Is Westrock behind a public company setup to fleece investors? Is MCKE the next game? Are there others that Westrock is behind? Westrock is in Dallas...
Effective on August 26, 2010, our Board of Directors authorized the execution of an option agreement dated August 26, 2010 (the "Option Agreement") with Westrock Land Corp. ("Westrock"), to purchase approximately 21,000 net acres of mineral oil and gas leases on lands located in Lamar, Jones and Forrest counties in the State of Mississippi (the "Acquired Properties"). The Company has entered into the Option Agreement with Westrock, as the mineral leaseholder, and has received representations that Westrock owns all right, title and interest to all depths, including the Haynesville Shale Formation pursuant to the oil and gas leases with a minimum 75% net revenue interest.
In accordance with the terms and provisions of the Option Agreement: (i) we agreed to issue to Westrock an aggregate of 15,000,000 restricted shares of our common stock by November 30, 2010; (ii) Westrock granted us a period to conduct due diligence to October 31, 2010; and (iii) at closing, Westrock would convey to us the Acquired Properties by assignment and bill of sale and other associated documentation.
We subsequently completed due diligence on the Acquired Properties and issued 15,000,000 restricted common shares to Westrock on October 21, 2010.
Bonanza Resources Corporation, through its subsidiary, acquired an 85% interest in the North Fork 3-D prospect pursuant to an agreement with Radiant Energy, LC and Ryan Petroleum, LLC dated February 25, 2008 (the "Original Agreement").
This is interesting! MCKE did a 2 for 1 forward stock split just about the same time MNLU and AEXP did in 2009, IIRC?
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