Hemi Energy Group Inc. (fka HMGP)

[bdahl385]

Badge - some of my early DD on HMGP and the history timeline of how HEMI and KA emerged from CVI led me to this Edgar document. It seems that some of the first o/g properties KA acquired was through a company called DEK Resources per the attached link info. The WYO asset sale caught many shareholders by surprise when they PR'd it last year. I think it was because there was never a public disclosure that HEMI even owned that lease (at least there wasn't anything ever on the HEMI website)...

I wonder if the Wyoming, Sabine Co. or ND leases were titled in DEK (or some other related party name) to keep it separated from public HEMI corporate visibility.

Full link:
http://sec.edgar-online.com/wastech-inc/10ksb-annual-report-small-business-issuers/2002/04/16/section20.aspx

(Relevant text below):

WASTECH, INC. - Annual Report (Small Business Issuers)

The following is an excerpt from a 10KSB SEC Filing, filed by CORPORATE VISION INC on 4/16/2002.

In 2000, the Board of Directors approved the sale of the Company's working oil and gas interests to DEK Resources, Inc. ("DEK") in exchange for consideration totaling $80,000. The owner of DEK was Keith Anderson, Chief Executive Officer of the Company at the time. The Company believes that the amount paid by Mr. Anderson for the oil and gas interests represented the approximate fair market value of the interests. The Company decided the sell the oil and gas interests to DEK in order to provide funds for operations, and to enable the Company to concentrate on its core operations.

During the year ended December 31, 2000, DEK loaned the Company a total of $28,961. The loans were unsecured, noninterest-bearing, demand loans. Since the loans did not bear interest, the Company believes that the terms of the loans were better than the Company could have borrowed the same amount from an unrelated third party. The Company satisfied the loan by issuing DEK 133,000 shares of common stock.

At December 31, 2000, the Company had an employee receivable from Mr. Anderson of $139,224. The receivable is an unsecured, demand obligation that does not bear interest. As of April 19, 2001, the balance due the Company by Mr. Anderson had been reduced to $59,149. On April 17, 2001, Mr. Anderson resigned as an officer and director of the Company.