QUOTE FROM 10-Q
We may enter into agreements with major and independent oil and natural gas companies and other investees to drill and own interests in oil and natural gas properties. We also may drill and own interests without such strategic partners. We may sell all or a portion of our prospect interests or may retain a working or “carried” interest in the prospects and participate in the drilling and development of the properties. We have no current plans to change our core business activities. In April of 2017 we acquired the operating assets of EOI Eagle Operating, Inc. a privately held oil and gas company headquartered in Frisco, Texas in exchange for 1,000,000 shares of the Company’s Series B preferred stock and a note for $250,000. We may however continue to pursue combinations with one or more privately or publicly held oil and gas companies in order to exploit acquisition and development opportunities in the domestic oil and gas industry.
Financial Overview
The following reflects how we intend to spend our capital over the next twelve months:
Acquisition of LeasesTWTW $ 400,000
Drilling and Well Workovers $ 1,315,000
Lease Operating Costs $ 175,000
General and Administrative Expenses $ 800,000
