SENTRY PETROLEUM LTD. (OTCMKTS:SPLM) 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 14, 2011, we awarded an option to Sino American Oil Company (“Sino”) for consideration of $25,000, which gave Sino the right to earn a 70% interest in ATP 865 and 866 by drilling one conventional well to a depth of 1,660 meters and to shoot 100 line Km of seismic. On June 27, 2011, we reached a mutual agreement with Sino American Oil Company to terminate this option agreement. The termination relieves both parties from any further rights or obligations awarded in the option and Sino is entitled to return of the $25,000 consideration Sino paid to us upon execution of the option agreement in March 2011.
After the option agreement, the Company and Sino American Oil had an agreement to operate Sentry Petroleum business operations and that Sino’s CEO at the time, R. Hughes, was to source and liaise and vet projects presented to Sentry Petroleum. After 5 years, the Company’s operations were managed by R. Hughes and Sino. On February 5, 2016, Mr. Tang was elected CEO by unanimous consent at a special meeting. Sino is now operated by Richard Tang, and with mutual consent and agreement between Mr. Tang and Mr. Hughes in 2016, the responsibility of the Company is managed by the current CEO, Richard Tang.
Richard Tang has a business profile and holds a bachelors degree in the sciences, and operates private and public companies. He has expertise in mechanical and industrial automation, and holds safety and instructional certifications for industry-related operations.
About SENTRY PETROLEUM LTD. (OTCMKTS:SPLM)
Sentry Petroleum Ltd. (Sentry) is an exploration-stage company. The Company is engaged in the acquisition, exploration, and development of oil and gas properties. The Company has no revenues and has not generated any cash flows from operations to fund its acquisition, exploration and development activities. The Company has a subsidiary company, Sentry Petroleum (Australia) Pty. Ltd. to facilitate exploration activities in Australia. The Company’s oil and gas properties are located in Australia. The Company’s focus is on the exploration of properties for which the Company acquired four exploration permits to engage in exploration for oil and gas in central Queensland, Australia. The Company holds a 100% working interest in ATP 862, 864, 865, and 866. During August, 2011, the Company completed the drilling of the Albilbah CSG1 well in permit ATP 862 in Queensland Australia. The well reached a total depth of 1,555 feet and 472 feet of core were cut.
