Replies to post #52228 on Worthington Energy, Inc. (fka WGASQ)

[xZx]

have a look at the Q filing. it will show the preferreds only convert 1:1 into common shares, but have 750:1 voting rights.

volk wants control over his own company. how weird is that? LOL

Issuance of Series A Preferred Stock and Increase in Authorized Common Stock

On April 10, 2013, the board of directors authorized the Company to file a certificate of designation authorizing one million shares of Series A Preferred Stock and authorized the sale and issuance of one million shares of Series A Preferred Stock to Charles Volk, the Company’s chief executive officer in exchange for the conversion of $50,000 of accrued salary owing to Mr. Volk. On April 17, 2013, the certificate of designation was filed with the Secretary of State of Nevada. Among the designations are that 1) one share of Series A Preferred Stock is convertible into one share of common stock and 2) each share of Series A Preferred Stock is entitled to 750 votes for each share of common stock. Subsequently, on April 17, 2013, the Company sold one million shares of Series A Preferred Stock to Mr. Volk on the terms authorized by the board of directors. Thereafter, also on April 17, 2013, an Action by Written Consent of the Stockholders of the Company was executed authorizing the filing of a certificate of amendment to the Company’s articles of incorporation increasing the authorized shares of common stock from 500 million to 1.49 billion. The amendment was filed on April 17, 2013.

i wonder how many preferred shares the owners of virgin oil will get if we see a merger happen?

http://www.sec.gov/Archives/edgar/data/1342643/000109690613000981/worthington10q20130331.htm