So it's clear that WOGI does have assets on the books and owns a small stake in the 10 oil well project.
If WOGI only owned 2% or even 3% stake in the project that would be whatever production is now and in the future and the asset value of the construction of $1,250,000 dollars of which would be
2% equalling $25,000 dollars
or
3% equalling $37,500 dollars
Either way, it meets the $15,000 dollars in assets of a Penny Stock Company to qualify to go to the OTC QB.
Raising private funds and public funds are how all oil wells deals are done and the driller takes a smaller stake in the deal to offset risk. This is even how major publically traded deals are still done.
Chesapeake Energy does this all the time by buying stripper wells and bundling them together and selling the products. So what the former CEO Nathan did was industry standard and very smart to hedge risk.
Profits from the deal were obviously made before the company went public and the production and assets of equipment are now owned by WOGI. It's clear that assets are not limited to just barrels of oil but also includes over 1 million dollars in infrastructure in these projects.
When one tells the truth it must be the whole truth and not one-sided truth to get the whole picture.
It was also very smart to use an exclusive subcontractor like Xite Energy to drill these wells to offset liabilities and reduce risk, anyone who understands construction will understand this concept.
This entire deal was privately owned by EPA Petroleum and WOGI's former CEO Nathan Hall, a privately held company before the reverse merger.
The main point is that WOGI has real assets that qualify them for the next OTC Board QB once the shareholders take this to a penny for one month, with receivables in place for the future when they go back into production. No one can deny that!
Now they shareholders need to take this above One Penny for over One Month. Then it qualifies to up-list to the OTC QB.
