000 world petroleum assessment study, estimated a resource potential of 900 million barrels of oil and 4.5 trillion cubic feet of natural gas for the Chaco Basin of northern Paraguay.
Parafin Corporation is seeking funding of up to $10M USD to fund operations for the exploration and exploitation of the company's 6.06 million Acre Hydrocarbon Concession in Paraguay. Parafin will use the funding to proceed to the next stage of 3D seismic interpretation to locate drilling targets and then for drilling the targeted well sites.
PFNO Corporate Profile
ParaFin Issuance of Preferred Shares Paid for With Bearer Bonds
...On January 27, 2010, ParaFin Corporation released an annual report reflecting an asset of US$3.63 billion represented by 2,400 Bearer Bonds issued June 16, 2000 dated for redemption on June 16, 2010. The 2,400 Euro Bearer Bonds were issued by a major European Bank, have a face value of 1,000,000 Euros each and have accumulated interest at 5.5% from the issuance date.
Bearer Bonds of this denomination and amount are typically reserved solely for and held only by banks and large financial institutions. After the original issuance, these Bonds were acquired by and delivered to a single individual. In an effort to promptly liquidate the assets of this individual's estate, the Trustee of the individual's estate negotiated the Agreement with ParaFin.
To finance the Exploration and Exploitation of the 6.06 million Acre Hydrocarbon Farm-out Agreement in the Republic of Paraguay, ParaFin Corporation was in the process of selling an issue of Preferred Shares. The Subscription Agreement negotiated by ParaFin with the Trustee for the sale of the Preferred Shares allowed the Trustee to pay ParaFin Corporation US$3.63 billion by the delivery to ParaFin of 2,400 Bearer Bonds issued June 16, 2000 dated for redemption on June 16, 2010. Under the Agreement, ParaFin is entitled to 100% of the accumulated interest owed to date.
The Preferred shares issued by ParaFin have a legend printed on the face of the Certificate stating they are "Redeemable, Retractable on Demand Non-Voting Shares Issue Price US$1,000,000 per Share... secured only by funds from the sale or redemption of the 2,400 5.5% Euro Bearer Bonds."
ParaFin retained expert Forensic Document Examiners and has done substantial due diligence regarding the Bonds over the past two years. ParaFin is now working with private consultants who are in the process of setting meetings with the top executives at the issuing Bank in order to negotiate the redemption of the bonds. Legal opinions received by ParaFin confirmed that whoever is in possession of the Bonds in hand has the right to redemption. ...
Although not confirmed, it's thought that the ING bond info below could be the related PFNO ING bonds mentioned above:
Breakdown of what PFNO's bonds are worth per share if its OS was maxed to be its rounded AS of 2,000,000,000 shares courtesy of TLETTELL:
Bearer bonds alone:
$3600000000 / 2000000000 shares = $1.80 cash per share
With additional 1 billion dollars in interest added:
$4600000000 / 2000000000 shares = $2.30 cash per share
Video of Paraguay's Oil Potential Featuring PFNO's Consulting Geophysicist Byron R. Ayme
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Reno, Nevada, March 18th, 2010, ParaFin Corporation (PFNO.PK): The Directors of Parafin Corporation hereby announce that Parafin Corporation and a Private Equity Firm have both signed a Term Sheet whereby the Private Equity Firm, based out of Wilmington, DE, will commit to purchase up to $6M USD of shares of common stock of Parafin. The investor is a private equity firm that invests capital into companies in the emerging markets.
Reno, Nevada, March 15th, 2010, ParaFin Corporation (Stock Symbol: PFNO.PK): The Board of Directors have voted to become fully reporting and to apply to re-instate the shares of the Corporation to trade on the Bulletin Board. In January, 2008, the Corporation went non-reporting on the advice of Counsel and the shares of Parafin then traded on the Pink OTC Market under the symbol PFNO.PK.
Reno, Nevada, March 10th, 2010, ParaFin Corporation (Stock Symbol: PFNO.PK): The Directors of Parafin Corporation, In response to multiple inquiries from shareholders and potential shareholders, felt compelled to put out a statement on the company's Bearer Bond holdings.
