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History Picture 1 The Company was founded in 2003 as a technology innovator in the oil and gas arena. It was merged with Maxim TEP (Technology Enhanced Production), Inc. in 2004. By 2006, Management, which consisted of the founders, concluded that a new Business Plan was required. The Company began acquiring producing properties that would provide immediate cash flow, additional cash flow from well workovers and improvements in operations to reduce costs, and with infill development drilling locations. Properties were purchased in California, Louisiana, Kentucky and Arkansas; and, an active drilling program existed through 2007. To this time, the Company was funded through the sale of common stock to individuals and institutions, and through debt. The California fields had to be sold to cover outstanding indebtedness; and, the remainder of the producing properties were shut-in due to a lack of funding. The Arkansas Fields were later divested which also reduced indebtedness.


There was a change in Management in July 2008 which resulted in professionals experienced in oil and gas taking control. The new CEO had previously built an oil and gas company that was started for $1,000 and sold ten years later for $38 million and other considerations. He utilized a four phase Business Plan very similar to the Company's; the first phase of which was the acquisition of producing properties which had already been accomplished. The intention was then to move forward with the remaining program. The new Management insisted on austerity. General and Administrative costs and the number of personnel were drastically reduced. Initial efforts were to raise funds to place existing wells on production and to commence a development drilling program to monetize existing assets.


Due to the fact that the Company had over 500 shareholders, the Company became a fully reporting public company in February 2009 and began trading in June 2009. The expenses necessary to continue filings on a timely basis have been met to this time. Further, new Management has tried to settle all litigation, shareholder complaints, and debt obligations either through the issuance of stock or execution of corporate debt. These costs continue to be detrimental to the Company's ability to utilize available funds in the fields it owns and to raise additional capital. In June 2009, the Company's name was changed to Conquest Petroleum Incorporated and the trading symbol became "CQPT".


On the asset front, the Company has been able to restore production in Delhi, an oil field in North Louisiana, and to maintain production operations in Marion, a gas field in North Louisiana. The Company has tremendous development drilling opportunities in those two fields which will be undertaken as funding permits. Additionally, the Company has a 9000 acre position covering the New Albany Shale play in Southwestern Kentucky. Three wells have already been drilled through the shale and await completion. Oil & Gas Investor Supplement dated January 2011 lists the New Albany Shale as one of the Top 20 Shale Plays in North America. Proper funding will allow the exploitation of this prospect.


Conquest's Four Phase Development Business Plan is as follows:

  • History Picture 2Phase One – Acquisitions: Acquire producing oil and gas properties with existing producing wells, workover potential and operational savings potential, and development drilling opportunities. This phase was completed by 2008.

  • Phase Two – Restoration: Return most shut-in wells to production to move reserves in the Proved Developed Non-Producing category to Proved Developed Producing. This should be completed by the first quarter of 2011.

  • Phase Three – Development: Drill development wells as offsets in areas where the reservoirs are uniformly deposited reducing the possibility of dry holes. This phase can only commence once funding is secured. The drilling phase, which will also include reserves in the Probable category, will take 3 to 4 years to accomplish. Subsequent to completion of the drilling program, the Company's assets should be primarily in the Proved Developed Producing category. Cash flow will be such that debt can be reduced and excess funds can be directed toward future acquisitions of other producing properties.

  • Phase Four – Acquisitions: During this phase, new properties with the same characteristics as the initial property purchases will be bought and developed. This is the growth aspect of what the Company feels will be an expansion of asset ownership and cash flow.



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