Part of May 16 8-K:
Houston, Texas, May 2012 --Conquest Petroleum Incorporated, an independent oil and gas producing company located in Houston, Texas has entered into a program with six 3 rd party entities to exchange certain aged debt for stock. The new shares will be free trading and will be available immediately. Simultaneously, it was necessary for the Company to issue additional Rule 144 Restricted Stock to one of the Company’s secured creditors under an anti-dilution agreement.
Robert D. Johnson, Chairman and CEO of the Company stated, “Management and the Board of Directors have considered possible alternatives to add to the Company’s liquidity and bring in much needed capital. This alternative, although dilutive, will enable the Company to bring its securities filings current, perform much needed field restoration, and bridge to a larger funding. The goal remains to raise sufficient new capital to complete Phase 3 of the Company’s Business Plan that will see the large inventory of undeveloped assets monetized; and, at the same time settle other outstanding matters.”
