GREY:PENFF - Post by User
Post by
wintersun10on Oct 29, 2012 8:08pm
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Post# 20537336
MD&A
MD&A Subsequent Events
The Company completed an Assignment and Conveyance Agreement with Tundra Oil & Gas Partnership, effective July 5, 2012 for the sale of all of its Assets in the Daly, Manitoba Field for a cash consideration of $380,000. The Company Assets included a 15% working interest in 5 producing oil wells and various interests in 4 shut-in oil wells. The Company’s recent working interest share of production from the Daly interests averaged approximately 2 to 3 barrels of oil per day. The settlement date of the Daly Asset disposition is May 1, 2012.
Thomas Yingling, the President of the Company, has voluntarily and independently requested a pay reduction due to soft market conditions and a poor economy. Mr. Yingling will take a reduction until such time as the Company’s financial condition improves.