Parafin Corp (OTC: PFNO) launches it's new corporate website. This website complete with company information, company news and events as well as a glossary of Oil and Gas investment terms and even a brief history of the petroleum will serve to be a place for investors to go for current company information.
SIDNEY B. FOWLDS, DIRECTOR;
Chairman of the Board. Born September 21, 1940, married and has two children. Mr. Fowlds attended the University of British Columbia between 1958 and 1963 majoring in Economics and Political Science. In 1967, Mr. Fowlds became an Ivestment Dealer and worked in all departments of the securities industry, including on the floor of the Toronto and Montreal Stock Exchanges.
In 1969 Mr. Fowlds was appointed Vice-President of a mining company in British Columbia. A year later he became the largest shareholder and Chairman of the Board. Mr. Fowlds restructured the Company and formed Jordan River Mines Ltd.
Mr. Fowlds negotiated financing to place the Company's copper/gold/silver property situated at Jordan River on Vancouver Island, British Columbia, Canada into production. Jordan River Mines, Ltd. had a plant capacity of 1500 tons per day employing in excess of 200 employees. Copper, gold and Silver production from the mine was sold under contracts negotiated by Mr. Fowlds to smelters in both Germany and Japan.In the '80s, Mr. Fowlds diversified into the oil and gas industry and was Chairman of the Board of several public and private oil and gas companies. As a financial consultant to Companies during this period Mr. Fowlds raised millions of dollars for exploration and development of land parcels in the oil and gas industry in Louisiana, Texas, California and two multi-million acre Government Concessions in Papua New Guinea. In 1989, as a result of the downfall of the world price of oil and gas, Mr. Fowlds changed the direction of the Company to Telecommunications, voice technology and the PC computer industry. The Company developed the E.T. _TeleManagement_ 1 900 and 1 800 and VoiceMail systems, raising more than $5 million for research, development and marketing.
From 1996 until the present Mr. Fowlds returned to the Oil & Gas industry. The potential of hydrocarbon Concessions and other opportunities in the Oil & Gas industry have continued to be the main focus of the Corporation from that time until the present.
Mr. Fowlds is a Founder Member of the Tournament Players Club at Sawgrass in Florida and is a strong supporter of golf charities and amateur golf.
JOHN JOHNSTON, DIRECTOR.
Retired. Real Estate developer. Former part owner of golf club manufacturing company and 18 hole championship golf course. Designed 18 hole golf course and real estate developments. Mr. Johnston is a former winner of the Canadian Amateur Golf Championship and is a member of the British Columbia Hall of Fame.
ROBERT M. MILLER, DIRECTOR. Financial Consultant.
Born in St. Albans, Herts., England. Stock broker and financial and real estate consultant in London, England; Brisbane, Australia and Vancouver, B.C., Canada.
ANTHONY V. FEIMANN, Secretary-Treasurer. Financial Consultant.
Mr. Feimann graduated with a Bachelor of Arts degree in Econometrics from the University of British Columbia in 1963. This included one year of post-graduate work. Mr. Feimann worked for a national firm of Chartered Accountants for five years. He then started his own economic consulting company.
BYRON R. AYME, B.Sc., Consulting Geophysicist
Mr. Ayme is a consulting Geophysicist (Bakersfield, CA) His reports for Parafin Corporation have been based on the Alto Parana and San Pedro Blocks which is detailing seismic data obtained from the ministry in Paraguay as well as published reports on the area. This report consisted of a 14 day visit with Dr. Fernando Wiens, Ph.D. in Geology and consulting geologist residing in Asuncion, Paraguay. Additional materials used for his research and analysis consisted of internal reports on the Alto Parana Block commissioned by Texaco when they were operators of the block. Other information was derived from interviews with colleagues from Occidental Petroleum Company, experienced in these regions. Mr. Ayme holds no investment, directly or indirectly in the Alto Parana and San Pedro Blocks or in the Parafin Corporation.
PFNO Contact Information