A shell company is a company that exists but does not actually do any business or have any assets.
But in a filing it is listed under Note #1 Organization and Business. Same thing in this quarterly also:
QUARTERLY REPORT
THREE MONTHS ENDING
March 31, 2011
Now in the AMENDED INITIAL COMPANY INFORMATION AND DISCLOSURE STATEMENT
Pursuant to Rule 15c2-11
(v) NATURE OF THE COMPANY’S BUSINESS:
A. Business Development
Mammoth Energy Group, Inc., formerly Technigen Corp., (the “Company” or
“Mammoth”) was incorporated under the laws of the State of Nevada on February 27,
2006. It is currently not a reporting issuer with the United States Securities and
Exchange Commission (“SEC”).
The Company’s business is in its developmental stage. To date, the Company’s primary activity is identifying and obtaining royalty interests in potentially lucrative extraction of minerals, metals, common compounds and oil and gas projects. Currently, the Company receives royalty interest on one such project through the assignment of an
Oil and Gas Lease acquired from Mandalay Energy Resources LLC in return for investment in the project located in Pawnee County, Oklahoma.
Mammoth Energy Group, Inc. is a Nevada corporation, organized as a domestic domiciled corporation in Nevada on February 27, 2006. Prior to organizing in Nevada, it was originally organized in Canada as Technigen Corp. Upon becoming domiciled in
Nevada, it changed its name to Mammoth Energy Group, Inc. (symbol MMTE).
Change in Control and other Shareholder MattersAny change of control:
In May 2009, the majority of the shareholders elected William Lieberman and Samir
Ahshrup the board of directors and sole executive officers of the Company. The
Company, while remaining a holder of royalty rights under an Oil and Gas Lease, ceased receiving said income on or about August 2008 because of a dispute that arose between the majority interest holder in the oil field and the operating (production) company.
This Part is very very important!(B)
Business of Issuer.The Company’s business is in its developmental stage. The Company has acquired a royalty interest in an oil and gas project in Pawnee County, Oklahoma.
The Issuer’s primary and secondary SIC Codes as follows:
Primary: 1381 – Investment in oil and gas wells and properties
Secondary: 3590 – Industrial
The Company has had limited operations. It holds a minority royalty interest by assignment of an oil and gas lease on producing property in Pawnee County, Oklahoma. The Company had operating income from this property in 2008 of approximately $100K. A dispute between the majority royalty interest holder and the operating company has resulted in the shut-down of all operating wellbores on the property. This dispute has been on-going throughout 2009 and no royalties have been earned.
The Company’s revenues stems from its sole investment in an oil and gas project in Pawnee County, Oklahoma. The Company is a “passive” investor in so much as its income is derived from an assignment of royalties in return for the investment. Further, the Company had no income from this investment in the last fiscal year, nor does it anticipate any income from this investment in the current fiscal year, or in the near future as production has been shut down by the owner of the property because of a dispute with the production/operating company developing and drilling on the property. Since the Company has no production, exploration or drilling activities, and derives no income and has no lifting expenses from any such activities, it believes it is exempt from the requirements of FASB 69 and the Supplemental Disclosures associated with oil and gas exploration and production companies.
The Issuer is not a “shell company” pursuant to SEC Rule 405 of the Securities Act of 1933.
AI
