Breitling Energy Corp fka BECC

[FM II]

Looks like I got the destination of the shares wrong, bad memory. 1% or more to creditor and 92% to Breitling. Of course BECC is effectively BERX so if the 92% was owned by BERX, then there might be 9% stockholders who at worst were diluted by 1%. My memory is that the BERX management abandoned their interest, but my memory is poor and I don't care to look it up again.

reaper, your response to my question was devoid of substance and looks like trolling, so feel free to not respond. Anyone else have information?

As far as the other information I listed, some are inferences from what BECC has announced and some is my best guess, that is why it is styled as a question. Anyone have info on BECC assets contrary to what I said? reaper chose to ignore it. Only info I have is an ancient annual report claiming 84,000 bbls PDP reserves, equal to about a quarter of a Bakken well.

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The answer can be found in the 8-K describing the asset purchase agreement. If you read through it, you'll see that in connection with the transaction, some former note holders converted a total of $387,500 worth of debt into 6,068,431 shares of common stock (the average rate comes in at just over $0.06 per share).

Go through some of the older filings (Pages F-12 and F-13 of the 2012 10-K are a good read), and you'll notice that a lot more shares have been issued at less than $0.10 a piece over the years.

DALLAS and HOUSTON, Dec. 9, 2013 /PRNewswire/ -- Bering Exploration, Inc. (OTC:BERX) (the "Company") and Breitling Oil and Gas Corporation, together with Breitling Royalties Corporation (collectively, "Breitling") jointly announced today that the Company and Breitling have entered into an Asset Purchase Agreement pursuant to which the Company has issued to Breitling approximately 461.9 million shares of common stock in exchange for substantially all of the oil and gas assets owned by Breitling (the "Transaction").

In connection with the closing of the Transaction, all of the Company's outstanding convertible notes were converted into common stock. The shares of common stock issued to Breitling represent over 92% of the shares of common stock on a fully diluted basis following the closing of the Transaction (the "Closing"). Breitling has executed a Non-Transfer Agreement with the Company providing that for a period of 15 months following the Closing Date it will not transfer any common stock or make any agreement relating thereto. The Closing did not affect the shares of common stock held by the Company's existing public stockholders.
http://www.prnewswire.com/news-releases/breitling-oil-and-gas-corporation-and-breitling-royalties-corporation-announce-asset-purchase-agreement-with-bering-exploration-inc-235070411.html
http://www.hotstocked.com/article/87541/breitling-energy-corp-otcbb-becc-on-the-move.html