On September 16, 2011 NDB Energy bought two leases on about 140 acres with twelve wells in Archer County, Texas from Baron Energy for $125,000. NDB gets an 80% non-operated working interest and a 60.8% net royalty interest, and Baron keeps 20% and operates the wells. Baron has a six-month option to buy back a 20% non-operated working interest and 15.2% net royalty interest on the same pro rata terms. This adds to the Texas properties bought in July and deepens the link with Baron.
16 Aug 2011asset acquisition disposition● NeutralMajor
This amendment repeats the July 2011 Texas acquisitions and adds a company history and risk factors. It says oil and gas exploration on Utah leases (Nov 2006 to Sept 2007) failed for lack of rigs and personnel, which led to the algae research. The company had been a shell company since late 2010 and now says it no longer is. The Young County property produces about 4 to 5 barrels of oil a day. It also restates the 2008 placement after a one-for-five reverse split effective June 27, 2011 (800,000 units at $3.00). Net losses were $183,666 for fiscal 2011 and $261,758 for fiscal 2010. The employment terms now say Cerna's stock options are subject to board approval.
4 Aug 2011asset acquisition disposition▲ GoodMajor
Now named NDB Energy (renamed June 2011), the company bought its first oil and gas properties in the filings, effective July 29, 2011. It acquired a lease on about 300 undeveloped acres in Gonzales County, Texas for 1,800,000 shares (1,400,000 to James Cerna Jr. and 400,000 to Acqua Ventures). It also bought two leases on about 120 acres with fourteen wells in Young County, Texas for $128,500 in cash. Baron Energy operates the Young County wells and holds a 25% working interest there. Cerna became CEO at $180,000 a year and a director. Amit Dang stepped down as President and CEO but stays CFO and a director, and director Joanne Lustre resigned.
