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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Texhoma Energy Inc (CE) | USOTC:TXHE | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.000001 | 0.00 | 01:00:00 |
Nevada
|
20-4858058
|
(State
of organization)
|
(I.R.S.
Employer Identification No.)
|
|
|
ITEM
1.
|
DESCRIPTION
OF BUSINESS
|
4 |
|
|
|
ITEM
2.
|
DESCRIPTION
OF PROPERTY
|
16 |
|
|
|
ITEM
3.
|
LEGAL
PROCEEDINGS
|
21 |
|
|
|
ITEM
4.
|
SUBMISSION
OF MATTERS TO A VOTE OF SECURITY HOLDERS
|
21 |
ITEM
5.
|
MARKET
FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
|
22 |
|
|
|
ITEM
6.
|
MANAGEMENT'S
DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
|
23 |
|
|
|
ITEM
7
|
FINANCIAL
STATEMENTS
|
F-1
|
|
|
|
ITEM
8.
|
CHANGES
IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
DISCLOSURE
|
35 |
|
|
|
ITEM
8A.
|
CONTROLS
AND PROCEDURES
|
36 |
|
|
|
ITEM
8B.
|
OTHER
INFORMATION
|
36 |
ITEM
9.
|
DIRECTORS,
EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS; COMPLIANCE WITH SECTION
16(A) OF THE EXCHANGE ACT
|
35 |
|
|
|
ITEM
10
|
EXECUTIVE
COMPENSATION
|
37 |
|
|
|
ITEM
11.
|
SECURITY
OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED
STOCKHOLDER MATTERS
|
39 |
|
|
|
ITEM
12.
|
CERTAIN
RELATIONSHIPS AND RELATED TRANSACTIONS
|
42 |
|
|
|
ITEM
13.
|
EXHIBITS
|
50 |
|
|
|
ITEM
14
|
PRINCIPAL
ACCOUNTANT FEES AND SERVICES
|
53 |
|
|
|
SIGNATURES
|
|
55
|
|
Leases
covering approximately 196 acres of land in Brazoria County, Texas. In the
purchase, Texhoma acquired an undivided 37.5% interest, subject to
existing overriding royalty interests equal to 25% of 8/8. Additionally,
Sunray is entitled to a five-eighths of eight-eighths (62.5% of 8/8)
working interest, proportionally reduced at payout; and
|
|
|
Leases
covering approximately 20 acres of land in Brazoria County, Texas. In the
purchase, Texhoma acquired an undivided 35% interest in the leases,
subject to existing overriding royalty interests equal to 25% of
8/8.
|
|
|
Leases
covering approximately 280 acres of land in Brazoria County, Texas. In the
purchase, Texhoma acquired an undivided 72.5% interest in the leases,
subject to existing overriding royalty interests equal to 28% of 8/8.
Texhoma simultaneously sold a 42.5% interest leaving a 30%
interest.
|
|
|
Texhoma
declined to participate in the purchase of the leases covering
approximately 80 acres in Brazoria County. In September 2006, this well
was a dry hole and participation in subsequent wells was
declined. However, Texhoma continues to hold a 12.5% back in
Working Interest.
|
|
Two
leases for another 160 acre site and a 60 acre site which were declined by
Texhoma and in which we retained a 12.5% back in Working
Interest.
|
|
1,000
shares of the Companys Series A Preferred Stock;
|
|
|
A
monthly fee of $20,000 per month during the extended term of the Second
Amendment, plus reasonable and actual costs incurred by Valeska (or
individuals or designees brought on by Valeska, including lodging, car
rental and telephone expenses therewith) in connection with such
Services;
|
|
|
10,000,000
restricted shares of the Companys common stock; and
|
|
|
60,000,000
options to purchase shares of the Companys common stock, which have a
cashless exercise provision, are valid for a period of three years from
their grant date, and have an exercise price of greater than 110% of the
trading price of the Companys common stock on the Pinksheets on the day of
such grant, which exercise price is equal to $0.02 per
share.
|
(a)
|
waive
any default which may have occurred as a result of our failure to become
current in our filings with the Commission, assuming that we become
current in our filings prior to December 15,
2007;
|
(b)
|
amend
the terms of the Laurus Note to provide that a Change of Control of
Texaurus under the Note, which requires approval of Laurus, includes any
change in Directors such that Daniel Vesco and William M. Simmons are no
longer Directors of Texaurus; and
|
(c)
|
amend
the terms of the Registration Rights Agreement with Laurus to provide that
the date we are required to gain effectiveness of a registration statement
registering the shares of common stock issuable in connection with the
exercise of the Laurus Warrant in the Company is amended to no later than
April 30, 2008, and that the effective date of any additional registration
statements required to be filed by us in connection with the Registration
Rights Agreement, shall be thirty (30) days from such filing
date.
|
(a)
|
waive
any default which may have occurred as a result of our failure to become
current in our filings with the Commission, assuming that we become
current in our filings prior to December 15, 2007, which date we were able
to become current by;
|
|
|
(b)
|
amend
the terms of the Laurus Note to provide that a Change of Control of
Texaurus under the Note, which requires approval of Laurus, includes any
change in Directors such that Daniel Vesco and William M. Simmons are no
longer Directors of Texaurus; and
|
|
|
(c)
|
amend
the terms of the Registration Rights Agreement with Laurus to provide that
the date we are required to gain effectiveness of a registration statement
registering the shares of common stock issuable in connection with the
exercise of the Laurus Warrant in the Company is amended to no later than
April 30, 2008, and that the effective date of any additional registration
statements required to be filed by us in connection with the Registration
Rights Agreement, shall be thirty (30) days from such filing
date.
