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TRULEUM, INC.

US:APHEUS:TRLM
US$0.0005Close 6 Oct 2026 · delayed

Past year: ▼ 52%(2.85 – 7.05 USD)

Market cap
A$15k
Shares on issue
21.8m
In-ground value
A$880k
Risked multiple
under review
Story beats
14 since 2019
Last event
1 May 2026

History

Truleum spent years chasing Oklahoma oil assets, bought the Logan 1 field in 2022, lost a $6.5 million deal in 2023, and deregistered from the SEC in 2026.

2019-2020: Rogers County and a fight with the auditors

The record opens in March 2019, when the company agreed to buy Oklahoma oil and gas assets from Premier Gas Company for $1.6 million, with a $50,000 non-refundable deposit. The assets were about 3,429 acres in Rogers County with 126 developed wells. The plan was to rework existing equipment first and drill shallow wells later. The filings do not describe a closing or how it would be financed.

In June 2020 the company agreed to buy the 87.5% working interest in the same Rogers project from ZQH and Pure Oil & Gas for $1 million plus discharging a $60,000 note. If the balance was unpaid by December 1, 2020, the sellers could convert it to shares at $1.00 each. Premier, the operator, filed a mechanic's lien and argued the company's share was only 75%. The company said it would contest the lien. It also flagged that a Supreme Court decision, known as McGirt, created uncertainty over land title in the area.

The company then turned to areas outside McGirt's reach. It took an option on the Coral Project from Progressive Well Service, and in September an option on Kadence Petroleum's Logan 2 Project. In July 2020 it also sued its former auditors in Texas, saying it was never told of an SEC investigation and suspension.

2021-2022: Logan 1 and the insider notes

The Coral option became a purchase agreement in February 2022 for leases in Logan County, with 34 well bores. The company owed $490,000 in cash after $110,000 already paid, plus 3% of net revenue from new wells until Progressive received $350,000. It closed on March 9, 2022, and was entitled to production proceeds from January 1, 2022.

In May 2022 it agreed to buy a 75% interest in the Mercury Project in Seminole County for $562,500. The filing showed a new Golden, Colorado address and Jay Leaver signing as President. The Mercury deal was terminated on July 5, 2022.

Insider debt was put on a secured footing. In February 2022 the company converted $906,750 owed to Leaver and $413,206 owed to AEI Management into 7.25% notes, convertible at $5.00 a share and secured on the Logan assets. In August 2022 it closed the sale of 1,729,390 shares at $1.00, plus 259,000 sold earlier. Shares on issue rose from 18,824,106 at the end of 2021 to 21,653,326 at the end of 2022; the share sales account for only part of that increase, and the record does not explain the rest.

2023: A large deal falls through

At the end of 2022 the notes were restructured. Maturity moved to December 31, 2024, and the collateral was narrowed to the Logan 1 assets. In September 2023 the company, now named Truleum, agreed to buy the Ambassador Project from a Nash Oil, Gas, and Power subsidiary for $6.5 million in cash, plus about $100,000 for federal land bonds. It was conditional on financing, and in November it was terminated because financing was unavailable.

The November filing also reported an October 16, 2023 reserve report showing 68,460 barrels of oil and 448,800 mcf of gas as proved developed, and no proved undeveloped. Quitclaim deeds clarified ownership of about 400 more Logan acres covering 9 well bores.

2024-2026: Notes reset and deregistration

The record for 2024 is quiet. On March 24, 2025 the company exchanged the 7.25% notes for new 8.5% senior secured notes totalling $1,461,305.20, covering principal and accrued interest. They were convertible at the lesser of $5.00 or a 10% discount to a 5-day VWAP, and mature in March 2028. As of May 1, 2026, the company had deregistered its securities, ending its obligation to file reports with the SEC. The outcome of the Logan 2 option, the Premier lien dispute and the lawsuit against the former auditors is not shown.

Written from the 14 story beats below (2019 to 1 May 2026), 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)

202621.8m shares

  1. 1 May

    TRULEUM, INC. deregistered its securities, ending its obligation to file reports with the SEC.

    listing compliance notice

    21.8m sh

202521.8m shares

  1. 30 Apr

    On March 24, 2025 the company exchanged its 7.25% senior secured convertible notes (original principal $1,319,960, held via AEI Management and 20 Shekels) for new 8.5% senior secured notes totalling $1,461,305.20, covering principal and accrued interest. The new notes are convertible at the lesser of $5.00 per share or a 10% discount to a 5-day VWAP, and mature on the third anniversary. The lower floating conversion price could mean more dilution for shareholders than the fixed $5.00 (inference). The notes are named 'Note and Forbearance Agreements' in the exhibit list, but the filing text does not describe a default.

    material agreement

    21.8m sh

202321.7m shares

  1. 6 Nov

    The Ambassador Project purchase agreement signed September 6, 2023 was terminated because financing was unavailable, so the $6,500,000 acquisition will not happen. The filing also reports an October 16, 2023 reserve report (effective December 31, 2022) showing 68,460 barrels of oil and 448,800 mcf of gas as proved developed, no proved undeveloped, and larger probable reserves. It also says quitclaim deeds clarified ownership of about 400 more Logan acres covering 9 well bores owned and operated by the company.

    material agreement termination

    21.7m sh
  2. 12 Sept

    On September 6, 2023 the company (now named Truleum) agreed with NJW Oklahoma Acquisitions Company, a subsidiary of Nash Oil, Gas, and Power, to buy the Ambassador Project in Noble, Kay, Payne and Pawnee, Oklahoma: 66 well bores (34 producing), ten water injection wells and about 17,700 net acres. It owes $6,500,000 in cash plus about $100,000 for federal land bonds. Closing depends on the company obtaining financing, which is a new and much larger deal than the Logan purchase.

