Sovereign Lithium, Inc. (SLCO)

[236T568]

SRBL - more on this scam company


SRBL Management is led by a 73 year old British guy, Geoff Evett, with a financial background who is Chairman (and owns about ½ the common stock) and by a lowly 36 year old Columbian, Felipe Pimienta Barrios , who is the CEO and only officer of SRBL, with experience coming from being a broker at banks and who claims his highlight educational background as having studied “english” at UCLA. Here at the two and their backgrounds from the 10K:


http://www.sec.gov/Archives/edgar/data/1393403/000135448813001636/srbl_10k.htm

Biographical Information

The following is a brief account of the education and business experience of our officer and directors.

Felipe Pimienta Barrios. Mr. Pimienta, age 36, is an executive who has specialized in establishing oil and gas companies in South America. Over the last 5 years, Mr. Pimienta has helped expand Delavaco Energy, sold to Alange Energy for $107 million; Quetzal Energy and Brownstone Energy, both listed on the Toronto Stock Exchange; APO Energy and P1 Energy Corp, which merged in 2010; and Colcan Energy.

Mr. Pimienta served as the Chief Financial Officer, Principal Accounting Officer, and Treasurer of West Canyon Energy Corp. (formerly PetroSouth Energy Corp. and Mobridge Explorations Inc.) from March 28, 2007 until November 30, 2009. Mr. Pimienta has been a Director of West Canyon Energy Corp. since March 28, 2007. Earlier in his career, Mr. Pimienta served as the Chief Financial Officer of Petrosouth Energy Corporation Sucursal Colombia, a Senior Analyst and Executive Account Manager at Bansuperior, and as an Asset Management Executive at Citibank. Mr. Pimienta studied English at the University of California, Los Angeles; Finance and International Business at Universidad Sergio Arboleda, Bogotá, Colombia, and earned an MBA from San Pablo CEU, Madrid, Spain.

Geoff Evett. Mr. Evett, age 73, is our director. He joined us as a director on May 27, 2011. He previously served as our Chief Executive Officer, Chief Financial Officer, and Secretary from May 16, 2011 until he resigned from this position on April 19, 2012. Mr. Evett is a former banker with 33 years of experience in the banking industry. Currently, Mr. Evett serves as the managing director of a business consulting company registered in Spain and serves as a director of Thromboserin Limited a medical research company based in the United Kingdom. He was formerly a director, Chief Executive Officer and Chairman of Ignis Petroleum Group, Inc., which was formerly subject to the requirements of section 15(d) of the Exchange Act. Mr. Evett is an Associate of the British Chartered Institute of Bankers and received his education at Blundell’s School in the United Kingdom, and Henley Business School.




Note that the CEO Felipe Pimienta Barrios’ main work before SRBL was as CFO of a small public company West Canyon Energy Corp, which claims to be involved in O&G in Columbia. He left in 2009, but the West Canyon website still lists him as CFO.

http://www.westcanyonenergy.com/website.php


West Canyon’s symbol is WCYN and it only has a $900K market cap. Take a look at what has happened to WCYN’s only property. They don’t even know who is managing the O&G property and can’t even communicate with anyone on this matter:



http://www.sec.gov/Archives/edgar/data/1343601/000106299313001045/form10q.htm

Our Current Business
Our asset base and property development activity currently consists of a 16% participation stake in the Buenavista Exploration and Production Contract northeast of Bogotá, Colombia, which we acquired through an Assignment Agreement dated August 30, 2007. The Buenavista Exploration and Production Contract was effective November 8, 2004 and has a surrender date of November 8, 2032. To the best of our knowledge, the operator and majority partner is UTO with an 84% participation stake. The 25,000 acre contiguous parcel of land contains the Bolivar field, the Bolivar prospect and three leads. Included in the field is the La Luna formation, covering an area of 700 acres.
We understand that the operatorship may have subsequently changed, although we have not been advised of such under the terms of the operating agreement. The current operator, UTO, has been unresponsive in terms of providing us with updated status of the block, drilling programs, production levels and our production share. The Exploration and Production Contract associated with the block was originally signed on November 8, 2004, providing for a six year exploration period and a 28 year production period. Due to the unresponsiveness of the operator, we are uncertain as to the current status of the permit, however we believe the Exploration and Production Contract remains in good standing. We are attempting to establish communications with UTO or determine if the operatorship has changed to T.C. Oil and establish communications with them to confirm the status of the permit and continue exerting our right to the lease. We have engaged legal counsel to assist in resolving these issues; however the ultimate outcome is unknown.
As of December 31, 2012, we had not yet determined the commerciality of the Buenavista Block.




SRBL has been raising cash through Reg S private placements with an offshore entity that don’t need to be registered in order to become freely trading. The only place that one can find the investor, Pacific Oil & Gas Investments Ltd, appears to be from SRBL press releases and SEC filings. Not a good sign and probably means that it was set up by related parties to specifically finance the company through the stock sales which are then sold into the market immediately.