|
|
Proved
Developed
|
Total
|
||
|
Producing
|
Behind
Pipe
|
Undeveloped
|
Proved
|
Remaining
Reserves
|
|
|
|
|
Oil/Condensate -
MBbls
|
66
|
4
|
-
|
70
|
Gas-MMCF
|
259
|
21
|
-
|
280
|
|
|
|
|
|
Productive
Wells
|
Developed
Acres
|
|||
Geographic
Area
Louisiana
|
Gross
Oil Gas
8
0
|
Net
Oil Gas
1
0
|
Gross
Oil Gas
1,498 0
|
Net
Oil Gas
141.4 0
|
Geographic
Area
Louisiana
|
Gross
Acres
160
|
Net
Acres
18.8
|
2007
|
2006
|
|
Oil Gas | Oil Gas | |
1)
Net Quantities:
(Bbls or
MCF)
Louisiana
|
14,460 92,853 | 14,240 81,054 |
2)
Average Sales Price/Bbl or MCF:
Louisiana
|
$65.88 $8.63 | $67.86 $8.52 |
3)
Average Lifting Cost/Bbl or BOE:
Louisiana
|
$14.85 | $14.45 |
o
the level of consumer demand for oil and natural gas;
|
|
o
the domestic and foreign supply of oil and natural gas;
|
|
o
the ability of the members of the Organization of Petroleum Exporting
Countries ("OPEC") to agree to and maintain oil price and production
controls;
|
|
o
the price of foreign oil and natural gas;
|
|
o
domestic governmental regulations and taxes;
|
|
o
the price and availability of alternative fuel sources;
|
|
o
weather conditions;
|
|
o
market uncertainty due to political conditions in oil and natural gas
producing regions, including the Middle East; and
|
|
o
worldwide economic conditions.
|
|
o
|
our
failure to pay amounts due under the
Note;
|
|
o
|
breach
of any covenants under the Note, if not cured in the time periods
provided;
|
|
o
|
breach
of any warranties found in the
Note;
|
|
o
|
the
occurrence of any default under any agreement, which causes any contingent
obligation to become due prior to its stated maturity or to become
payable;
|
|
o
|
any
change or occurrence likely to have a material adverse effect on the
business, assets, liabilities, financial condition, our operations or
prospects;
|
|
o
|
an
indictment or other proceedings against us or any executive officer;
or
|
|
o
|
a
breach by us of any provision of the Securities Purchase Agreement, or any
other Related Agreement entered into in connection with the sale of the
Notes.
|
|
(1)
|
actual
or anticipated variations in our results of operations;
|
|
(2)
|
our
ability or inability to generate new revenues;
|
|
(3)
|
increased
competition; and
|
|
(4)
|
conditions
and trends in the oil and gas exploration industry and the market for oil
and gas and petroleum based
products.
|
|
|
/s/
GLO CPAs, LLP
|
|
GLO
CPAs, LLP
|
|
Houston,
Texas
|
|
January
15, 2008
|
|
ASSETS
|
|
September
2007
|
|
|
September
2006
|
|
||
|
|
|
|
|
|
|
||
Current
Assets
|
|
|
|
|
|
|
||
Cash
and cash equivalents
|
|
$
|
44,785
|
|
|
$
|
134,852
|
|
Restricted
cash
|
|
|
219,088
|
|
|
|
355,025
|
|
Accounts
receivable-miscellaneous
|
|
|
185,350
|
|
|
|
378,415
|
|
Accounts
receivable-net oil and gas production
|
|
|
248,882
|
|
|
|
322,402
|
|
|
|
|
|
|
|
|
|
|
Total
Current Assets
|
|
|
698,105
|
|
|
|
1,190,694
|
|
|
|
|
|
|
|
|
|
|
Oil
and Gas Properties, net of depletion of $2,333,426 and $1,301,574 at
September 30, 2007 and 2006, respectively
|
|
|
4,556,305
|
|
|
|
5,342,314
|
|
|
|
|
|
|
|
|
|
|
Other
Assets
|
|
|
615,728
|
|
|
|
1,145,328
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
$
|
5,870,138
|
|
|
$
|
7,678,336
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS
DEFICIT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
502,875
|
|
|
$
|
414,483
|
|
Accrued
expenses
|
|
|
1,202,438
|
|
|
|
387,428
|
|
Notes
payable related parties
|
|
|
453,432
|
|
|
|
603,432
|
|
|
|
|
|
|
|
|
|
|
Total
Current Liabilities
|
|
|
2,158,745
|
|
|
|
1,405,343
|
|
|
|
|
|
|
|
|
|
|
Long
term notes payable
|
|
|
8,155,280
|
|
|
|
8,381,471
|
|
|
|
|
|
|
|
|
|
|
Commitments
and Contingencies (Note 10)
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Stockholders
Deficit
|
|
|
|
|
|
|
|
|
Preferred
stock, $0.001 par value, 1,000,000 shares authorized, 1,000
shares issued and outstanding at September 30, 2007
|
|
|
1
|
|
|
|
-
|
|
Common
stock, $0.001 par value, 300,000,000 shares authorized, 231,162,252 and
181,662,252 shares issued and outstanding at September 30,
2007 and 2006, respectively
|
|
|
231,162
|
|
|
|
181,662
|
|
Additional
paid-in capital
|
|
|
10,330,166
|
|
|
|
10,527,155
|
|
Retained
deficit
|
|
|
(15,005,216
|
)
|
|
|
(12,817,295
|
)
|
|
|
|
|
|
|
|
|
|
Total
Stockholders Deficit
|
|
|
(4,443,887
|
)
|
|
|
(2,108,478
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND STOCKHOLDERS DEFICIT
|
|
$
|
5,870,138
|
|
|
$
|
7,678,336
|
|
|
|
|
|
|
|
|
|
|
|
|
September
2007
|
|
|
September
2006
|
|
||
Revenues
|
|
|
|
|
|
|
||
Oil
and gas interests
|
|
$
|
1,847,647
|
|
|
$
|
2,258,425
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
|
|
1,847,647
|
|
|
|
2,258,425
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Oil
and gas exploration
|
|
|
444,742
|
|
|
|
4,003,313
|
|
|
|
|
|
|
|
|
|
|
Gross
Margin (Loss)
|
|
|
1,402,905
|
|
|
(1,744,888
|
)
|
|
|
|
|
|
|
|
|
|
|
Depletion
and depreciation
|
|
|
1,036,000
|
|
|
|
1,301,574
|
|
General
and administrative expenses
|
|
|
1,996,520
|
|
|
|
809,612
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
|
(1,629,615
|
)
|
|
|
(3,856,074
|
)
|
|
|
|
|
|
|
|
|
|
Other
income (expenses):
|
|
|
|
|
|
|
|
|
Loss
on sale of furniture and equipment
|
|
|
(8,441
|
)
|
|
|
-
|
|
Stock
accretion gain
|
|
|
858,573
|
|
|
(1,165,211
|
|
|
Foreign
currency exchange
|
|
|
-
|
|
|
(211
|
|
|
Gain
on sale of working interest promote
|
|
|
-
|
|
|
|
161,429
|
|
Loss
on impairment of investments
