Item 1.01. ENTRY INTO A MATERIAL DEFINITE AGREEMENT
On April 5, 2011, the Company announced that it has a signed Letter of Intent (LOI) with a Houston-based private company to acquire a 250-acre oil and gas property located in Nueces County, Texas.
The property contains one producing well and proved undeveloped locations, which the Company anticipates to drill and complete in the next 60 days. Under the terms of the LOI, Green Equity Holdings will acquire the property for a price of $2,000,000, paid for in cash, promissory notes and/or Green Equity Holdings’ stock.
The purchase and sale agreement is expected to be signed by April 29, 2011, and is subject to the approval of the companies’ Board of Directors. ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
Effective April 20, 2011, the Company appointed Jesse Q. (Jack”) Ozbolt as President and CEO to replace Mr. Dias. Mr. Dias will continue to serve as a director until his successor has been elected at the next annual meeting of the Registrant's shareholders or until his earlier resignation, removal, or death.
Mr. Ozbolt currently does not have any employment agreement or other compensatory agreement in place with the Company, and is not presently being compensated for his service as an officer of the Company.
The Registrant has not entered into any transactions with Mr. Ozbolt described in Item 404(a) of Regulation S-K. Further, Mr. Ozbolt was not appointed pursuant to any arrangement or understanding between Mr. Ozbolt and any other person.
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