American Energy Production Inc(fka AENP)

[jacobboaz]

CB has definitely issued too many common shares. At 50% of the current PPS (.013) it would take approximately 184 million shares to pay off the $2.4 million to his brother.

"Section 1.03 Reservation of Common Stock. The Company shall reserve and keep available out of its authorized but unissued shares of Common Stock, solely for the purpose of effecting the conversion of this Debenture, such number of shares of Common Stock as shall from time to time be sufficient to effect such conversion, based on the Conversion Price. If at any time the Company does not have a sufficient number of Conversion Shares authorized and available, then the Company shall call and hold a special meeting of its stockholders within sixty (60) days of that time for the sole purpose of increasing the number of authorized shares of Common Stock."

Copied from 10QSB filed 5/28/2004.