|
(250,000
|
)
|
-
|
|||||
Interest
income
|
|
|
13,456
|
|
|
|
18,947
|
|
Interest
expense
|
|
|
(1,171,894
|
)
|
|
|
(601,416
|
|
|
|
|
|
|
|
|
|
|
Total
other income (expense)
|
|
|
(558,306
|
)
|
|
|
(1,586,462
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) before income taxes
|
|
|
(2,187,921
|
)
|
|
|
(5,442,536
|
)
|
|
|
|
|
|
|
|
|
|
Net
income (loss)
|
|
$
|
(2,187,921
|
)
|
|
$
|
(5,442,536
|
)
|
|
|
|
|
|
|
|
|
|
Weighted
average common shares outstanding
|
|
|
195,395,950
|
|
|
|
142,059,991
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings (loss) per share:
|
|
$
|
(0.01
|
)
|
|
$
|
(0.04
|
)
|
TEXHOMA ENERGY, INC. AND
SUBSIDIARY
|
||||||||||||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF
STOCKHOLDERS EQUITY (DEFICIT)
|
||||||||||||||||||||||||||||||||||||
For the years ended September
30, 2007 and 2006
|
||||||||||||||||||||||||||||||||||||
Paid-In
|
Total
|
|||||||||||||||||||||||||||||||||||
Capital
|
Stockholders'
|
|||||||||||||||||||||||||||||||||||
Common
Stock
|
Preferred
Stock
|
Paid-In
|
Preferred
|
Contributed
|
Accumulated
|
Equity
|
||||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Stock
|
Capital
|
Deficit
|
[Deficit]
|
||||||||||||||||||||||||||||
Balance, September 30,
2005
|
106,812,252
|
106,812
|
-
|
-
|
6,222,794
|
-
|
-
|
(7,374,759 | ) | (1,045,153 | ) | |||||||||||||||||||||||||
Shares
issued, February 6, 2006 at $0.04 per share
|
2,000,000
|
2,000
|
78,000
|
80,000
|
||||||||||||||||||||||||||||||||
Shares
issued, March 15, 2006 at $0.04 per share
|
37,500,000
|
37,500
|
1,462,500
|
1,500,000
|
||||||||||||||||||||||||||||||||
Shares
issued, March 24, 2006 at $0.04 per share
|
7,500,000
|
7,500
|
292,500
|
300,000
|
||||||||||||||||||||||||||||||||
Shares
issued, April 10, 2006 for loan conversion at $0.04 per
share
|
4,000,000
|
4,000
|
156,000
|
160,000
|
||||||||||||||||||||||||||||||||
Shares
issued, May 22, 2006 for loan conversion at $0.04 per
share
|
18,375,000
|
18,375
|
716,625
|
|
735,000
|
|||||||||||||||||||||||||||||||
Shares
issued, May 31, 2006 for asset purchase at $0.08 per share
|
375,000
|
375
|
29,625
|
30,000
|
||||||||||||||||||||||||||||||||
Shares
issued, June 5, 2006 at $0.08 per share
|
1,000,000
|
1,000
|
79,000
|
80,000
|
||||||||||||||||||||||||||||||||
Shares
issued, June 19, 2006 at $0.08 per share
|
250,000
|
250
|
19,750
|
20,000
|
||||||||||||||||||||||||||||||||
Shares
issued, June 27, 2006 at $0.08 per share
|
1,925,000
|
1,925
|
152,075
|
154,000
|
||||||||||||||||||||||||||||||||
Shares
issued, July 6, 2006 at $0.08 per share
|
1,000,000
|
1,000
|
79,000
|
80,000
|
||||||||||||||||||||||||||||||||
Shares
issued, September 25, 2006 at $0.08 per share
|
625,000
|
625
|
49,375
|
50,000
|
||||||||||||||||||||||||||||||||
Shares
issued, September 28, 2006 for employee services at $0.08 per
share
|
300,000
|
300
|
24,700
|
25,000
|
||||||||||||||||||||||||||||||||
Net
(loss) at September 30, 2006
|
(5,442,536 | ) | (5,442,536 | ) | ||||||||||||||||||||||||||||||||
Stock
accretion for warrants
|
1,165,211
|
1,165,211
|
||||||||||||||||||||||||||||||||||
Balance, September 30,
2006
|
181,662,252
|
181,662
|
-
|
-
|
10,527,155
|
-
|
-
|
(12,817,295 | ) | (2,108,478 | ) | |||||||||||||||||||||||||
Shares
issued, June 7,2007 at $0.0125 per share
|
18,000,000
|
18,000
|
207,000
|
225,000
|
||||||||||||||||||||
Shares
issued, June 7,2007 at $0.0125 per share
|
4,800,000
|
4,800
|
55,200
|
60,000
|
||||||||||||||||||||
Shares
issued, June 10, 2007 for management agreement at $0.02 per
share
|
15,200,000
|
15,200
|
288,800
|
304,000
|
||||||||||||||||||||
Shares
issued, July 9, 2007 at $0.0125 per share
|
1,000,000
|
1,000
|
11,500
|
12,500
|
||||||||||||||||||||
Shares
issued, July 1, 2007 for services agreement at $0.02 per
share
|
500,000
|
500
|
9,500
|
10,000
|
||||||||||||||||||||
Shares
issued August 13, 2007 for management agreement at $0.02 per
share
|
10,000,000
|
10,000
|
190,000
|
200,000
|
||||||||||||||||||||
Shares
issued August 13, 2007 for management agreement at $0.001 per
share
|
1,000
|
1
|
1
|
|||||||||||||||||||||
Net
(loss) at September 30, 2007
|
(2,187,921 | ) | (2,187,921 | ) | ||||||||||||||||||||
Stock
accretion for warrants
|
(958,989 | ) | (958,989 | ) | ||||||||||||||||||||
Balance,
September 30, 2007
|
231,162,252
|
231,162
|
1
|
10,330,166
|
(15,005,216 | ) | (4,443,887 | ) |
|
September
2007
|
September
2006
|
||||||
Cash
flows from operating activities:
Net
loss
|
$ | (2,187,921 | ) | $ | (5,442,536 | ) | ||
Adjustments
to reconcile net loss to
net
cash provided by (used in) operating activities:
|
||||||||
Depletion
|
1,031,853
|
1,301,574
|
||||||
Depreciation
and amortization
|
323,018
|
162,864
|
||||||
Stock
issued for services
|
514,001
|
25,000
|
||||||
Stock
based compensation
|
-
|
-
|
||||||
Stock
accretion gain
|
(858,573 | ) |
1,165,211
|
|||||
Oil
and gas exploration costs
|
-
|
3,590,082
|
||||||
|
||||||||
Change
in assets and liabilities:
|
||||||||
Accounts
receivable
|
266,584
|
(700,817 | ) | |||||
Accounts
payable
|
88,393
|
387,034
|
||||||
Accrued
expenses
|
714,594
|
264,919
|
||||||
Other
|
210,728
|
(351,578 | ) | |||||
Net
cash provided by operating activities
|
102,677
|
401,753
|
||||||
|
||||||||
Cash
flows from investing activities:
|
||||||||
Investment
in Black Swan
|
-
|
-
|
||||||
Oil
and gas property investments
|
(249,990 | ) | (11,190,584 | ) | ||||
Other
assets
|
-
|
-
|
||||||
Net
cash used in investing activities
