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12. Subsequent Events
3 Months Ended
Mar. 31, 2013
Notes  
12. Subsequent Events

Note 12. Subsequent Events

 

In April 2013, the Company has agreed to a terms for a $1,000,000 private placement with an option for a second $1,000,000 from a European based private equity group. The proceeds are to be used for advancing the Company's Oil and Gas acquisition and development strategy. Under the terms of the private placement the Company will issue 4,000,000 common shares at $0.25 per share with a option to participate and a second USD 1,000,000 priced at a 20% discount to market based on the last 5 days closing price. The funds will be advanced in stages as the Company finalizes and implements agreements and contracts that are to be approved by the funder.

 

In April 2013, the Company issued 2,847,142 shares of common stock, to reduce debt on promissory notes related to its acquired oil and gas assets.

 

In April 2013, the Company received loans in the amount of $45,000 from accredited investors.