Wednesday, October 30, 2013 2:33:03 PM
Interest in 950 acres in Live Oak County Texas from Tejones Operating
Corporation, an entity controlled by the Company’s CEO and Chairman Tom
Gouger.
On September 27, 2013 the company entered into a purchase agreement to
acquire a 25% Working Interest and a 18.75% Net Revenue Interest in
a 950 acre field in Live Oak County Texas known as the Sullivan Tract
from Tejones Operating Company (‘Tejones”), a Related Party. The acquisition is valued at $1 million. The ownership of asset by Tejones is valued at $4 million. The purchase
price consist of a Seller Note of $250,000.00 and Stock Consideration valued at $750,000.00. The Closing and Effective Date of the transaction is September 30, 2013
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