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Subsequent Events
12 Months Ended
Dec. 31, 2012
Subsequent Events  
Note 10. Subsequent Events

Advisory Board Appointment

 

On February 15, 2013, the Company entered into an Agreement with Kenneth Kirkland, Ph.D. pursuant to which Dr. Kirkland will serve as an advisor to the Company as a member of the Company’s Advisory Board. The Agreement provides for a monthly fee of $2,000. The Agreement may be terminated by either party with a five day notice.

 

Sale of Oil and Gas Working Interests

 

On February 18, 2013, the Company completed the sale of its working interest in the Onnie Ray #1, Haile #1, Pearce #1 and Stahl #1 oil wells. The Company entered into an Assignment Agreement with Leexus Oil LLC, the wells operator, whereby the Company assigned its right, title and interest in the oil, gas and mineral leases and the oil and gas wells. Payment for the assignment was the assumption of all outstanding liabilities and assumption of all future payments for any and all work performed on the wells.

 

On February 19, 2013, the Company completed the sale of its working interest in the Cooke #6 well. The Company entered into an Assignment Agreement with Millennium Petro-Physics, the well operator, whereby the Company assigned its right, title and interest in the oil, gas and mineral leases and the oil and gas wells. Payment for the assignment was $3,000 cash.