RYPE & May Petroleum:
Looks like Norris Harris effectively merged his 2 companies May Petroleum and Roaylite in April 2008.
What happened to all their leases? land? etc.
Airport Leases
On April 2, 2008, we entered into an agreement with May Petroleum, Inc. (“May”), a Texas company controlled by Norris R. Harris, our Chief
Executive Officer, President, Chairman and Director, to acquire May’s interest in an oil and gas prospect (the “Prospect”) in Matagorda County,
Texas, including obtaining an assignment of a Purchase and Sale Agreement (the “Purchase and Sale Agreement”) to acquire a 70% net revenue
interest in a lease covering approximately 1,500 acres (the “Airport Lease”) and obtaining and reviewing significant geophysical, geological, title
and engineering data (the “Data”) on the Airport Lease and an area of mutual interest (the “Area of Mutual Interest”) covering 30 square miles
surrounding the Airport Lease.
Under the terms of the Agreement, May transferred and assigned to us all its right, title and interest in the Prospect, the Purchase and Sale
Agreement and the Data in consideration of the following:
The Agreement also contemplates that any other property interest acquired in the Area of Mutual Interest shall become part of the Prospect and
subject to the Agreement.
We are responsible for making all payments and completing all acts required under the Purchase and Sale Agreement or any other agreements in
respect of properties comprising the Prospect.
Under the terms of the Airport Lease, we commenced operations to drill on the Airport Lease on August 1, 2008. In addition, we paid an
operation bonus payment of $150,000 to the landowner.
Subsequent to entering into the Agreement, we have acquired additional acreage in and around the Airport Leases. As a result, we have increased
our acreage to approximately 2,764 acres.
West Lake Boudreaux Prospect
In 2008, we acquired a 27.5% working interest (19.8% net revenue interest) in oil and gas leases totaling 192.12 net acres and 698.62 gross acres
in the Westlake Boudreaux Field located in Terrebonne Parish, Louisiana shallow state waters. An initial will is to be drilled to a depth of 13,900
feet to test the Tex. W-1, Tex. W.B, and Tex W-2 sands which are productive in other wells in the field. The commencement of the initial well is
subject to our obtaining substantial financing. Accordingly, we are uncertain as to the date of commencement of the initial well.
S. Rosenburg Prospect
In 2008, we acquired a 26.25% working interest in oil and gas leases totaling 935 acres located in Fort Bend, Texas that we call the “S.
Rosenburg Prospect."
Central Utah Hingeline Project
We have leased 67,025 net acres covering 69,759 gross acres along the four main Hingeline faults located within a five county area of Southern
Utah. Our exploration and development program on this property has been
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(a) we issued 50,000,000 shares of our common stock to May;
(b) we reimbursed May for the $100,000 deposit it paid under the Purchase and Sale Agreement; and
(c) we paid $900,000 in cash to May.
Under the terms of the Airport Lease, we commenced operations to drill on the Airport Lease on August 1, 2008. In addition, we paid an
operation bonus payment of $150,000 to the landowner.
Subsequent to entering into the Agreement, we have acquired additional acreage in and around the Airport Leases. As a result, we have increased
our acreage to approximately 2,764 acres.