|
(249,990 | ) | (11,190,584 | ) | ||||
|
||||||||
Cash
flows from financing activities:
|
||||||||
Loans
from affiliates
|
5,200
|
413,432
|
||||||
Loan
repayment to affiliates
|
(65,200 | ) | (105,000 | ) | ||||
Notes
payable proceeds
|
-
|
11,250,000
|
||||||
Repayment
of notes payable
|
(316,191 | ) | (2,723,529 | ) | ||||
Stock
issued for asset purchase
|
-
|
1,610,000
|
||||||
Proceeds
from issuance of common stock
|
297,500
|
684,000
|
||||||
Net
cash provided by (used in) financing activities
|
(78,691 | ) |
11,128,903
|
|||||
|
||||||||
Increase
(decrease) in cash and cash equivalents
|
(226,004 | ) |
340,072
|
|||||
Cash
and cash equivalents at beginning of period
|
489,877
|
149,805
|
||||||
Cash
and cash equivalents at end of year
|
$ |
263,873
|
$ |
489,877
|
Asset
Category
|
Depreciation/
Amortization
Period
|
|
|
Building
|
30
Years
|
Plant
& Equipment
|
7
Years
|
Production
Tooling
|
$10
per unit
|
Automotive
Equipment
|
5
Years
|
Office
Equipment
|
5
to 3 Years
|
Field
|
Total
Proven Reserves
|
Remaining
at September 30, 2007
|
Depletion
rate for September 30, 2007
|
Depletion
rate for September 30, 2006
|
|
|
|||
Barnes
Creek
|
73,310
|
51,450
|
16.2%
|
14.9%
|
|
|
|||
Edgerly
|
210,574
|
51,273
|
15.9%
|
4.9%
|
|
|
|||
Little
White Lakes
|
27,673
|
10,159
|
50.5%
|
20.8%
|
|
1,000
shares of the Companys Series A Preferred Stock;
|
|
|
A
monthly fee of $20,000 per month during the extended term of the Second
Amendment, plus reasonable and actual costs incurred by Valeska (or
individuals or designees brought on by Valeska, including lodging, car
rental and telephone expenses therewith) in connection with such
Services;
|
|
|
10,000,000
restricted shares of the Companys common stock; and
|
|
|
60,000,000
options to purchase shares of the Companys common stock, which shall have
a cashless exercise provision, shall be valid for a period of three years
from their grant date, which had an exercise price of $0.02 per share,
which was greater than 110% of the trading price of the Companys common
stock on the Pinksheets on the day of such
grant.
|
|
o
|
Max
Maxwell, our former president and Director was granted 750,000 qualified
options and 3,250,000 non-qualified options (for 4,000,000 total options),
which options were to vest at the rate of 500,000 options every three
months, with the qualified options to vest first, in consideration for
services to be rendered to the Company as the Company's president and
Director. The options were to expire if unexercised on June 1, 2009, or at
the expiration of three months from the date of the termination of his
employment with the Company. All of Mr. Maxwells options have
since expired unexercised;
|
|
o
|
Frank
Jacobs, our former Director was granted 4,000,000 non-qualified options,
which options were to vest at the rate of 500,000 options every three
months, in consideration for services to be rendered to the Company as the
Company's Director. The options were to expire if unexercised on June 1,
2009, or at the expiration of three months from the date of the
termination of his employment with the Company. Mr. Jacobs
resigned from the Company effective June 14, 2007, and as such all
2,000,000 of his vested options expired unexercised on September 14,
2007;
|
|
o
|
Brian
Alexander, our former Chief Financial Officer and Director was granted
1,000,000 non-qualified options, which options vested upon Mr. Alexander's
execution of a deed of release and settlement between Mr. Alexander and
the Company in connection with his resignation from his positions as the
Company's Chief Financial Officer and Director. The options expired
unexercised on July 1, 2007; and
|
|
o
|
Mr.
Terje Reiersen then working as a consultant to the Company was granted
1,000,000 non-qualified options, which options were to vest at the rate of
250,000 options every three months, in consideration for consulting
services to be rendered to the Company in connection with corporate advice
in relation to a secondary listing amongst other things. The options were
to expire if unexercised on June 1, 2009, or at the expiration of three
months from the date of the termination of his employment with the
Company. All of Mr. Reiersens options have since expired
unexercised.
|
|
|
Number
|
|
|
Average
|
|
||
|
|
Of
|
|
|
Exercise
|
|
||
|
|
Options
|
|
|
Price
|
|
||
|
|
|
|
|
|
|
||
Outstanding
at October 1, 2005
|
|
|
-
|
|
|
|
-
|
|
Granted
|
|
|
12,000,000
|
|
|
$
|
0.13
|
|
Balance
at September 30, 2006
|
|
|
12,000,000
|
|
|
$
|
0.13
|
|
Expired
|
10,000,000
|
$
|
0.13
|
|||||
Granted
|
60,000,000
|
$
|
0.02
|
|||||
Balance
at September 30, 2007
|
62,000,000
|
$
|
0.0235
|
|
Leases
covering approximately 196 acres of land in Brazoria County, Texas. In the
purchase, Texhoma acquired an undivided 37.5% interest, subject to
existing overriding royalty interests equal to 25% of 8/8.
Additionally, Sunray is entitled to a five-eighth of eight-eighths (62.5%
of 8/8) working interest, proportionally reduced at
payout.
|
|
Leases
covering approximately 20 acres of land in Brazoria County, Texas. In the
purchase, Texhoma acquired an undivided 35% interest in the leases,
subject to existing overriding royalty interests equal to 25% of
8/8.
|
|
Leases
covering approximately 280 acres of land in Brazoria County, Texas. In the
purchase, Texhoma acquired an undivided 72.5% interest in the leases,
subject to existing overriding royalty interests equal to 28% of 8/8.
