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NOTE 11. SUBSEQUENT EVENTS
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12 Months Ended |
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Dec. 31, 2013
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| Subsequent Events [Abstract] | |
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NOTE 11. SUBSEQUENT EVENTS
On January 27, 2014, the Company entered into a one year Consulting Agreement (the “Agreement”) with Mercadyne Advisors LLC (the “Consultant”). The Company agreed to issue 800,000 shares of common stock in the name of David N. Baker as consideration for the Consultant’s provision of the consulting services under the Agreement. The foregoing summary of the Agreement does not purport to be complete and is qualified in its entirety by reference to the Agreement, a copy of which is attached as Exhibit 10.1 to our Form 8-K filed on January 27th 2014.
On February 16, 2014, the Company entered into the first of several Subscription Agreements (the “Subscription Agreements”) with certain accredited investors (each, an “Investor” and collectively, the “Investors”) as part of a private placement offering of its common stock. The foregoing summary of the Subscription Agreement does not purport to be complete and is qualified in its entirety by reference to the Subscription Agreement, a copy of which is attached as Exhibit 10.1 to our Form 8-K filed on February 14th 2014.
As of March 15, 2014 the Company sold 45.5 units in its private placement offering of its common stock to a group of private investors and a related party. Each “Unit” consists of (i) 33,334 shares of the Company’s common stock at $0.30 per share, and (ii) a warrant, exercisable until August 5, 2019, to purchase 33,334 shares of the Company’s common stock at an exercise price of $0.75 per share. As a result, the Company collected $455,004 and issued 1,516,697 shares of common
stock.
In February 2014 75,000 of common stock granted to employees and directors vested.
In January 2014 the Company completed one oil well at an approximate cost of $120,000. As of March 15, 2014 the Company is in the process of completing three additional oil wells.
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