    material agreement

    21.7m shUS$72.8m
  3. 5 Jan

    On December 31, 2022 the company restructured the 7.25% notes held by 20 Shekels, Inc. (an affiliate of President Leaver; $906,754) and AEI Management (an affiliate of the majority shareholder; $413,206). The maturity moves to December 31, 2024, the collateral is narrowed to the 34-well-bore Logan 1 assets from Progressive, AEI Management becomes collateral agent, and the earlier investment agreements are terminated. Conversion stays at $5.00 per share. This continues the February 2022 note arrangement.

    debt financing

    21.7m shUS$141m

202218.8m shares · US$47.1m market cap

  1. 23 Aug

    The company disclosed that on February 25, 2022 it converted $906,750 owed to its President Jay Leaver and $413,206 owed to AEI Management into 7.25% Senior Secured Convertible Notes due February 24, 2024, convertible at $5.00 per share and secured by the Logan County assets bought from Progressive Well Service. It also reported closing the sale of 1,729,390 shares at $1.00 each on August 18, 2022 (plus 259,000 shares sold before 2022), which had previously been carried as a subscription liability. Insiders' debt is now secured on the Logan assets, and new shares have been issued.

    capital raising announcement

    18.8m shUS$47.1m
  2. 31 May

    On May 26, 2022 the company signed an agreement to buy a 75% working interest in 28 well bores (seven active) in the Mercury Project in Seminole County, Oklahoma, for $562,500 at closing plus 2% of net revenue. It could terminate until July 5, 2022 (or earlier if defects exceed 30% of the price), with closing expected by August 1, 2022. The filing shows a new Golden, Colorado address and is signed by Jay Leaver as President rather than John Lepin.

    material agreement

    18.8m shUS$75.3m
  3. 15 Mar

    On March 9, 2022 the company closed the Progressive Well Service purchase in Logan County, Oklahoma, and is entitled to production proceeds from January 1, 2022. The filing gives the count as 34 well bores in one place and 31 (five active) in another, and Progressive operates the properties for a one-month transition. The 3% net revenue payment on new wells, until Progressive receives $350,000, remains owed, and the company will file audited and pro forma financials within 71 days. This completes the deal signed in February 2022.

    asset acquisition disposition

    18.8m shUS$94.1m
  4. 22 Feb

    On February 17, 2022 the company signed the purchase agreement with Progressive Well Service that follows the 2020 Coral option, for leases of about 2,080 gross acres in Logan County, Oklahoma with 34 well bores, six active. It owes $490,000 more in cash after $110,000 already paid for the option and extensions, plus 3% of net revenue from new wells until Progressive has received $350,000. Closing was expected by February 28, 2022.

    material agreement

    18.8m shUS$57.4m

202018.0m shares · US$85.3m market cap

  1. 25 Sept

    On September 8, 2020 the company signed an option, running to February 8, 2021, on Kadence Petroleum's Logan 2 Project (about 6,900 acres in central Oklahoma, 34 formerly producing wells, none currently producing). It pays $10,000 a month for exclusivity, and a later purchase agreement would cost $350,000 plus 3% of net revenue from new wells until Kadence has received a further $800,000. The company says the project is outside the area affected by McGirt, and it is a second option deal alongside the Coral option.

    material agreement

    18.0m shUS$85.3m
  2. 22 July

    The company sued its former auditors Carlos Lopez, LBB & Associates and Vine Advisors in Harris County, Texas, for negligence, fraud, deceptive practices and conversion, saying it was never told of the SEC's investigation and suspension. It seeks damages and the return of its work papers. This follows the LBB termination reported in June 2020; the filing is made under the non-reliance item, but it does not state that any past financial statements are being restated.

    financial restatement

    18.0m shUS$85.4m
  3. 20 July

    On June 30, 2020 the company signed an option, running to December 31, 2020, to buy the Coral Project (about 1,100 acres, 28 wells in central Oklahoma) from Progressive Well Service. It issues 10,000 shares for exclusivity, pays $50,000 to exercise, and under a later purchase agreement would pay $600,000 plus 3% of net revenue from new wells until Progressive has received a further $350,000. The filing says the project lies outside the area affected by the McGirt decision.

    material agreement

    18.0m shUS$85.4m
  4. 15 July

    On June 25, 2020 the company agreed to buy ZQH's and Pure Oil & Gas's combined 87.5% working interest in the Rogers County, Oklahoma project for $1 million plus discharging a $60,000 note, with the price rising by $50,000 a month after July 31, 2020 (up to $1.2 million). If unpaid by December 1, 2020, the sellers can convert the balance to shares at $1.00 each, which could dilute shareholders. Premier, the operator and holder of the remaining interest, filed a mechanic's lien on July 6, 2020 and claims the company's share is 75%; the company says it will contest the lien. The filing also flags that the McGirt Supreme Court decision creates uncertainty over title to the lands, and this follows the 2019 Premier purchase agreement for the same project.

    material agreement

    18.0m shUS$85.4m

201917.2m shares · US$121m market cap

  1. 14 Mar

    On March 13, 2019 the company signed an agreement with Premier Gas Company to buy Oklahoma oil and gas assets for $1.6 million, including a $50,000 non-refundable deposit. The assets are about 3,429 acres in Rogers County with 126 developed wells, and the company plans to rework existing equipment first and drill shallow wells later. This is its first acquisition in the record; closing and financing are not described.

    material agreement

    17.2m shUS$121m