Oil, Gas and Consumable Fuels
Company Overview of Norstra Energy, Inc.
Norstra Energy, Inc., an exploration stage company, focuses on the exploration and development of oil and gas properties in the United States. The company was formerly known as Norstra Inc. and changed its name to Norstra Energy Inc. in November 2011. Norstra Energy, Inc. was founded in 2010 and is based in South Lake, Texas.
2860 Exchange Boulevard
South Lake, TX 76092
Founded in 2010
Key Executives for Norstra Energy, Inc.
Norstra Energy, Inc. does not have any Key Executives recorded.
Norstra Energy, Inc. Key Developments
The Securities and Exchange Commission Charges Norstra Energy, Inc. and its CEO with Defrauding Investors
Jun 18 15
The Securities and Exchange Commission charged Norstra Energy, Inc. and its CEO with defrauding investors about reserve estimates and drilling plans, and charged the author of a stock-picking newsletter for his role in a fraudulent promotional campaign encouraging readers to buy the oil company's penny stock shares. The SEC alleges that shortly after becoming Norstra Energy's CEO in March 2013, Glen Landry began making false and misleading claims about business prospects on Norstra's website as well as in press releases and SEC filings. Landry and Norstra Energy misled investors about the location of the company's property in order to make the wells appear more promising and twice disclosed an inaccurate date to begin drilling operations to make the potential for oil riches appear imminent. The SEC's complaint filed in federal court in Manhattan alleges that promotional materials issued by Eric Dany falsely proclaimed that "Norstra Energy could be sitting on top of as much as 8.5 billion barrels of oil!" and said the planned wells had a 99% chance of profitability. After the exaggerated statements about its property and prospects caused Norstra Energy's stock price to increase nearly 600% in a three-month period, the SEC suspended trading in June 2013. The SEC's complaint charges Norstra Energy, Landry, and Dany with fraud and seeks final judgments ordering permanent injunctions, return of allegedly ill-gotten gains with interest, and financial penalties. The SEC also seeks to bar Landry from serving as an officer or director of a public company or participating in a penny stock offering.
Norstra Energy, Inc. announced delayed 10-Q filing
Jul 16 14
On 07/16/2014, Norstra Energy, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC.
Norstra Energy Inc. Enters into a Farm-In Agreement with BNV Energy Company LLC
Jun 23 14
On June 16, 2014 Norstra Energy Inc. entered into a Farm-In Agreement dated June 6,2014 with BNV Energy Company LLC (BNV) of Houston, Texas and Super Nova Petroleum Corp. (Super Nova). Pursuant to the new Agreement, BNV shall have the option to earn at 60% working interest in roughly 5,382 acres of the Milford Colony lands currently optioned by Super Nova. To earn the 60% interest, BNV is required to drill two natural gas wells on the Milford Colony lands at an aggregate cost of approximately $1,000,000. BNV shall have until September 30th, 2014, to secure financing for the first well, whereupon it will be entitled to receive warrants to purchase 4,000,000 common shares of Norstra exercisable for two years at $0.125 per share during year 1 and $0.15 per share during year two. No warrants will be issuable if the $400,000 budget for the first well is not paid into escrow by September 30, 2014. Funding of the second well must be secured by June 15, 2015. Upon completion of each well, BNV shall have earned the 60% working interest in relation to the lease tract associated with that well with no further drilling or carry obligations. If the wells are commercially viable, BNV will be required to construct a gas gathering system which will collect natural gas for the wells, and feeds it to the 16" Northwestern Energy pipeline close by the project. The total AFE cost that BNV will be required to spend for the gathering system is approximately $500,000. BNV will retain ownership of the gathering system, provided that Norstra shall have an option to purchase the system and to charge a fee for its use.
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