Texhoma simultaneously sold a 42.5% interest leaving a 30%
interest.
|
|
Texhoma
declined to participate in the purchase of the leases covering
approximately 80 acres in Brazoria County. In September 2006, this well
was a dry hole and participation in subsequent wells was
declined. However, Texhoma continues to hold a 12.5% back in
Working Interest.
|
|
Two
leases for another 160 acre site and a 60 acre site which were
subsequently declined by Texhoma, retaining a 12.5% back in Working
Interest.
|
|
1,000
shares of the Companys Series A Preferred Stock;
|
|
|
A
monthly fee of $20,000 per month during the extended term of the Second
Amendment, plus reasonable and actual costs incurred by Valeska (or
individuals or designees brought on by Valeska, including lodging, car
rental and telephone expenses therewith) in connection with such
Services;
|
|
10,000,000
restricted shares of the Companys common stock; and
|
|
|
60,000,000
options to purchase shares of the Companys common stock, which shall have
a cashless exercise provision, shall be valid for a period of three years
from their grant date, and had an exercise price of $0.02 per share, equal
to greater than 110% of the trading price of the Companys common stock on
the Pinksheets on the day of such
grant.
|
|
|
|
|
|
Weighted
|
|
||
|
|
Number
|
|
|
Average
|
|
||
|
|
Of
|
|
|
Exercise
|
|
||
|
|
Warrants
|
|
|
Price
|
|
||
|
|
|
|
|
|
|
||
Outstanding,
October 1, 2005
|
|
-
|
|
|
-
|
|
||
Granted
|
|
|
11,687,500
|
|
|
$
|
0.04
|
|
Granted
|
|
|
5,175,000
|
|
|
$
|
0.15
|
|
Outstanding
at September 30, 2006
|
|
|
16,862,500
|
|
|
$
|
0.074
|
|
Expired
|
5,175,000
|
$
|
0.15
|
|||||
Balance
at September 30, 2007
|
11,687,500
|
$
|
0.04
|
(a)
|
waive
any default which may have occurred as a result of our failure to become
current in our filings with the Commission, assuming that we become
current in our filings prior to December 15,
2007;
|
(b)
|
amend
the terms of the Laurus Note to provide that a Change of Control of
Texaurus under the Note, which requires approval of Laurus, includes any
change in Directors such that Daniel Vesco and William M. Simmons are no
longer Directors of Texaurus; and
|
(c)
|
amend
the terms of the Registration Rights Agreement with Laurus to provide that
the date we are required to gain effectiveness of a registration statement
registering the shares of common stock issuable in connection with the
exercise of the Laurus Warrant in the Company is amended to no later than
April 30, 2008, and that the effective date of any additional registration
statements
required
to be filed by us in connection with the Registration Rights Agreement,
shall be thirty (30) days from such filing
date.
|
Unproved
properties
|
$
|
-
|
||
Proved
properties
|
9,571,925
|
|||
Less
accumulated DD&A and impairment reserve
|
5,015,620
|
|||
|
|
|
|
|
Net
capitalized costs
|
$
|
4,556,305
|
September 30,
2007
|
||||
|
|
|
|
|
Property
acquisition
|
||||
Unproved
|
$
|
-
|
||
Proved
|
253,531
|
|||
Exploration
|
-
|
|||
Development
|
-
|
|||
|
|
|
|
|
Total
costs incurred
|
$
|
253,531
|
September 30,
2006
|
||||
|
|
|
|
|
Property
acquisition
|
||||
Unproved
|
$
|
-
|
||
Proved
|
9,318,395
|
|||
Exploration
|
916,000
|
|||
Development
|
-
|
|||
|
|
|
|
|
Total
costs incurred
|
$
|
10,234,395
|
2007
|
2006
|
|||||||
Net
revenue from production
|
|
$
|
1,757,647
|
|
|
$
|
2,258,425
|
|
|
|
|
|
|
|
|
|
|
Production
costs
|
|
|
444,742
|
|
|
|
1,321,119
|
|
DD&A
|
|
|
1,031,851
|
|
|
|
1,301,574
|
|
Impairment
reserve
|
|
|
-
|
|
|
|
2,682,194
|
|
|
|
|
|
|
|
|
|
|
Total
costs
|
|
|
1,476,593
|
|
|
|
5,304,887
|
|
|
|
|
|
|
|
|
|
|
Gain
(Loss) before income tax
|
|
|
281,054
|
|
|
(3,046,462
|
)
|
|
|
|
|
|
|
|
|
|
|
DD&A
rate per Barrel of Oil Equivalency BOE
|
|
|
7.23
|
|
|
|
4.18
|
|
|
|
|
|
|
|
|
|
|
DD&A
and impairment rate per BOE
|
|
|
7.23
|
|
|
|
12.79
|
|
Proved
reserves:
|
|
Equivalent
bbls
|
|
|
Balance
- September 30, 2006
|
|
|
283,808
|
|
Revisions
of previous estimates
|
|
|
(140,990
|
)
|
Purchases
of minerals in place
|
|
|
-
|
|
Extensions,
discoveries and other additions
|
|
|
-
|
|
Production
|
|
|
(29,936
|
)
|
|
|
|
|
|
Balance,
September 30, 2007
|
|
|
112,882
|
|
Future
cash inflows
|
|
$
|
7,666,217
|
|
Future
production costs
|
|
|
(1,231,649
|
)
|
Future
development costs
|
|
|
(33,358
|
)
|
Future
income tax expenses
|
|
|
(-
|
)
|
|
|
|
|
|
Future
net cash flows
|
|
|
6,401,210
|
|
10%
annual discount for estimated timing of cash flows
|
|
|
1,781,386
|
|
|
|
|
|
|
Standardized
measure of discounted future cash flows
|
|
$
|
4,619,824
|
|
Standardized
measure of discounted future net cash flows
|
|
|
|
|
September
30, 2006
|
|
$
|
8,685,000
|
|
Purchases
of minerals in place
|
|
|
245,000
|
|
Changes
in estimated future development costs
|
|
|
(509,000
|
)
|
Sales
of oil and gas, net of production
|
|
|
(1,313,000
|
)
|
Revisions
of previous quantity estimates
|
|
|
(1,287,000
|
)
|
Accretion
of discount, other
|
|
|
(1,200,000
|
)
|
Standardized
measure of discounted future net cash flows
|
|
|
|
|
September
30, 2007
|
|
$
|
4,621,000
|
|
Name
|
Age
|
Position
|
|
|
|
William M.
