The convertible note, issued on November 19, 2012, is due on August 21, 2013 at an interest rate of 8% per annum. The Company paid the debt in full in May 2013 before the completion of 180 days from the date of funding.
2) The shares received by Petro Fund shares were issued at around .078 per share - they are gonna want a lot more value for those shares.
Per the April 11, 2013 agreement with Petro Fund 1 (See Note 8.), the Company agreed to issue Petro Fund 1, 548,921 shares of common stock for $43,000 cash on May 23, 2013. The Company received the cash on May 24, 2013, but had not issued those shares as of June 14, 2013.