Are they drilling in Colombia or Paraguay?
PARAFIN CORPORATION - FORM 8-K
08/02/07 - ITEM 1.01 ENTRY INTO A DEFINITIVE MATERIAL AGREEMENT.
On May 2, 2007, the Registrant entered into a farmout agreement (the “Farmout Agreement”) with Meta Petroleum Ltd. with respect to the development of an oil concession on approximately 7,000 hectares of land in the Republic of Colombia. The Farmout Agreement was executed for Meta Petroleum Ltd. by its specially appointed representative Richard Torres Utria. The Farmout Agreement gave the Registrant a 50% interest in the concession, conditioned upon and effective upon its completion of the drilling of four oil wells on the concession at the Registrant’s expense. The Registrant was required to bear 50% of the operating costs of the concession after the completion of the initial four wells.
ITEM 3.03 MATERIAL MODIFICATION TO THE RIGHTS OF SECURITIES HOLDERS.
Effective June 4, 2007, the Registrant affected a one for three reverse stock split on the issued and outstanding shares. The number of shares which the Registrant is authorized to issue remaining unchanged at 200,000,000 shares, 190,000,000 Common shares and 10,000,000 Preferred Shares. The reverse stock split and the authorization to issue all classes of shares and warrants and all Agreements cited herein were approved by the written consent of the holders of a minimum of 62% of the Registrant's issued and outstanding shares and the Registrant's Board of Directors. The Registrant's new stock symbol on the NASDAQ OTCBB is PFNO.
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
ParaFin Corporation
Dated: July 30, 2007
By: /s/ Sidney B. Fowlds
Sidney B. Fowlds, President
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Meta Petroleum CEO Says ParaFin Announcement False
Wednesday, May 16, 2007 - Meta Petroleum has renounced a press release issued by ParaFin Corporation on May 1, 2007 as false and without basis. In a May 1st press release, ParaFin stated that it had signed a farmout agreement with "Meta Petroleum Ltd." to acquire a 50% working interest in a hydrocarbon concession and operating oil field in the Republic of Colombia, South America.
Jan Veldwijk, Meta's Chief Executive Officer, stated, "We were shocked when we were informed of the press release issued by ParaFin Corporation. Neither the management nor shareholders of Meta have ever met anyone from ParaFin Corporation, much less entered into an agreement to sell a portion of our interests. ParaFin's press release is totally without merit and we can only speculate as to the motivation behind the announcement."
Meta Petroleum is one of the fastest growing companies in Colombia and was recently recognized as one of Colombia's top 1,000 companies by two leading Colombian business magazines. Since commencement of operations in 2002, Meta has rapidly increased production from its heavy oil field to more than 18,000 barrels of oil per day. The company's heavy oil field, generally referred to as the Rubiales Field, is located in the Meta Department of Colombia.
"We are disappointed by ParaFin's actions and will pursue any and all remedies available to us resulting from this false and misleading announcement," Veldwijk noted.
Meta Petroleum's corporate headquarters are located on Av. Calle 26 No. 92-30 in Bogota, Colombia. Further inquires should be directed to the company care of either john.hager@metapetroleum.com.co or mario.restrepo@metapetroleum.com.co.
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