PETROGAS COMPANY (OTCMKTS:PTCO) Files An 8-K Other Events
Item 8.01Other Events
On February 20, 2019 a majority of our shareholders and our board of directors approved a resolution to effect a reverse stock split of our issued and outstanding shares of common stock on a one (1) new for 100 old basis. Upon effect of the reverse stock split, our issued and outstanding shall decrease from 30,099,230 shares of common stock to approximately 300,993 shares of common stock, all with a par value of $0.001. Our authorized shares will remain unchanged.
The reverse stock split is currently being reviewed by the Financial Industry Regulatory Authority (FINRA). We will announce the completion of the FINRA review and the effectiveness of the reverse stock split by filing a Current Report on Form 8-K.
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.