Simmons
|
54
|
President,
|
|
|
Secretary,
Treasurer and Director
|
|
|
|
Daniel
Vesco
|
54
|
Chief
Executive Officer,,
|
|
|
Chief
Financial Officer and
|
|
|
Director
|
|
|
|
Ibrahim Nafi
Onat
|
61
|
Director
and
|
|
|
Vice
President of Operations
|
|
(a)
|
in
the event Mr. Onat suffers an injury, illness, or incapacity of such
character as to prevent him from performing his duties without reasonable
accommodation for a period of more than sixty (60) consecutive days upon
us giving at least thirty (30) days written notice of termination to
him;
|
|
(b)
|
upon
Mr. Onat's death;
|
|
(c)
|
at
any time because of (i) the conviction of Mr. Onat of an act or acts
constituting a felony or other crime involving moral turpitude, dishonesty
or theft or fraud; or (ii) his negligence in the performance of his duties
under the Consulting Agreement;
|
|
(d)
|
Mr.
Onat may terminate his employment for "good reason" by giving us ten (10)
days written notice if: (i) he is assigned, without his express written
consent, any duties materially inconsistent with his positions, duties,
responsibilities, or status with us, or a change in his reporting
responsibilities or titles; (ii) his compensation is reduced; or (iii) we
do not pay any material amount of compensation due under the Consulting
Agreement and then fails either to pay such amount within the ten (10) day
notice period required for termination hereunder or to contest in good
faith such notice; or
|
|
(e)
|
at
any time without cause.
|
Non-Equity
|
Nonqualified
|
||||||||||||
Year
|
Incentive
|
Deferred
|
All
Other
|
Total*
|
|||||||||
Name
& Principal
|
Ended
|
Stock
|
Options
|
Plan
|
Compensation
|
Compen-
|
Compen-
|
||||||
Position
|
September
30
|
Salary
($)
|
Bonus
($)
|
Awards
($)
|
Awards
($)
|
Compensation
($)
|
Earnings
($)
|
Sation
($)
|
Sation
($)
|
||||
Daniel
Vesco
|
2007(1)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||
CEO,
CFO and Director
|
|||||||||||||
William
M. Simmons
|
2007(1)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||
President
and Director
|
|||||||||||||
Max
Maxwell
|
2007
|
$138,804(G)
|
-
|
-
|
-
|
-
|
-
|
-
|
$138,804(G)
|
||||
Former
President and Director (2)
|
2006
|
$109,060
|
$25,000
|
-
|
(A)
|
-
|
-
|
$16,040
(B)
|
$150,100
|
||||
Ibrahim
Nafi Onat
|
2007(6)
|
$7,500
|
-
|
$15,000
(6)
|
-
|
-
|
-
|
-
|
$22,500
|
||||
Director
|
|||||||||||||
Frank
A. Jacobs
|
2007
|
$0
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||
Former
Director/CEO/CFO (3)
|
2006
|
$80,000
(C)
|
-
|
-
|
(D)
|
-
|
-
|
-
|
$80,000
|
||||
Brian
Alexander
|
2006
|
$36,000
(E)
|
-
|
-
|
(F)
|
-
|
-
|
-
|
$36,000
|
||||
Former
President / CEO/CFO/Director (4)
|
OUTSTANDING EQUITY AWARDS AT FISCAL
YEAR-END
(September 30,
2007)
|
|||||||||||
OPTION AWARDS
|
STOCK AWARDS
|
||||||||||
Name
(a)
|
Number
of Securities Underlying Unexercised Options
(#)
Exercisable
(b)
|
Number
of Securities Underlying Unexercised Options
(#)
Unexercisable
(c)
|
Equity
Incentive Plan Awards: Number of Securities Underlying Unexercised
Unearned Options
(#)
(d)
|
Option
Exercise Price
($)
(e)
|
Option
Expiration Date
(f)
|
Number
of Shares or Units of Stock That Have Not Vested
(#)
(g)
|
Market
Value of Shares or Units of Stock That Have Not Vested
($)
(h)
|
Equity
Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights
That Have Not Vested
(#)
(i)
|
Equity
Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or
Other Rights That Have Not Vested
(#)
(j)
|
||
Ibrahim
Nafi Onat
|
-
|
-
|
-
|
-
|
-
|
500,000
(1)
|
$6,000
(2)
|
-
|
-
|
|
|
Common
Stock
|
(1)
|
Percentage
|
|
Shares of Common Stock the
Holder of our Series A Preferred Stock is able to
Vote*
|
|
Total Voting Percentage
Including Preferred Stock Outstanding*
|
(2)
|
|
|
|
|
|
|
|
|
|
|
William M.
Simmons
|
|
87,200,000
|
(3)
|
29.9%
|
|
240,857,776
(4)
|
|
61.6%
|
|
President,
Secretary, Treasuer and Director
|
|
|
|
|
|
|
|
|
|
100
Highland Park Village
|
|
|
|
|
|
|
|
|
|
Dallas,
Texas 75205
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Daniel
Vesco
|
|
0
|
(5)
|
0.0%
|
|
-
|
|
0.0%
|
|
Chief
Executive Officer, Chief Financial Officer and Director
|
|
|
|
|
|
|
|
|
|
100
Highland Park Village
|
|
|
|
|
|
|
|
|
|
Dallas,
Texas 75205
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nafi
Onat
|
|
500,000
|
|
0.2%
|
|
-
|
|
0.1%
|
|
Director
|
|
|
|
|
|
|
|
|
|
100
Highland Park Village
|
|
|
|
|
|
|
|
|
|
Dallas,
Texas 75205
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valeska Energy
Corp.
|
(6)
|
86,200,000
|
|
29.6%
|
|
240,857,776
(7)
|
|
61.4%
|
|
1000
Guadalupe Street #2C
|
|
|
|
|
|
|
|
|
|
Kerrville,
Texas 78028
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capersia Pte.
