History
A Florida nursing-products shell became an oil company through a Russian reverse merger in 2009, then gave the business back in 2010 and ended as a shell again.
2007-2008: A nursing-products shell changes hands
Premier Energy Corp. began as Premier Nursing Products Corp., a Florida company with sole officer and director Sheldon R. Rose. In August 2007 it filed to sell 3,000,000 shares at $0.01 each, raising up to $30,000, to fund a plan to sell nursing pads, pillows and privacy shawls. The business never launched, and no revenue appears in any filed quarter.
In September 2008 Rose sold 162,000,000 shares, about 77% of the company, to ZRV Consulting Inc., owned by Michael Yuster, for $300,000 cash. Yuster took over as chief executive and renamed the company Premier Energy Corp., before it had any energy business. In October 2008 he hired Dr. Anton Prodanovic, a veteran of Mobil and Exxon Production Research, as chief executive. A press release confirmed the new focus on oil and gas exploration and production.
2009-2010: The Karbon venture
The pivot became real in early 2009. Premier carried out a reverse merger, a deal in which a small listed shell buys a business and issues shares to its owner. It acquired 51% of Karbon, CJSC, a Russian producer at the North-Kopanskoye Oilfield in the Volga-Urals basin. The field had estimated reserves of 30.9 million barrels and an export contract with Trafigura Group. The seller, Auxerre Trading Ltd., received 107,406,000 new Premier shares, about 51% of the company, and became its controlling shareholder. Yuster's ZRV-linked shares were cancelled.
Production and sales followed, but losses grew. In September 2009 Premier disclosed that US audit regulators had revoked the registration of its former auditor, Moore & Associates Chartered, for rule breaches and non-cooperation with an investigation. In December 2009 it agreed to buy Speckrit LLC from Rossgaz LLC for $65,000,000, while admitting it might not be able to raise the money. The deal never appeared in later filings and appears to have lapsed.
2010-2011: Back to a shell
In November 2010 Premier gave Karbon back to Auxerre. Auxerre handed back its 107,406,000 shares for cancellation and agreed to take on and cover all of Karbon's liabilities. That left Premier with no operating business again. Its report for the quarter ended September 30, 2010 showed a net loss of $2,367,806, and $3,320,748 for nine months, a jump consistent with writing down the Russian assets.
A late-filing notice for the 2010 annual report came on April 1, 2011, and on April 12, 2011 the company dismissed its auditor, Femida-Audit, LLC. No further filings appear after that date. As of April 12, 2011, Premier had no operating business and had not filed its 2010 annual report.
Written from the 10 story beats below (2007 to 22 Dec 2010), which come from the company's own announcements and filings.