The company was incorporated on March 1, 1979 and was dormant from January 1, 1985 through September 30, 1997. On October 8, 1997, the company entered into an agreement with Harold Stephens, whereby Mr. Stephens received 14,150,000 shares in exchange for certain oil and gas properties. Concurrent with the change in control, Mr. Stephens purchased 14,079,752 shares of the company from various private parties, bringing his total ownership in the company up to 28,229,732 shares, of 56.5%.
The assets Mr. Stephens put into the company consist of a 25% working interest in the Greenwood Gas Field located in Parker County, Texas. According to the Form 10-KSB40 filed by the company on July 23, 1998, the 25% owned lease has five gas wells. The estimated revenues from these wells for 1998 was $50,000. The document is unclear as to the whether these estimated revenues are gross or net.
The Form 10-KSB40 can be found at:
sec.gov |
