History
Energas Resources bought Kentucky gas wells with convertible debt, funded itself through small share deals, left SEC reporting in 2011, then reappeared in 2016 as Energy and Environmental Services.
2003-2008: Kentucky gas and a struggle for funding
In August 2003 Energas Resources bought 31 producing wells, about 28 miles of pipeline, two compressor stations and roughly 23,000 leased acres in eastern Kentucky from three private corporations. It paid with $3,000,000 of 8.5% convertible notes due August 2023, which could be swapped for shares at one share per dollar. The company believed the wells and pipeline earned more than $500,000 a year.
Money then came mostly from selling shares and borrowing. In September 2004 it signed an equity line with Dutchess Private Equities Fund II, letting it sell up to $10,000,000 of stock over 36 months, though it did not have to draw on it. In August 2005 it sold 1,200,000 shares at $0.25 to four investors, turned $326,000 lent by President George Shaw into 1,304,000 shares, and issued 1,250,000 shares to McCrome International to clear a $479,218 note. In 2006 it borrowed $550,000 from Dutchess and agreed to issue 800,000 shares as part of the payment. Each step added to the share count.
In January 2008 the company sold its Laurel and Whitley Counties, Kentucky properties, ten gas wells on 2,828 acres, to an unrelated party. No price was given.
2009-2016: Oklahoma wells, then silence
In February 2009 the company issued 6,197,400 shares to Shaw in exchange for Energas Pipeline Company and Energas Corp. These ran the gas gathering system linked to its four Atoka County, Oklahoma wells, and operated all the company's wells. It also issued 200,000 shares to settle $11,992 owed and 220,000 shares to five consultants.
In November 2011 the company deregistered its securities, ending its duty to file reports with the SEC. The record for these years is quiet, and the filings do not say what became of the Oklahoma assets, the 2003 notes or the Dutchess loan.
2016-2017: A new business
On October 24, 2016 the company acquired Energy and Environmental Services, Inc. (EES) for 32,000,000 new shares, leaving 47,994,944 shares outstanding, so the new shares made up about two-thirds of the total. It took the EES name, changed its symbol to EESE, and moved to Oklahoma City under a new president, Melvin B. Smith. The January 2017 filing does not mention the earlier oil and gas assets, so their status as of that date is not stated.
Written from the 8 story beats below (2003 to 18 Jan 2017), which come from the company's own announcements and filings.