World Oil Group Inc. Has Canceled All Consulting Agreements and Is Reducing Its Outstanding Shares by 150 Million
January 05 2015 - 2:54AM
Access Wire
Debary, FL /
ACCESSWIRE / January 5, 2015 / World Oil Group, Inc. (OTC
PINK: WOGI) effective January 2, 2015 WOGI has canceled all
consulting agreements. The decision was made to cancel the
agreement because the parties were unable to perform the services
outlined in the agreement. Thereby, WOGI was not receiving fair
value for in exchange for the contract.
The cancelation will save WOGI $15,000 per month and 1 million
stock options a quarter that where to begin on July 1, 2015.
The Company has not paid anything towards the consulting agreement
and has no intention of paying anything.
Nathan Hall has returned 150 million shares of his restricted
Common shares back to the Company in exchange for a Work
Performance Agreement that will allow him to earn the 150 million
shares based on his performance.
Mr. Hall Stated "I am new to the public world, but I am learning
quickly. After speaking with several people, I learned the
reason I was issued so many shares and who really benefited from so
many shares being Outstanding. I made the decision to return
the shares in exchange for me performing my duties as the CEO of
the Company. I understand the frustration of the shareholders
of WOGI, who had to endure 2 years of the previous management
promising and not performing and then getting paid for it. I
lead from the front and by example, I am willing to allow my
performance to speak for itself and tie my equity to verifiable
results outline below that will benefit all the shareholders."
Outline of the Work Performance Agreement
1. Hall shall be entitled to receive 25 million shares of
restricted Common stock once drilling has been completed on no less
the 15 wells.
2. Hall shall be entitled to receive 25 million shares of
restricted Common stock once Fracking has been completed on the
first 5 wells.
3. Hall shall be entitled to receive 25 million shares of
restricted Common stock once pumping is operational and
collectively producing 30bpd of oil.
4. Hall shall be entitled to receive 75 million shares of
restricted Common stock as soon as WOGI reaches item numbers 1,2
&3 collectively or 100 barrels of oil per week collectively
verifiable by receipt of oil sold aka "Run Ticket(s)".
Once these items have been completed as described, Mr. Hall
would be entitled to receive all of his 150 million shares of
Common stock back.
WOGI will also take measures to retrieve the balance of the
shares or portion thereof Mr. Clarke walked away with from the
transaction. In fact last week, after communicating with the
transfer agent the Company was able to place a restriction back on
a portion of shares and keep them out of the market. WOGI has
come to know by the shareholders list approximately 4 million
shares have been sold during the September through December time
frame and believe this is why the value has eroded during this
time.
About World Oil Group, Inc.
EPA Petroleum, Inc. "EPA" is a wholly owned subsidiary of World
Oil Group, Inc. (WOGI). The Company is an independent producer of
crude oil and natural gas. EPA Petroleum is actively involved in
drilling activities within the Commonwealth of Pennsylvania using
Xite Energy, Inc. as its subcontractor drilling partner.
EPA Petroleum is always seeking new opportunities in the
petroleum industry. EPA Petroleum looks to work with the local
communities to help bring jobs within each drilling and fuel
trading region.
EPA Petroleum's vision is to grown exponentially with the
petroleum industry via O&G drilling and energy trading in the
USA and around the world.
The foregoing press announcement contains forward-looking
statements that can be identified by such terminology such as
"believes," "expects," "potential," "plans," "suggests," "may,"
"should," "could," "intends," or similar expressions. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results
to be materially different from any future results, performance or
achievements expressed or implied by such statements. In
particular, management's expectations could be affected by, among
other things, uncertainties relating to our success in completing
acquisitions, financing our operations, entering into strategic
partnerships, engaging management and other matters disclosed by us
in our public filings from time to time. Forward-looking statements
speak only as to the date they are made. The Company does not
undertake to update forward-looking statements to reflect
circumstances or events that occur after the date the
forward-looking statements are made.
For more information contact:
CONTACT:
World Oil Group, Inc.
Nathan Hall
407-777-9228
info@epapetroleum.com
www.epapetroleum.com
www.facebook.com/EPAPetroleum
https://twitter.com/epapetroleum
SOURCE: World Oil Group, Inc.