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Zargon Oil & Gas Ltd ZARFF

Zargon Oil & Gas Ltd is a producer of oil and gas. It is engaged in the exploration, development, and production of oil and natural gas in Canada and the United States. The company works on three phases of oil reservoir exploitation which include Primary recovery, Waterflood recovery, and Tertiary recovery. Its portfolio includes Alberta plains north, Alberta plains south and Williston basin projects.


GREY:ZARFF - Post by User

Comment by alkhoron Mar 24, 2021 6:25pm
471 Views
Post# 32872072

RE:Post Mortem

RE:Post MortemJust curious if everyone still has their Zargon shares in their accounts.

At the final death throughs of the company they decided all shares would be converted to redeemable shares on a one to one basis and the shares would be redeemed for zero value. They did this with Eagle Energy and all the shares of Eagle disappeared shortly after. To me this practice should be illegal and when I complained to the Alberta Securites commission about Eagle they stated I should contact the Monitor as they were in charge. Sort of like the Fox guarding the Hen house, I was supposed to complain to those who made the rule legal or not. 

From the January 29th 2021 news release"

In accordance with the Reorganization, the articles of the Corporation were amended to provide that all the ‎previously outstanding common shares of the Corporation were re-designated as a new class of redeemable ‎common shares. All such shares were redeemed for nil consideration and shares of a new class of common ‎shares were issued to Blue Sky Resources Ltd. (“Blue Sky”). In addition, all incentive awards of the Corporation were ‎cancelled without payment or other consideration. As a result of the Reorganization, Blue Sky has become the sole ‎shareholder of the Corporation.‎

As all of Zargon's shares are now owned by a single shareholder, Zargon plans to apply to the Canadian securities ‎regulators for an order to cease to be a reporting issuer in each of the provinces of Canada.‎

I've still got my Zargon shares but I'm not allowed to sell them on the OTC market because there is a trading suspension in place. Something is wrong here.
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