Each one in plain English, with the numbers worked through for a shareholder.
10 Mar 2010asset acquisition disposition● NeutralMajor
On March 4, 2010, Alamo bought eight units for $303,986 ($37,996 each) in Boardman Energy Partners' Taylor TDS Five Well Program in Adair County, Kentucky; each unit carries a 2.0% working interest and 1.5% net revenue interest, and Boardman operates. It funded activity with another $300,000 Eurasian note (8%, due November 18, 2012, convertible at $0.50) with 300,000 warrants at $1.00. This is the company's first US well interest in these filings.
On February 5, 2010, Alamo borrowed $80,000 from Eurasian Capital Partners through an 8% senior secured convertible note due November 18, 2012, convertible at $0.50 per share, with warrants for 80,000 shares at $1.00 for five years. This appears to be a draw under the up-to-$2,000,000 financing arranged in November 2009 (an inference, as the filing does not name that facility). Conversion or warrant exercise could dilute existing shareholders.
On January 29, 2010, Alamo dismissed Mendoza Berger & Company and engaged Quintanilla Accountancy Corporation as its auditor. The filing says there were no disagreements, and notes the company had earlier dismissed Malone and Bailey effective November 18, 2009. This is another auditor change since the 2008 one.
14 Jan 2010asset acquisition disposition▲ GoodMajor
On January 11, 2010, Alamo signed a letter agreement with Aimwell Energy Limited to take a 90% interest in Aimwell's licence over onshore oil and gas blocks in southern England for one pound sterling, and to become operator, subject to regulatory approvals. Alamo would pay Aimwell's 10% share of operating costs until a field development plan is approved. This is the company's first UK asset in the filings so far, and it is not yet completed.
On November 18, 2009, the former golf-business shell Green Irons completed an asset purchase from Alamo Oil Limited, changed management, entered oil and gas, and took the name Alamo Energy Corp. Alamo Oil received 350,000 shares (about 22% of the 1,622,284 shares then issued). The company also agreed a note and warrant deal with one investor to lend up to $2,000,000 in instalments ($334,905 delivered at closing, convertible at $0.50 per share, with $1.00 warrants), planned a 30-for-1 stock split, and bought back and cancelled 4,616,666 shares from Mr. McDougall for $61,073. The filing describes the company as early stage and says it was negotiating acquisitions with no agreements yet in place.
The company, then named Green Irons Holdings Corp., dismissed its auditor HJ & Associates and hired Malone and Bailey PC on February 8, 2008. The filing says the prior auditor's reports for fiscal 2006 and 2007 carried a going-concern uncertainty qualification, and reports no disagreements with the old auditor.
