GEORGETOWN CORP company history: the story so far

History

A Yukon gold shell, Yukonic Minerals, changed hands twice between December 2011 and May 2012, became Georgetown Corporation, and pivoted into oilfield equipment with its first quarterly profit.

2010-2011: A Yukon gold shell

The company began as Yukonic Minerals Corp., a Nevada shell incorporated on 26 May 2010 by Pamela Dawn Tesluck. Its only asset was the Ram Claim, an unpatented gold prospect of about a quarter of a square mile near Ruby, Yukon Territory, bought for $15,000 in June 2010. It listed through an S-1 registration that took about six months and became effective on 21 June 2011. No mining revenue was ever recognised, and the claim was written down to zero in the 10-K for the year ended 30 September 2011.

On 6 December 2011 Mackie Barch bought Tesluck's 1,000,000 shares, a 74.07% stake, for $383,000. Tesluck resigned and Barch became sole officer and director. His background was in a pharmaceutical wholesaler and a multivitamin maker, which pointed away from the gold claim.

2012: New name, new owners, oil and gas

In January 2012 the company renamed itself Georgetown Corporation and raised its authorised shares to 750 million. A 400-for-1 forward split lifted shares on issue from 1,350,000 to 540,000,000. It also borrowed $15,000 from Karev Investments on a 10% bridge note.

On 8 May 2012 D. Melvin Swanson bought Barch's 400,000,000 shares, the same 74.07% stake, for only $25,000. In June Carl W. Swan, a 50-year oil and gas veteran, became CEO, with Thomas Seifert as CFO and Glenn Houck and James Harley Ruth on the board. The company moved to Oklahoma City.

On 11 June it formed Synergy Oil Tool & Supply LLC, an oilfield equipment and services business. It earned $98,135 in gross revenue and produced the company's first quarterly net profit, $27,058, for the quarter to 30 June 2012, against a $20,761 loss a year earlier. The nine-month loss narrowed to $13,714 from $47,472.

In October former Arkansas Governor James Guy Tucker and Happy H. Wells joined the board. On 26 November 2012 the company cut authorised capital to 360 million shares and authorised a 1-for-5 reverse split. Ruth and Wells resigned from the board effective 1 November 2012. The record ends there.

Written from the 7 story beats below (2011 to 26 Nov 2012), which come from the company's own announcements and filings.

Beat by beat

The events that changed the company's story, in plain English, each written against everything known about the company at the time. The dot shows whether it was good, bad or neutral for shareholders.

shares on issue market cap (log scale)

2012540m shares · US$59.5m market cap

26 Nov
Amended its articles to cut authorized shares from 750 million to 360 million (350 million common, 10 million blank-check preferred), extinguished the unissued 25 million Series A Preferred, and authorized a 1-for-5 reverse split. Directors James Harley Ruth and Happy Wells resigned from the board effective November 1, 2012.
director officer appointment
540m shUS$59.5m
3 Oct
Added James Guy Tucker (former Governor of Arkansas, 1992-1996, and a longtime business chairman/investor) and Happy H. Wells (CEO of Private Jets Inc./Security Jets, LLC, with prior oil and gas public-company board experience) as directors alongside Carl Swan, filling board vacancies - a notable governance upgrade for a former penny-stock mining shell.
director officer appointment
540m shUS$189m
15 Aug
Reported its first-ever quarterly net income - $27,058 (versus a $20,761 loss a year earlier) - driven by newly formed subsidiary Synergy Oil Tool & Supply LLC (incorporated June 11, 2012), which generated $98,135 of gross revenue in its first weeks as an oilfield-equipment-and-services business; the nine-month net loss narrowed to $13,714 from $47,472, continuing the real oil-and-gas pivot begun with Carl Swan's appointment as CEO two months earlier.
quarterly activities report
540m shUS$189m
4 June
Swanson stepped back to President/Director only. Carl W. Swan - a 50-year oil and gas veteran who founded Swan Petroleum Corporation in 1976 and has owned drilling companies including Intrepid Drilling, Continental Drilling, Longhorn Oil and Gas, and Basin Drilling (over 125 land rigs) - became CEO; Thomas Seifert became CFO/Treasurer; James Harley Ruth became Secretary and a director; Glenn Houck joined as a director. The company's address moved to Oklahoma City, signaling a real pivot toward oil and gas.
director officer appointment
540m shUS$146m
8 May
D. Melvin Swanson (senior partner at Ola Mesa Investments) bought Mackie Barch's entire 400,000,000-share (74.07%) control stake for just $25,000 - a small fraction of the $383,000 Barch paid for the pre-split equivalent five months earlier - and became sole officer/director as Barch resigned all positions.
director officer appointment
540m sh
24 Jan
Renamed itself Georgetown Corporation (from Yukonic Minerals Corp.), raised authorized capital to 750 million shares (700 million common, 50 million preferred including 25 million designated Series A), and approved a 400-for-1 forward split - expanding shares outstanding from 1,350,000 to 540,000,000 once FINRA approves.
bylaws amendment
1.4m sh

2011540m shares

6 Dec
Mackie Barch bought 1,000,000 shares (74.07% control) from founder Pamela Tesluck for $383,000; Tesluck resigned every position and Barch became sole officer/director. Barch was co-founder/Managing Director of Healthcare Distribution Specialists, LLC (a pharmaceutical wholesaler, since 2008) and co-founder of Global Nutritional Research LLC (maker of the Clotamin multivitamin, since 2007), pointing toward a pivot away from the Yukon gold claim.
director officer appointment
540m sh