DALA PETROLEUM CORP. (OTCMKTS:DALP) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersITEM 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On March 7, 2017, Mr. Mark Perman announced to the Board of Directors his intention to resign from all positions with the Company, namely, Chief Executive Officer, Chief Financial Officer, and as a member of the Board of Directors. His decision to resign is not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices. Mr. Perman’s letter of resignation is included herewith as Exhibit 17.1
On March 7, 2017, the Board of Directors appointed Mr. Thomas J. Stauber as Chief Executive Officer, Chief Financial Officer, and to the Board of Directors.
Mr. Stauber, age 57, has been the owner and president of Edwards Sales Corp. since 1985. The sales agency represents manufacturers of construction products. Mr. Stauber is also the owner and president of Chaska Chan Holdings LLC, a business that acquires and develops commercial properties and C.H. Acquisitions LLC, a business that acquires and develops residential properties. He graduated with a BS in Psychology from the Univiersity of Minnesota-Duluth in 1984.
ITEM 9.01
FINANCIAL STATEMENTS AND EXHIBITS
Item 9.01 Exhibits
17.1
Letter of Resignation of Mark Perman, dated March 7, 2017
About DALA PETROLEUM CORP. (OTCMKTS:DALP)
Dala Petroleum Corp., formerly Westcott Products Corporation, operates as an early-stage oil exploration company. The Company holds the rights to engage in oil and natural gas exploration and development on approximately 300 leases in north central Kansas, with total acreage of approximately 80,000 acres. The Company is focused on the property, which has oil potential at depths of less than approximately 6,000 feet. The Company’s operations were focused on shallow oil opportunities. The Company has a ready-to-drill inventory of seismically defined prospects in and around existing production in central, southern and northwest Kansas. As of September 30, 2015, the Company drilled approximately five wells. As of September 30, 2015, the Company generated no revenues from operations. DALA PETROLEUM CORP. (OTCMKTS:DALP) Recent Trading Information
DALA PETROLEUM CORP. (OTCMKTS:DALP) closed its last trading session 00.0000 at 0.0500 with shares trading hands.