So the $125,000 deposit is towards the closing on Pirate Oilfield Services, Inc interesting!!!
Recent Developments
Proposed Acquisition of Pirate Oilfield Services, Inc.
On September 13, 2017, the Company entered into a Stock Purchase Agreement (the “Purchase Agreement”) with Pirate Oilfield Services, Inc., to purchase
outstanding capital stock of Pirate (the “Acquisition”) and assume an outstanding bank note to AIM Bank of Odessa, TX of approximately $850,000 and certain
other liabilities outstanding. Mammoth Capital, on behalf of the company, paid $100,000 upon the executive of the agreement to be applied against the principal of
the bank note. In addition, $20,000 was paid to Red Diamond Resources and $5,000 paid to Advances Energy Capital, LLC. which is capitalized in the Deposit for
Pending Acquisition as of December 31, 2017. The purchase and sale was to be held on or before October 31, 2017. Furthermore, upon closing the Company has
agreed to pay $107,000 to South West Bank of Odessa, TX and agree to certain assets and liabilities. The transaction was not settled as of December 31, 2017 and
the company did not own title to the assets of Pirate Oilfield Services, Inc. and the company did not assume the agreement upon liability to South West Bank of
Odessa. Pirate Oilfield Services, Inc. was formed in 2013 and provides oilfield maintenance services in Texas.
