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Note 3. Payables - Related Party
9 Months Ended
Sep. 30, 2013
Notes  
Note 3. Payables - Related Party

Note 3. Payables - Related Party

 

Related party payables at September 30, 2013 represent $175,122 owed to American as advances to assist with Brenham's operating expenses and $131,100 owed for the acquisition of mineral rights for the Gillock Field from Kemah Development Texas, L.P. (“KDT”) and Daniel Dror II Trust of 2012. Related party payables at December 31, 2012 were comprised of  $273,171 owed to American as advances to assist with Brenham's operating expenses, $8,571 owed to L. Rogers Hardy for travel and operating expenses, and $3,456 owed to Scott Gaille for operating expenses.  KDT is owned by an entity which is controlled by the brother of Daniel Dror, Brenham’s Chairman, Chief Executive Officer, and President. Scott Gaille is the former President of Brenham and Bryant Mook and L. Rogers Hardy are Vice Presidents of Brenham.  The advances to American are non-interest bearing and due on demand.

 

American will fully fund the operations of Brenham for the next twelve months.