Heartland Oil & Gas began operations in the spring of 2001. At that time another company Adriatic Holdings, (Nasdaq OTC:ADRH) a publicly listed Nevada corporation, completed an early stage analysis of the Soldier Creek Project. Adriatic subsequently advanced in stages to Heartland approximately US$1 million, with the objective that at a later date Heartland would become a wholly owned subsidiary. During the ensuing period Heartland and Adriatic have also raised more than US $2 million specifically for the Soldier Creek Project through the sale of shares at US $0.35, US $0.50 and most recently a convertible debenture at US $1.00.
On April 10th, 2002, the two companies agreed that to a reverse take over the result being that all of the currently outstanding 12.21 million Heartland shares would be exchanged for an equal number of Adriatic shares. The new company would then have a total of 19,302,000 shares outstanding with the intention that the newly formed company will operate Heartland Oil and Gas. The reverse take over closed on July 30th, 2002, and shareholder approval was received August 30, 2002.
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