Replies to post #8779 on Bonanza Oil & Gas, Inc.(fka BGOI)

[jbarr9134]

the triumph info was out before the run up started. the company did not dilute de facto and triumph is just another shareholder like us who has every right to sell at whatever price he sees fit. this deal is indeed outrageous.

[locksmith123]

Somebody do the math....is this for real????


Series A Preferred Stock



On December 2, 2009, the Company entered into a Conversion Agreement (the “Conversion Agreement”) with Robert Teague (“Teague”), Vice President of Operations and a director of the Company. The Company is presently in debt to Teague for wages in arrears in the amount of $82,500 (the “Wages”). Pursuant to the Conversion Agreement, Teague converted $60,000 of the Wages owed to him in consideration of 5,000,000 shares of series A Preferred Stock (the “Series A Stock”).


The above transaction was approved by the Board of Directors of the Company. Teague recused himself from voting on such matter. Each share of Series A Stock is convertible, at the option of the holder, into ten shares of common stock. In addition, the holder of the Series A Stock is entitled to vote ten shares of common stock for each share of Series A Stock. The Series A Stock has no liquidation preference.

[Bigdogs]

I still own quite a bit and also am really pissed at the dilution.

Here is the companies number.

I just called and left a nasty message for them to stop the Dilution now so we can recover somewhat.

Everyone else on this board needs to inundate them with calls and leave messages telling them to stop this nonsense now.

Here is the number and contact

Bonanza Oil & Gas, Inc.
3000 Richmond Avenue
Suite 400 Houston, TX 77098
Phone: [phone]
Fax: [phone]
Web Site: www.bonanzaog.com