Creston Resources (CSTJ)

[Y money]

After a three year long uphill battle with title and contract issues, culminating in the bankruptcy of the purchaser, Flying J, the Board was approached by the former owner of the leases. The buyer agreed to assume all obligations, forgive a note and allow Creston to retain a 2% override based on what its previous ownership in the leases had been, in exchange for 100% of the stock of Homeland Gas & Oil. This transaction was ratified by the shareholders on May 5.
In 2004, Creston Resources acquired an 8.6% working interest in a natural gas lease in Carbon County Wyoming. In October, 2008, BP Amoco announced its plans to drill an additional eight wells. To finance their part of the drilling of these wells, Creston obtained private investments from two different sources. In exchange for 36% of Creston's interest, Galena Oil and Gas LLC and Diamond Financial Group provided $1.5 million dollars. The terms of the deal allow for the two companies to receive 80% of the revenue until they have recovered their investment. This transaction also approved by the shareholders on May 5.