Gordon is Australian, I would imagine that Koala is somehow connected to him...
Item 9. Directors, Executive Officers, Promoters and Control Persons; Compliance With Section 16(a) of the Exchange Act
The Directors and Officers of the Registrant as of the date of this report are as follows:
Served as a
Name Age Position Director since
Robert Gordon 63 Chief Executive Officer, Chief
Financial Officer, Director May 1, 2002
Dudley Muth 66 Director April 5, 2002
John C.Y. Lee 34 Director July 1, 2006
All Directors of the Company hold office until successors are elected according to the Company's by-laws.
Officers of the Company are elected by the Board of Directors according to the Company's by-laws and hold office until their death, resignation, or removal from office.
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Mr. Robert Gordon, Chief Executive Officer and Chief Financial Officer, is a former senior editor with Mr. Rupert Murdoch's News Corporation. He owns his own investor relations firm in Melbourne, Australia, specializing in the oil and gas industry.
Mr. Dudley Muth is a Los Angeles attorney and a broker-dealer compliance officer.
Malaysian-born Mr. John C.Y. Lee, is a former foreign exchange dealer and stockbroker. He has facilitated investments, mergers and acquisitions in various Australian private and public companies on behalf of Asian investors. He is a co-director of Imperial Pacific Proprietary Limited.
Item 10. Executive Compensation
Compensation paid to Officers and Directors is set forth in the Summary Compensation Table below. The Company may reimburse its Officers and Directors for any and all out-of-pocket expenses incurred relating to the business of the Company. During the reporting period of this report, the Company paid no cash compensation to officers and directors. The figures set out below include compensation paid in the form of common stock.
SUMMARY COMPENSATION TABLE
Name and Fiscal Other Annual
Principal Position Year Salary Bonus Compensation
Directors - several 2004 $ - - $ 4,500
None 2005 $ - - $ -
Directors - several 2006 $ - - $ 2,558
The above table sets forth the rate and amount of compensation due to the named recipients during the fiscal 2004, 2005 and 2006 periods, and which amount may materially differ from the actual amount paid, and which paid amount may additionally be compensation accumulated but unpaid during prior reporting periods.
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Item 11. Security Ownership of Certain Beneficial Owners and Management
The following table sets forth, as of the date of this Report, the stock ownership of each person known by the Registrant to be the beneficial owner of five percent or more of any class of the Registrant's capital stock, each Officer and Director individually and all Directors and Officers of the Registrant as a group. No shares of any class of capital stock other than common stock are outstanding.
NO. OF % OF
NAME CLASS SHARES CLASS
Dudley Muth, Director Common 1,110,000 1.83%
Robert Gordon Director Common 4,584,800 7.55%
John C.Y. Lee Director Common 250,000 0.41%
Koala Pictures Proprietary Ltd. Common 22,021,800 36.25% Axis Network (affiliate of Koala) Common 8,453 -
Directors & Officers as a Group Common 5,944,800 9.78%
Item 12. Certain Relationships and Related Transactions
The Estate of Charles M. Childers is believed to be the ultimate controlling party in each of the following entities: Pilares Oil & Gas, Inc., Medallion Holdings Limited, Forum Energy Limited, Lichfield Petroleum Limited, and Southwin Financial Inc. Childers' controlling stock position at December 31, 2006 is estimated to be from 14,000,000 - 16,000,000 common shares.
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