Auszug aus obigem Bericht vom 16.8.04
4. OIL AND GAS PROPERTY INTEREST
On March 25, 2003, the Company entered into an agreement to acquire a 75% interest in certain oil and gas interests in the State of Mississippi. To earn its interest, the Company is required to pay $225,000, issue 15,000,000 common shares of the Company and raise up to $500,000 to fund the drilling of a well on the acquired interest. Further common shares may be issued to the vendor by the Company in order to not dilute the vendor’s percentage interests. On April 1 st , the Company entered into consulting agreements with two directors of the vendor company, under which the Company will pay an aggregate of $5,000 per month for a one year period, and issue a total of 8,650,000 shares (issued).
The Company expended a total of $65,072 and issued 15,000,000 common shares at a value of $480,000. As the drilling was unsuccessful, the Company abandoned its interest and charged $545,072 to operations in 2003.