ATCO Energy Solutions Ltd., in partnership with Petrogas Energy Corp., announced today that it will develop four salt caverns, with the capacity to … The number of shares issued to Mr. Zheng was determined by valuing the Leases at $160,000 and valuing our company’s stock at $0.04 per share. The factors listed in the section captioned “Risk Factors,” as well as any cautionary language in this current report on Form 10-K, provide examples of risks, uncertainties and events that may cause our actual results to differ materially from those projected. Drilling hazards or environmental damage could greatly increase the cost of operations, and various field operating conditions may adversely affect production. The convertible promissory note is due on demand, bears interest at 55% per annum, and is convertible at $0.01 per share. Accordingly, we express no such opinion. As part of the sale of the shares, Rise Fast Limited arranged with the resigning member of our company’s Board of Directors, to appoint Mr. Huang Yu as the sole officer and director of our company. President, Secretary, Treasurer and Director. The corresponding cost is capitalized as an asset and included in the carrying amount of oil and gas properties and is depleted over the useful life of the properties. The following financial statement schedule is submitted herewith: Other schedules are omitted because they are not required or are not applicable or because the required information is included in the financial statements listed above. The accompanying notes are an integral part of these audited financial statements. Deferred tax assets and liabilities are recorded for differences between the financial statements and tax basis of the assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates. NASD broker-dealers who act as market makers for our shares generally facilitate purchases and sales of our shares. Dauchy, recorded in Volume 209, page 581, Deed Records of Atascosa County, Texas. The following table sets forth certain information concerning the number of shares of our common stock owned beneficially as of May 22, 2020 by: (i) each person (including any group) known to us to own more than five percent (5%) of any class of our voting securities, (ii) members of our Board of Directors, and or (iii) our executive officers. Failure to establish those controls, or any failure of those controls once established, could adversely impact our public disclosures regarding our business, financial condition or results of operations. Continue depressed oil prices have resulted is us having to impair our estimated proved reserves and has had a material adverse effect on our business, financial condition and results of operations. EXHIBITS, FINANCIAL STATEMENT SCHEDULES. Any effort to increase the size of the Board of Directors, appoint independent directors or personnel is conditional upon our company raising additional capital. Charges for gathering and transportation are included in production expenses. Further, oil prices continue to be volatile. The convertible promissory note is due on demand, bears interest at 55% per annum, and is convertible at $0.01 per share. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. TRACT 2: Jane Burns “C” Lease Tract 2: 160 acres of land, more or less. Rogers, Theo “C”: 219 acres of land, more or less, being all of the Irene L. Menetrier Survey No. The tax environment in the United States is subject to change, inconsistent application, interpretation and enforcement. Our company has implemented all new accounting pronouncements and does not believe that there are any other accounting pronouncements that have been issued that may have a material impact on its financial statements. Compliance, interpretation and enforcement with evolving environmental laws and regulations may impact our expenses in a negative manner, which would directly impact our profit margins. We may be unable to successfully compete with these established competitors, which may adversely affect our ability to acquire additional properties and thus impact our ability to generate revenue. We may incur substantial costs to comply with these existing laws and regulations. The oil and gas market in the U.S. is highly competitive. A penny stock generally includes any non-NASDAQ equity security that has a market price of less than $5.00 per share. The note has a three month term and bears interest at 2% per annum compounded monthly. Accordingly, our executive officers and directors and persons who own more than 10% of a registered class of our equity securities are not subject to the beneficial ownership reporting requirements of Section 16(1) of the Exchange Act. XBRL TAXONOMY EXTENSION CALCULATION LINKBASE, XBRL TAXONOMY EXTENSION DEFINITION LINKBASE, XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE. In addition, shares are deemed to be beneficially owned by a person if the person has the right to acquire the shares (for example, upon exercise of an option) within 60 days of the date as of which the information is provided. All quotes are in local exchange time. Our responsibility is to express an opinion on the Company’s financial statements based on our audit. ITEM 10. From July 6, 2015 through July 9, 2015, we completed the acquisition of such oil and gas leases and ORR’s, whereby we issued a total of 6,500 shares