Each one in plain English, with the numbers worked through for a shareholder.
11 Dec 2023material agreement termination● NeutralMajor
On December 11, 2023 the company said it is divesting its wholly owned subsidiary Blacktower Oil, LLC, the Wyoming lease-holding vehicle formed in 2022. It says this makes room for a potential partner outside the oil and gas industry. No buyer, price or terms are given, and the filing says Blacktower 'will no longer serve us going forward'.
On April 27, 2023 the company said it is walking away from the planned Maverick Oil and Gas and Barrington Resources acquisition. It says the targets' CEO and President, Brian Carr, died and the company then learned of 'many negative material events' that had not been disclosed before, and no tender had been issued. This ends the November 2022 deal without any purchase, and the company says it is in shareholders' best interests.
After a gap of about 12 years in this record, the company, now based in Joliet, Illinois and led by CEO Anthony Saviano, reported that on November 17, 2022 it signed a definitive agreement to buy Maverick Oil and Gas LLC and Barrington Resources LLC. The filing says they have four Texas wells averaging 10 barrels a day, and the company hopes to buy underproducing wells and raise their output. It also formed a Wyoming subsidiary, Blacktower Oil LLC, to hold leases. No price is given, and the filing does not mention the earlier Texas and Nevada interests.
TERRA ENERGY & RESOURCE TECHNOLOGIES, INC. reported quarterly revenue of $312 thousand and a net loss of $151 thousand for the period ended 2011-09-30.
TERRA ENERGY & RESOURCE TECHNOLOGIES, INC. reported quarterly revenue of $269 thousand and net income of $168 thousand for the period ended 2011-06-30.
TERRA ENERGY & RESOURCE TECHNOLOGIES, INC. reported quarterly revenue of $102 thousand and a net loss of $601 thousand for the period ended 2010-09-30.
On January 20, 2010 Kempisty & Company resigned as auditor because its audit practice was combined into MaloneBailey, LLP effective January 1, 2010, and MaloneBailey was engaged. Kempisty's reports on 2007 and 2008 had no adverse opinion or going-concern qualification, and there were no disagreements. Alexandre Agaian signs as President.