ITEM 3.02 UNREGISTERED SALES OF EQUITY SECURITIES
I. (*)(**) On December 7, 2006, by majority consent of the Board of Directors, the Registrant approved the following issuances of its restricted common stock, par value $0.001 per share, to the following persons for services rendered.
Name Date Share Amount(****) Type of Consideration Fair Market Value of Consideration
Rusbek Bisultanov (***)/(1)
6564 Smoke Tree Lane
Scottsdale, Arizona 85253 12/7/06 4,000,000 In consideration of Services rendered to the Companyand/or FPI $34,800
Timur Bisultanov (***)/(2)
6564 Smoke Tree Lane
Scottsdale, Arizona 85253 12/7/06 4,000,000 In consideration of Services rendered to the Company and/or FPI
$34,800
Dr. Mousa Hawamdah (***)/(3)
6564 Smoke Tree Lane
Scottsdale, Arizona 85253 12/7/06 3,000,000 In consideration of Services rendered to the Company and/or FPI
$26,100
(*) Issuances are approved, subject to such persons agreeing in writing to i) comply with applicable securities laws and regulations and make required disclosures; and ii) be solely and entirely responsible for their own personal, Federal, State, and or relevant single or multi jurisdictional income taxes, as applicable.
(**) $95,700 worth of common stock in the immediately preceding table was used primarily in consideration of services rendered to the Company and/or Firecreek Petroleum, Inc. (“FPI”).
(1) Rusbek Bisultanov provides business consulting and advisory services to the Company or its subsidiaries, and is a shareholder.
(2) Timur Bisultanov provides advisory services to the Company or its subsidiaries.
(3) Dr. Mousa Hawamdah provides consulting and advisory services to the Company or its subsidiaries. Dr. Hawamdah is a Director of the Company and a shareholder.
(***) Each of such required persons agreed to comply with the Company’s Voting Agreement.
(****) The shares of common stock were issued pursuant to an exemption from registration as provided by Section 4(2) of the Securities Act of 1933, as amended (the “1933 Act”). All such certificates representing the shares issued by the Company shall bear the standard 1933 Act restrictive legend restricting resale.
II. (*) On December 7, 2006, by majority consent of the Board of Directors, the Registrant approved the following issuances of its restricted common stock, par value $0.001 per share, to the following person for services rendered.
Name Date Share Amount(****) Type of Consideration Fair Market Value of Consideration Steven Antebi (1)6564 Smoke Tree Lane Scottsdale, Arizona 85253 12/7/06 20,000,000 Consultant/Advisory $174,800
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