Ltd.
|
(8)
|
30,000,000
|
|
13.0%
|
|
-
|
|
6.4%
|
|
96A
Club Street
|
|
|
|
|
|
|
|
|
|
Singapore
069464
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pagest Services
SA
|
(9)
|
40,000,000
|
|
9.9%
|
|
-
|
|
8.4%
|
|
rue
Thalberg 2, c/o
|
|
|
|
|
|
|
|
|
|
Finova
Associes SA,
|
|
|
|
|
|
|
|
|
|
Geneva
Switerland
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Structured Capital
Corporation
|
(10)
|
19,350,000
|
|
8.4%
|
|
-
|
|
4.1%
|
|
c/o
Gordon Rees L.L.P.
|
|
|
|
|
|
|
|
|
|
1900
West Loop, Suite 1100
|
|
|
|
|
|
|
|
|
|
Houston, Texas 77027 |
Lucayan Oil and Gas
Investments, Ltd.
|
(11)
|
18,500,000
|
|
8.0%
|
|
-
|
|
3.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hobart Global
Ltd.
|
(12)
|
18,000,000
|
|
7.8%
|
|
-
|
|
3.8%
|
|
116
Main Street, B.V.I.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Polaris Holdings,
Inc.
|
(13)
|
12,000,000
|
|
5.2%
|
|
-
|
|
2.5%
|
|
2411
Fountainview Dr. #120
|
|
|
|
|
|
|
|
|
|
Houston,
Texas 77057
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All of the Officers and
Directors as a Group (3 persons)
|
|
87,700,000
|
(3)(5)
|
30.1%
|
|
240,857,776
|
(4)
|
61.7%
|
|
|
o
|
Max
Maxwell, our former president and Director was granted 750,000 qualified
options and 3,250,000 non-qualified options (for 4,000,000 total options),
which options were to vest at the rate of 500,000 options every three
months, with the qualified options to vest first, in consideration for
services to be rendered to the Company as the Company's president and
Director. The options were to expire if unexercised on June 1, 2009, or at
the expiration of three months from the date of the termination of his
employment with the Company. All of Mr. Maxwells options have
since expired unexercised;
|
|
o
|
Frank
Jacobs, our former Director was granted 4,000,000 non-qualified options,
which options were to vest at the rate of 500,000 options every three
months, in consideration for services to be rendered to the Company as the
Company's Director. The options were to expire if unexercised on June 1,
2009, or at the expiration of three months from the date of the
termination of his employment with the Company. Mr. Jacobs
resigned from the Company effective June 14, 2007, and as such all
2,000,000 of his vested options expired unexercised on September 14,
2007;
|
|
o
|
Brian
Alexander, our former Chief Financial Officer and Director was granted
1,000,000 non-qualified options, which options vested upon Mr. Alexander's
execution of a deed of release and settlement between Mr. Alexander and
the Company in connection with his resignation from his positions as the
Company's Chief Financial Officer and Director. The options expired
unexercised on July 1, 2007; and
|
|
o
|
Mr.
Terje Reiersen then working as a consultant to the Company was granted
1,000,000 non-qualified options, which options were to vest at the rate of
250,000 options every three months, in consideration for consulting
services to be rendered to the Company in connection with corporate advice
in relation to a secondary listing amongst other things. The options were
to expire if unexercised on June 1, 2009, or at the expiration of three
months from the date of the termination of his employment with the
Company. All of Mr. Reiersens options have since expired
unexercised.
|
|
1,000
shares of the Companys Series A Preferred Stock;
|
|
|
A
monthly fee of $20,000 per month during the extended term of the Second
Amendment, plus reasonable and actual costs incurred by Valeska (or
individuals or designees brought on by Valeska, including lodging, car
rental and telephone expenses therewith) in connection with such
Services;
|
|
|
10,000,000
restricted shares of the Companys common stock; and
|
|
|
60,000,000
options to purchase shares of the Companys common stock, which have a
cashless exercise provision, are valid for a period of three years from
their grant date, and have an exercise price of greater than 110% of the
trading price of the Companys common stock on the Pinksheets on the day of
such grant, equal to $0.02 per
share.
|
(a)
|
waive
any default which may have occurred as a result of our failure to become
current in our filings with the Commission;
|
(b)
|
amend
the terms of the Laurus Note to provide that a Change of Control of
Texaurus under the Note, which requires approval of Laurus, includes any
change in Directors such that Daniel Vesco and William M. Simmons are no
longer Directors of Texaurus; and
|
(c)
|
amend
the terms of the Registration Rights Agreement with Laurus to provide that
the date we are required to gain effectiveness of a registration statement
registering the shares of common stock issuable in connection with the
exercise of the Laurus Warrant in the Company is amended to no later than
April 30, 2008, and that the effective date of any additional registration
statements required to be filed by us in connection with the Registration
Rights Agreement, shall be thirty (30) days from such filing
date.
|
Exhibit
Number
|
Description of
Exhibit
|
|
|
3.1(t)
|
Certificate
of Amendment to Articles of Incorporation increasing the authorized shares
of common stock to 300,000,000 shares
|
|
|
3.2(13)
|
Series
A Preferred Stock Designation
|
|
|
10.1(1)
|
Sale
and Purchase Agreement, dated as of January 20, 2006, by and between
Sterling Grant Capital Inc. and Texhoma Energy, Inc.
|
|
|
10.2(1)
|
Letter
Agreement, dated as of December 31, 2005 by and between Pacific Spinner
Limited and Texhoma Energy, Inc.
|
|
|
10.3(2)
|
Sales
and Purchase Agreement with Structured Capital Corp.
|
|
|
10.4(2)
|
Sales
& Purchase Agreement with Kilrush Petroleum
|
|
|
10.5(2)
|
Securities
Purchase Agreement
|
|
|
10.6(2)
|
Secured
Term Note
|
|
|
10.7(2)
|
Warrant
Agreement (Texaurus)
|
|
|
10.8(2)
|
Warrant
Agreement (Texhoma)
|
|
|
10.9(2)
|
Registration
Rights Agreement
|
|
|
|
|
10.10(2)
|
Stock
Pledge Agreement
|
|
|
|
|
10.11(2)
|
Side
Letter Agreement
|
|
|
|
|
10.12(2)
|
Guaranty
of Texaurus
|
|
|
|
|
10.13(2)
|
Personal
Guaranty of Frank Jacobs
|
|
|
|
|
10.14(2)
|
Warrant
with Energy Capital Solutions, LLC
|
|
|
|
|
10.15(2)
|
Frank
Jacobs Subscription Agreement
|
|
|
|
|
10.16(5)
|
Sales
and Purchase Agreement with Structured Capital Corp.
