History
A tiny Nevada oil-and-gas shell passed through two control sales, then ramped up real oilfield deals in 2012 and deregistered from the SEC within months.
2009-2010: A shell changes hands
The company began as Double Halo Resources Inc., a Nevada oil and gas exploration start-up incorporated in October 2006, with a small interest in a property near Worsley, Alberta. Its 2008 annual report showed a net loss of $586,708, of which $449,550 was stock-based compensation, a cumulative deficit of $601,053 and just $323 in cash.
In April 2009 the sole officer and director, Susan Shacker, agreed to sell her 4,120,000 shares, about 76% of the company, to Sino-Western Petroleum, Inc. for $65,000 plus the assumption of up to $35,000 of liabilities. The sale closed on April 16, 2009. Shacker resigned, and Arthur Wayne Skagen became CEO, Donald Orin Fairholm CFO, and Jianshu Tang President. The company was renamed Shengrui Resources Co. Ltd. in June 2009.
The new owners dropped oil and gas altogether. The company let the Worsley interest expire, writing off $25,000 of exploration costs and $20,000 of advances, partly offset by a $36,000 debt-settlement gain. It aimed to buy mineral-resource companies in China, but the 2009 loss of $124,509 took the cumulative deficit to $725,562. The record shows no acquisition.
2011-2012: Texas and a sudden build-up
In March 2011 Texas oil and gas entrepreneur Kenneth A. Goggans bought the same 4,120,000-share block, about 75.5%, from Shengrui International Holding Group for $100,000. In April, Skagen and Fairholm resigned, Goggans took over as CEO, President, Secretary and Treasurer, and the company moved to Sulphur Springs, Texas, and was renamed Richland Resources Corp. Goggans had earlier founded several oilfield businesses, including Manek Energy, which he sold in February 2010.
The 2011 year stayed quiet: a net loss of $49,763, no cash or assets, and a tiny market value for shares not held by insiders. Then costs jumped. The quarter to January 31, 2012 showed a $277,641 loss as real salaries, rent and professional fees began. The April 2012 quarter lost $565,479, and a restatement reversed a $36,068 gain that was really misrecorded payables owed to the former parent.
By the quarter to July 31, 2012 the loss was $872,745, the cumulative deficit $2,559,808 and the shareholders' deficit $1,765,629. The company had signed a farmout agreement, with Sun Delta, Inc. and Amerril Energy LLC, to earn oil and gas leases from Bancorp Holdings, Carrier Acquisitions and LHMF by drilling a well. It also disclosed a hydraulic-fracturing joint venture, Manek Energy Pressure Pumping, linked to Goggans' holding company and Amerril.
2012-2013: Leaving the SEC
In November 2012 Richland voluntarily deregistered its shares with the SEC, certifying 46 holders of record. Max Elghandour signed as CFO and Treasurer, and the address had moved to Rockwall, Texas. The record does not say how he was appointed. In January 2013 BlackRock disclosed a passive 7.18% stake. As of January 30, 2013, the record does not show whether the farmout well was drilled or what became of the fracturing joint venture.
Written from the 11 story beats below (2009 to 23 Nov 2012), which come from the company's own announcements and filings.