of our common stock to Mr. Zheng. All share amounts in these financial statements have been adjusted to reflect this stock split. As a result of the reverse split, our issued and outstanding shares of common stock will decrease from 30,099,230 to 300,993 shares of common stock. Financial Officer and Principal Accounting Officer). On March 31, 2019, the Company entered into a convertible promissory note for $10,194 with an individual not related to the Company. We may encounter problems or delays in completing activities necessary to make an assessment of our internal control over financial reporting. Broker-dealers may be discouraged from effecting transactions in our shares because they are considered penny stocks and are subject to the penny stock rules thereby potentially limiting the liquidity of our shares. Any estimates during the period have had an immaterial effect on earnings. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results. The cost to drill, complete and operate wells is often uncertain, and drilling operations may be curtailed, delayed or cancelled as a result of a variety of factors including unexpected drilling conditions, abnormal pressures, equipment failures, premature declines of reservoirs, blow-outs, sour gas releases, fires, spills or other accidents, as well as weather conditions, compliance with governmental requirements, delays in receiving governmental approvals or permits, unexpected environmental issues and shortages or delays in the delivery of equipment. Our quarterly operating results may fluctuate and could be negatively impacted in the future as a result of a number of factors, including seasonal variations in oil prices, variations in levels of production, if an when production commences, and the completion of development projects. We do not currently have a Code of Ethics in place for the Company. If we incur substantial liability and the damages are not covered by insurance or are in excess of policy limits, or if we incur liability at a time when we are not able to obtain liability insurance, then our business, results of operations and financial condition could be materially adversely affected. Furthermore, we cannot estimate, at this time, the impact of commodity price fluctuations until we can predict the level of revenues. It is classified as Non-govt company and is registered at Registrar of Companies, Delhi. Costs of dry wells are transferred to the amortization base immediately upon determination that the well is unsuccessful. Intraday data delayed at least 15 minutes or per exchange requirements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Our company has not adopted any equity compensation plans and does not anticipate adopting any equity compensation plans in the near future. This browser is no longer supported at MarketWatch. As at March 31, 2020 and 2019, the Company had a total of 3,874,473 and 300,993 common shares issued and outstanding, respectively. Articles of Incorporation of the Registrant incorporated by reference to Exhibit 3.1 to the Registrant’s registration statement on Form S-1 filed with the SEC on May 20, 2014, file number 333-196409. In addition, management’s assessment of internal controls over financial reporting may identify weaknesses and conditions that need to be addressed in our internal controls over financial reporting or other matters that may raise concerns for investors. More volatility may occur before a sustainable growth rate is achieved either domestically or globally. (f) Involvement in certain legal proceedings. These include statements about our expectations, beliefs, intentions or strategies for the future, which we indicate by words or phrases such as “anticipate,” “expect,” “intend,” “plan,” “will,” “we believe,” “management believes” and similar language. Company profile page for Petrogas Energy Corp including stock price, company news, press releases, executives, board members, and contact information On the Burns and Rogers Leases, we intend to rework all current wells and bring them back to production once oil prices are in a suitable range. Our company’s management, with the participation of our principal executive and principal financial officer evaluated the effectiveness of our company’s disclosure controls and procedures as of the end of the period covered by this report. Most of our competitors are major and large independent oil and gas companies that have financial, technical and personnel resources substantially greater than ours. On July 10, 2017, the Company, along with the holder of the promissory note to assigned $174,000 of the promissory note to four individuals not related to the Company. Our company seeks advice and counsel from outside experts such as our lawyers and accountants on matters relating to corporate governance and financial reporting. We have served as the Company’s auditor since 2015, Convertible promissory notes, net of discount of $9,424 and $43,696, respectively, Common stock: 300,000,000 authorized; $0.001 par value 3,874,473 and 300,993 shares issued and outstanding, respectively, TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT. As a result, the Company has recorded a long term liability equal to the full value of the ARO. PetroGas Co. In addition, the demand for, and wage rates of, qualified drilling and completion crews rise as