Thursday, May 23, 2013 6:13:03 PM
On January 25, 2013, QED signed a definitive agreement for the acquisition of Kuma Oil which is a licensed mineral developer based in Western Siberia. There are two fields that have been thoroughly explored, mapped with production plans in place with one field currently in production and expected to produce 400,000 Bbl’s over the next 12 months. Additionally there are four other smaller fields not currently in production. The Company will acquire Kuma for forty million (40,000,000) shares of class C preferred and ten million (10,000,000) shares of Yellow 7.
On March 25, 2013, QED entered into an agreement with Yellow7 assigning all of QED’s rights, title, and interest in the acquisition of Kuma Oil. The consideration paid by Yellow7 to QED for the assignment was 54,609,700 shares of common stock of Yellow7.
On March 26, 2013 QED cancelled the Nazz acquisition. After completing the due diligence, it was determined that the company was not an appropriate acquisition for QED at this time
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