Each one in plain English, with the numbers worked through for a shareholder.
17 May 2012asset acquisition disposition● NeutralMajor
On May 15, 2012 the La Maye purchase closed, giving the company a 25% participating interest in the La Maye Block (about 68,302 gross acres in Colombia's Lower Magdalena Basin); an exploration well, Noelia-1, drilled in October 2009 is awaiting testing. On the same day DCX withdrew from the SSJN-5 contract with SK Innovation and Petroamerica International, handing over its 25% interest subject to approval by the Colombian hydrocarbons agency (ANH). DCX also agreed to indemnify SK and PIC for past obligations for six months. The attached press release says the exit was to focus on lower-risk opportunities and that the Morichito-5 discovery well was declared commercially viable.
On May 4, 2012 Deep Core agreed to buy Petro Vista Energy Colombia (Barbados) Corp., which owns a 25% interest in the La Maye Block in Colombia, from Petro Vista Energy Holdings (Barbados) Corp. Payment is $1.00 in cash, a $75,000 final payment and release under an earlier December 2011 agreement, and assumption of the remaining acquisition costs for the interest. This follows up on the La Maye negotiations mentioned in the Deep Core deal. Closing was still subject to conditions.
4 May 2012asset acquisition disposition● NeutralMajor
On May 3, 2012 the company (a shell company that had earlier left the film business) acquired Deep Core, Inc., a Cayman Islands company, and changed its business to oil and gas exploration in Colombia through Deep Core's 99.68%-owned subsidiary DCX S.A.S. DCX holds a 50% working interest in an E&P contract including the Morichito Block, and Deep Core was negotiating for a 25% interest in the La Maye Block. The company issued 250,000 shares for Deep Core and 8,574,042 shares on conversion of Deep Core notes ($3,365,000 raised) at $0.40, sold 500,000 shares for $200,000, and director David Choi cancelled 9,324,042 shares, leaving 69,376,000 shares outstanding. Officers Grant Draper and Anthony Ives also run Deep Core, so the filing calls it a related-party transaction.
