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Friday, May 16, 2014 5:15:52 PM
In May 2014, the Company executed a Purchase and Sale Agreement with Ventrum
Louisiana, LLP for the acquisition of a 65.94% Working Interest in nine (9) existing and
active Louisiana oil wells and leases covering ~1,193 acres. The purchase and sale is
effective April 1, 2014 and is subject to escrow closing conditions. The purchase is
being paid for with the issuance of 90,000 Series A Preferred shares for a total purchase
price of $900,000.00. The Series A Preferred shares have a two year lock up, a two
year call at a six percent (6%) cumulative annual premium, a metering restriction, and a
block trade restriction.
http://www.otcmarkets.com/financialReportViewer?symbol=CGRA&id=120915
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