Quarterly report pursuant to Section 13 or 15(d)

Related Party Transactions

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Related Party Transactions
6 Months Ended
Jun. 30, 2015
Notes to Financial Statements  
Note 3. Related Party Transactions

During April 2015, the Company made an advance to Tanager Energy Inc., in conjunction with a joint investment in the second oil well of the Joffre Project. As of June 30, 2015, the balance owed to the Company is $76,719, which is shown as other receivable – joint venture on the balance sheet.

 

During the six months ended June 30, 2015, the Company's Executive Chairman and Director, Tom Simeo accrued payroll and made advances to the Company in the amount of $54,388 in order to provide the Company with funds to carry on its operations. These accruals and advances do not bear interest, are unsecured and have no specific terms of repayment. As of June 30, 2015, the net amount due for accrued payroll and expenses paid on behalf of the Company is $90,000. The Company has not imputed interest as the amount is deemed immaterial.

 

During the six months ended June 30, 2015, the Company's CEO and Director, James Doris incurred expenses on behalf of, and made advances to the Company in the amount of $213,003 in order to provide the Company with funds to carry on its operations. These advances do not bear interest, are unsecured and have no specific terms of repayment. As of June 30, 2015, the amount due for advances and expenses paid on behalf of the Company is $302,729. The Company has not imputed interest as the amount is deemed immaterial.

 

On June 5, 2015, the Company authorized and approved the issuance of 2,000,000 and 872,871 restricted shares of common stock in settlement and cancellation of a total of $201,101 of amounts owed to directors, at a cost basis of $0.07 per share.