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NOTE 3 - RELATED PARTY TRANSACTIONS
9 Months Ended
Sep. 30, 2019
Notes  
NOTE 3 - RELATED PARTY TRANSACTIONS

NOTE 3 – RELATED PARTY TRANSACTIONS

 

The Company neither owns nor leases any real or personal property. The officers and directors for the Company are involved in other business activities and may, in the future, become involved in other business opportunities. If a specific business opportunity becomes available, such persons may face a conflict in selecting between the Company and their other business interest. The Company has not formulated a policy for the resolution of such conflicts. The Chief Financial Officer allows the use of his residence as an office for the Company at no charge.

 

During the nine months ended September 30, 2019, the Company received $13,000 advances and repaid $11,000 from AEI Acquisition Company, a majority shareholder, from its convertible credit line.

 

On March 27, 2019 the Company entered into a short-term Promissory Note with ZHQ Holdings (75%), LLP and Pure Oil & Gas, Inc. (25%) for $50,000. The note was due April 30, 2019 and has not been repaid. The note is secured by 50,000 shares of the Company’s common stock at $1.00 per share. The funds were used to pay Escrow Deposit on the Rogers County Project. The note is in default as of September 30, 2019 and therefore, is accruing interest at the rate of $50 per day from April 30, 2019.