Energy Finders Inc (EGYF)

[AAsuited]

OS shares review

June 30, 2005---EGYF does a 10-1 RS and the OS shares is 15,096,173 with the float 1,500,000

There was supposed to be a 5 to 1 forward split Sept 12, 2005. The OS should be 75,480,865 after that split

March 31, 2008 EGYF finally files and the OS is 42,649,938. Based on the filings, the 5 to 1 forward split never occurred. Instead they issue shares for "in lieu of services provided by third parties." By 2010, the OS is 83 million. 6 years later the OS increases to 91 million

From my understanding shares need to be registered or these are regarded as improperly issued shares (IIS). Such shares are subject to cancellation if not issued correctly. Been seeing more such cancellations with custodian shells in the past year

With EGYF it is very likely many of those shares are improperly issued (maybe all). Best case scenario is the OS shares reverts back to 15,096,173

Have to wait and see what happens in Delaware.

All IMO