the number of active rigs in service increases. We may not be able to recover some or any of these costs from insurance. Other than as described below, our company has not engaged in any transactions with any of its related persons. Any fractional shares that would have resulted from the reverse split will be rounded up to the next whole number. The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Company’s board of directors performs some of the same functions of an Audit Committee, such as; recommending a firm of independent certified public accountants to audit the financial statements; reviewing the auditors’ independence, the financial statements and their audit report; and reviewing management’s administration of the system of internal accounting controls. ITEM 15. The Company records a liability for asset retirement obligations (“ARO”) associated with its oil and gas wells when those assets are placed in service. ITEM 5. We expect that reservoirs at those depths could yield a very high daily output of oil. Notwithstanding the foregoing, because the company has limited cash resources at this time, it may issue shares or options to or enter into obligations that are convertible into shares of common stock with its employees and consultants as payment for services or as discretionary bonuses. the first Applegreen opened in … The debt discount of $10,667 was expensed upon issuance of the note. We are planning an exploration strategy to drill new wells on the current Leases, as well as acquire deeper rights in order to drill some of the wells at great depths. Operating hazards or other interruptions of our operations could result in potential liabilities, for which we do not have insurance. Increasing levels of exploration and production will increase the demand for oilfield services, and the costs of these services may increase, while the quality of these services may suffer. On April 4, 2019, the Company issued 3,000,000 shares of common stock to the President of the Company as compensation for management services valued at $0.03 per share. As of March 31, 2020 and 2019, the promissory note payable was $42,683 and $42,683 and accrued interest payable was $4,962 and $4,106, respectively. Oil and gas exploration involves a high degree of risk, which even a combination of experience, knowledge and careful evaluation may not be able to overcome. The stock markets often experience significant price and volume changes that are not related to the operating performance of individual companies, and because our common stock is thinly traded it is particularly susceptible to such changes. The convertible promissory note is due on demand, bears interest at 55% per annum, and is convertible at $0.01 per share. We are subject to complex governmental laws and regulations that may adversely affect the cost, manner and feasibility of doing business. 1(a)(29)), or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. As a result of the completion of this acquisition, 40,000 shares of our company’s common stock were issued to Mr. Zheng Xiangwu, who owns our company’s largest shareholder, Rise Fast Limited. Substantial Doubt about the Company’s Ability to Continue as a Going Concern. Based upon that evaluation, our principal executive and principal financial officer concluded that, as of the end of the period covered by this report, our company’s disclosure controls and procedures were not effective. On December 31, 2017, the Company entered into a convertible promissory note for $9,230 with an individual not related to the Company. The Company did not use any funds for investing activities in the year ended March 31, 2020 and 2019. The reverse split has been reviewed by the Financial Industry Regulatory Authority (FINRA) and has been approved for filing with an effective date of March 19, 2019. 28, save and except the northeast 102.4 acres thereof, the southwest line of which is parallel with the northeast line of said survey; Subject to Oil, Gas and Mineral Lease, dated July 27, 1951, from Theo Rogers and wife Veta Rogers, and K.T. Compliance with changing regulation of corporate governance and public disclosure will result in additional expenses. NOLs generated in tax years prior to March 31, 2017, can be carryforward for twenty years, whereas NOLs generated after March 31, 2017 can be carryforward indefinitely. In addition, the amount of oil that can be produced and sold is subject to curtailment in certain circumstances, such as pipeline interruptions due to maintenance, physical damage to the gathering or transportation system or lack of contracted capacity on such systems. Stock analysis for PetroGas Co (PTCO:OTC US) including stock price, stock chart, company news, key statistics, fundamentals and company profile. 2 were here. Revenue for the year ended March 31, 2020 was $166 compared to $1,550 for the year ended March 31, 2019. Competition in the oil and gas industry is intense, and most of our competitors have resources that are greater than ours. ITEM 12. On August 13, 2015 we entered into an Asset Purchase Agreement with Inceptus Resources, LLC whereby our company acquired a 78% net revenue interest in 200 acres located in Callahan County, Texas, and a 78% net revenue interest in 522 acres also located in Callahan County, Texas.
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