PETROGAS COMPANY (OTCMKTS:PTCO) Files An 8-K Other Events
Item 8.01Other Events
Further to our Current Report on Form 8-K filed on March 4, 2019, a majority of our shareholders approved a reverse stock split on a basis of 100 old shares for one (1) new share of our issued and outstanding common stock. No fractional shares of common stock will be issued as a result of the reverse split. Any fractional shares that would have resulted from the reverse split will be rounded up to the next whole number.
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. We confirm that our authorized capital will remain unchanged.
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.
The reverse split will become effective with the OTC Markets at the opening of trading on March 19, 2019. Our trading symbol will change to PTCOD. The “D” will be removed in 20 business days and the symbol will revert back to PTCO. Our new CUSIP number is 71649B301.
About PETROGAS COMPANY (OTCMKTS:PTCO)
PetroGas Company has working interests in certain oil and gas properties. The Company’s properties include Ellis County, Hemphill County, Madison County, Shelby County and Emergy County. The Company owns a fractional royalty interest in approximately 60 wells located in Ellis and Harper Counties, Oklahoma. As of March 31, 2016, it owned a fractional royalty interest in over three producing wells as part of the Begert 38 lease located in Section 38, Block A-1, H&G Survey, A-1075 in Hemphill, Texas. These wells have averaged approximately 4,860 million cubic feet per day (MCFPD) and over 180 barrels of oil per day (BOPD). It owns an interest in the wellbores of the Vols DU 01H and Vols DU B 01SL wells located in the H. L. Wiggins Survey, A-763, Shelby County, Texas. The Company owns oil and gas leases totaling approximately 2,800 acres issued from the State of Utah and located in Emery County. It owns the Snyder leases of approximately 950 Acres situated in Callahan County, Texas.