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Related Party Transactions
3 Months Ended
Sep. 30, 2011
Related Party Disclosures  
Related Party Transactions Disclosure [Text Block]

NOTE 6 - RELATED PARTY TRANSACTIONS



As of September 30, 2011, the Company had $18,000 in accrued payroll payable to the Company's current officers.



The Company has a consulting agreement with a firm controlled by the  Company's Chief Financial Officer for a fee of $8,500 per month. The consulting firm  has been engaged to assist in organizing and completing the process of filings with the  Securities  and  Exchange Commission and other tasks. The Company owed the firm $181,173 as of September  30,  2011  which is included as part of Accounts payable - related party in the accompanying financial statements.



As discussed in Note 4, the Company had issued  three notes payable for a total of  $373,365 as part of the purchase of certain lease  oil,  gas,  and  mineral interests.   The obligations were to be paid monthly for a period of five years with interest  of  seven  percent  (7%) accruing on the outstanding balance.  A material relationship existed between  Bullfrog Management, LLC and the Company in that Bullfrog Management, LLC is managed  by the wife of S. Matthew Schultz, the former CEO of Amerigo Energy. A material relationship  also  exists between Peachtree  Consultants,  LLC  and the Company in that it is managed by  a  firm owned by the CEO of Amerigo Energy,  Jason  F.  Griffith. Jacque Lybbert is the wife of Bruce Lybbert, a former Director of the Company.  As  of  September 30, 2011,  the company settled all of the principle amounts on these notes  leaving only the accrued interest in the amount of $38,036.



On September  1, 2011 the company settled $102,723 in debt on the company books with oil interest  held  by  the company.  These leases were previously written off due to non production which  resulted  in an increase in paid in capital on the books of the company.  The CEO of the company  settled  $24,000  of  monies owed to him for a minority interest in the West Burke lease.