Note 9 - Subsequent Events

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Subsequent Events [Text Block]

NOTE

9

– SUBSEQUENT EVENTS

On

July 6, 2020,

Premier filed a mechanic's lien against the interests of Pure, ZQH and the Company in the Project, alleging past unpaid invoices on the part of ZQH and Pure and also alleging that the Company's ownership is

75%

rather than

87.5%.

No

documentation has been provided to Alpha by ZQH, Pure, or Premier of any unpaid invoices. The Company intends to contest the lien vigorously.

On

September 8, 2020,

the Company entered into an Option Agreement (the “Agreement”) with Kadence Petroleum, LLC. (“Kadence”) to acquire oil and gas assets in Logan County in Central Oklahoma, called the “Logan

2

Project” in the Agreement). The Agreement gives the Company until

December 31, 2020

to exercise its option (the “Option Period”). During the Option Period, Progressive

may

not

sell the Logan

2

Project to any

third

party. In return for this exclusivity, the Company paid

$10,000

to Brian Tribble, Managing Member of Kadence, through AEI Acquisition, LLC revolving credit note, on

September 18, 2020.

Subsequent to

June 30, 2020,

the Company sold

5,000

shares of the common stock for total proceeds of

$5,000,

issued

48,000

shares to compensate its directors, issued

10,000

shares of common stock for lease acquisition cost for unproved properties and issued

5,000

shares of common stock to settle accounts payable of

$5,000

for services provided. On

August 6, 2020,

the Board authorized an additional

550,000

shares of common stock for sale at

$1.00

per share bringing the total to

1,300,000

shares.