BGOI sold its only producing wells and leases and has no on-going revenue stream. Please note, BGOI posted $68,565 in revenue for the 3 months ending June 30th 2010 from it's 2 producing wells they just SOLD.
No BGOI will not hit highs similar to USOG unless investors ignore the 10-Q filed by the company.
It looks more like BGOI is headed for bankruptcy as they have also defaulted on 12 notes.
Since June 30, 2010, the Company entered into conversion agreements converting a total of $131,875 of principal of the May 2008 Convertible Note into 52,750,000 shares of the Company’s Common Stock.
Since June 30, 2010, the Company issued a total of 8,000,000 shares of its Common Stock in conversion of approximately $20,000 of principal and accrued interest on its August 2008 Notes.
On August 13, 2010, the Company entered into a Purchase and Sale and Exploration Agreement with respect to the Company’s 25% working interest in its two producing wells, the Jackson No. 1 and Everett No. 7-1H and 18.875% of its 25% working interest in 1,253 acres of land held by production thereby. The Company received total cash consideration of $460,000.
Pro Forma Adjustments - Page 34
The unaudited pro forma consolidated balance sheet at June 30, 2010, reflects the following adjustments:
(1) Adjustment to reflect the $460,000 of cash proceeds.
(2) Adjustment to eliminate the net carrying value of the proved property associated with the Sold Assets and recognition of the net loss on the sale as if the disposition had occurred June 30, 2010.
(3) Adjustment necessary to reflect non-consent penalty associated with the Sold Assets required to be settled from proceeds.
ARTICLE I ACQUISITION OF THE WELLS
I. BSPE agrees to deliver $325,000.00 (“ Acquisition Well Costs ”) to Bonanza , to be paid upon the acceptance and execution of and by the Parties of the Agreement and the Assignment and Bill of Sale of Wells . Such payment is for all of Bonanza’s right, title and interest in and to the production from the Wells . Bonanza hereby represents that its interest in and to the Wells is 25% gross leasehold working interest with an 18.75% of 8/8ths net revenue interest associated therewith.
II. Concurrently, with the payment of the Acquisition Well Costs set out in I. above, Bonanza agrees to execute the assignment attached hereto as Exhibit “B” (“ Assignment and Bill of Sale of Wells”). The Assignment and Bill of Sale of Wells is effective the first day of August 2010.
ARTICLE II LEASEHOLD ACQUISITION
I. BSPE agrees to deliver $135,000.00 (“ Acquisition Leasehold Costs ”) to Bonanza , to be paid upon the acceptance and execution of and by the Parties of the Agreement and the Partial Assignment of Oil, Gas and Mineral Leases , as consideration for an unencumbered assignment from Bonanza of an 18.875% gross working interest with a 14.15625% of 8/8ths net revenue interest, attributable thereto in the Lands . The effective date of the Assignment is August 1, 2010.
II. Concurrently, with the payment of the Acquisition Leasehold Costs set out in I. above, Bonanza agrees to execute the assignment attached hereto as Exhibit “C” (“ Partial Assignment of Oil, Gas and Mineral Leases”). The effective date of the Partial Assignment of Oil, Gas and Mineral Leases is the first day of August 2010.
BGOI is in default on the January 2008 Notes BGOI is in default on the May 2008 Convertible Note BGOI is in default on the August 2008 Notes BGOI is in default on the October 2008 Note BGOI is in default on the May 2009 Note BGOI is in default on the July 2009 Note BGOI is in default on the October 2009 Convertible Notes BGOI is in default on the November 10, 2009 Note BGOI is in default on the November 30, 2009 Note BGOI is in default on the December 2009 Convertible Note BGOI is in default on the December 2009 Note BGOI is in default on the January 2010 Convertible Note
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