"As mentioned in a previous release we had entered into an agreement with The Herman Companies Inc. to secure $1,000,000 in financing. To date despite Pacific Oil's best efforts this financing has not come together which has resulted in the measures discussed in this news release. At the end of the day even with the additional financial overhead this deal is good for both Pacific Oil Company and its shareholders due to the fact that the aforementioned assets have been purchased out of bankruptcy at a great price." http://finance.yahoo.com/news/pacific-oil-company-secures-3rd-123000933.html