Item 2 . Unregistered Sales of Equity Securities and Use of Proceeds
On May 28, 2010, the Company entered into a services agreement (the “Agreement”) with Renfro Holdings, Inc. (“Renfro”) whereby Renfro will assist the Company in acquiring oil and gas companies by locating the appropriate candidates for acquisition, including Renfro Energy LLC (the “Services”). In consideration for providing the Services, the Company will issue to Renfro 24,000,000 shares of common stock, $0.001 par value per share. Accordingly, the Company now has 44,400,000 shares of common stock outstanding.
The issuance of the shares of common stock was made in reliance upon exemptions from registration pursuant to section 4(2) under the Securities Act of 1933 and/or Rule 506 promulgated under Regulation D thereunder. Renfro is an accredited investor as defined in Rule 501 of Regulation D promulgated under the Securities Act of 1933.
Subsequent to the above occurrence a Letter of Intent was executed, subject to certain conditions, whereby the Company would acquire the membership interests of Renfro Energy LLC and all of its assets, with certain exceptions. The closing date of June 1, 2010 has been extended by mutual consent indefinitely. Preparations are underway to prepare the documentation necessary to comply with regulatory
regulations.
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