Effective January 10, 2005, the Company acquired a 50% Working Interest in 100 wells in Caddo Parish, Louisiana. The Company issued notes convertible to common stock for the properties.
Subsequent the company acquired a 50% working interest in a total of 320 wells located in Caddo Parish for 4,880,000 shares of common stock. The per share price was $ .052 for a total of $ 2,560,000 and debts of $ 5,715,200.00. The debt was for 289,522 shares of convertible Black Dragon Series D preferred shares with a face value of $ 4.50.
The company subsequently purchased various interest in various wells, and additional 8,664,000 shares and debt were issued and conversion thereon.
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