|
|
10.17(6)
|
First
Amendment to Sales and Purchase Agreement
|
|
|
|
|
10.18(6)
|
Mortgage,
Security Agreement, Finance Statement and Assignment of
Production
|
|
|
|
|
10.19(6)
|
Collateral
Assignment
|
|
|
|
|
10.16(7)
|
Debt
Conversion Agreement with Lucayan Oil and Gas Investments,
Ltd.
|
|
|
|
|
10.17(7)
|
Note
with Lucayan Oil and Gas Investments, Ltd.
|
|
|
|
|
10.18(8)
|
Promissory
Note to Frank Jacobs
|
|
|
|
|
10.19(8)
|
Security
Agreement with Frank Jacobs
|
|
|
|
|
10.20(10)
|
Letter
Agreement with Matrixx Resource Holdings Inc. regarding the sale of the
Clovelly Prospect
|
|
|
|
|
10.21(11)
|
Agreement
Regarding Frank A. Jacobs Note
|
|
|
|
|
10.22(11)
|
Joint
Venture Relationship Agreement
|
|
|
|
|
10.23(11)
|
Management
Services Agreement with Valeska and Amendment thereto
|
|
|
|
|
10.24(12)
|
Jacobs
Oil & Gas Limited Promissory Note
|
|
|
|
|
10.25(13)
|
Voting
Agreement
|
|
|
|
|
10.26(13)
|
Voting
Agreement with LOGI
|
|
|
|
|
10.27(13)
|
First
Amendment to Voting Agreement with LOGI
|
|
|
|
|
10.28(13)
|
Cooperation
Agreement and Mutual Release
|
|
|
|
10.28(13)
|
Consulting
Agreement with Ibrahim Nafi Onat
|
|
|
10.29(14)
|
Promissory
Note and Security Agreement with Polaris
|
|
|
10.30(16)
|
Second
Amendment to Management Services Agreement
|
|
|
10.31(17)
|
Option
Agreement
|
|
|
10.32(18)
|
Cooperation
Agreement and Mutual Release with Terje Reiersen
|
|
|
10.33(18)
|
First
Amendment to Securities Purchase Agreement, Secured Term Note and
Registration Rights Agreement with Laurus
|
|
|
10.34(19)
|
Settlement
Agreement and Mutual Release
|
16.1(15)
|
Letter
from Braverman & Company, PC
|
|
|
16.2(3)
|
Letter
from Chisholm, Bierwolf & Nilson, LLC
|
|
|
16.3(4)
|
Letter
from Chisholm, Bierwolf & Nilson, LLC
|
|
|
16.4(9)
|
Letter
from Jewett, Schwartz, Wolfe & Associates
|
|
|
21.1*
|
Subsidiaries
|
|
|
31.1*
|
Certificate
of the Chief Executive Officer and Chief Financial Officer pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
32.1*
|
Certificate
of the Chief Executive Officer and Chief Financial Officer pursuant to
Section 906 of the Sarbanes-Oxley Act of
2002
|
(t)
|
Filed
as an exhibit to our Form 8-K, filed with the Commission on September 22,
2006, and incorporated herein by
reference.
|
(1)
|
Filed
as exhibits to the Companys Form 8-K filed with the Commission on February
14, 2006, and incorporated herein by
reference.
|
(2)
|
Filed
as exhibits to the Companys Form 8-K filed with the Commission on April 4,
2006, and incorporated herein by
reference.
|
(3)
|
Filed
as an exhibit to our Form 8-K filing, filed with the Commission on April
5, 2006, and incorporated herein by
reference.
|
(4)
|
Filed
as an exhibit to our Form 8-K filed with the Commission on April 13, 2006,
and incorporated herein by
reference.
|
(5)
|
Filed
as an exhibit to our Form 8-K, filed with the Commission on April 4, 2006,
and incorporated herein by
reference.
|
(6)
|
Filed
as exhibits to our Form 8-K, filed with the Commission on April 26, 2006,
and incorporated herein by
reference.
|
(7)
|
Filed
as exhibits to our Form 8-K, filed with the Commission on May 24, 2006,
and incorporated herein by
reference.
|
(8)
|
Filed
as exhibits to our Form 8-K, filed with the Commission on February 13,
2007, and incorporated herein by
reference.
|
(9)
|
Filed
as an exhibit to our Form 8-K, filed with the Commission on June 21, 2007,
and incorporated herein by
reference.
|
(10)
|
Filed
as an exhibit to our Form 8-K, filed with the Commission on May 25, 2007,
and incorporated herein by
reference.
|
(11)
|
Filed
as an exhibit to our Form 8-K, filed with the Commission on June 8, 2007,
and incorporated herein by
reference.
|
(12)
|
Filed
as an exhibit to our Form 8-K, filed with the Commission on October 20,
2006, and incorporated herein by
reference.
|
(13)
|
Filed
as an exhibit to our Form 8-K, filed with the Commission on July 30, 2007,
and incorporated herein by
reference.
|
(14)
|
Filed
as an exhibit to our Form 8-K, filed with the Commission on June 13, 2007,
and incorporated herein by
reference.
|
(15)
|
Filed
as an exhibit to our Form 8-K, filed with the Commission on May 17, 2004,
and incorporated herein by
reference.
|
(16)
|
Filed
as an exhibit to our Form 10-KSB, filed with the Commission on August 21,
2007, and incorporated herein by
reference.
|
(17)
|
Filed
as an exhibit to our Form 10-QSB, filed with the Commission on September
11, 2007, and incorporated herein by
reference.
|
(18)
|
Filed
as an exhibit to our Form 10-KSB, filed with the Commission on November 9,
2007, and incorporated herein by
reference.
|
(19)
|
Filed
as an exhibit to our Form 8-K, filed with the Commission on December 6,
2007, and incorporated herein by
reference.
|
SIGNATURE
|
TITLE
|
DATE
|
|
|
|
|
|
|
/s/ Daniel
Vesco
|
|
|
Daniel
Vesco
|
Chief Executive
Officer
|
March 20,
2008
|
|
Chief Financial
Officer,
|
|
|
(Principal Financial Officer)
and
|
|
|
Director
|
|
/s/ Ibrahim Nafi
Onat
|
|
|
Ibrahim Nafi
Onat
|
Director
|
March 20,
2008
|
|
|
|
|
|
|
|
|
|
1 Year Texhoma Energy (CE) Chart |
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