AMERICAN PATRIOT OIL & GAS LIMITED (ASX.AOW)

Since delisting from ASX this entity has been privatised. We are no longer monitoring its activities.

many shareholders in this company have unclaimed money due to them - deListed provides a tracing service for a small administration fee that identifies where people can find unclaimed monies arising from compulsory acquisitions and also from dividend distributions, super contributions, inoperative bank, building society or credit union accounts, bequests and other sources - please click here for access to our Lost shares, Lost money service

company advises shareholders of the compulsory acquisition of their shares for the princely sum of A$0.00003 a share by Defender No 2 Fund Pty Ltd ATF Defender No 2 Fund

delisted from the commencement of trading on 1 May 2020, pursuant to Listing rule 17.12.

we understand this company failed and ASX removed the company from listing because its securities have been suspended from trading for an unacceptably long period

The company lodges its Half Yearly Report and Accounts.

There remains a couple of items of contention to resolve management accounts for the period to 31 December 2018, with the key items benig the correct accounting for and treatment of the matters set out in the dispute resolution update. AOW cannot commit on the exact timeline on when these matters will be resolved as some of them are dependent on third party workflows. Until such time the accounts are lodged and finalised, AOW will not be able to lodge production updates. The newly constituted board completed its investigation and settled the historical and ongoing matters which were implemented prior to its appointment. Once the outstanding matters are finalised, then AOW will be in a position to recommence trading, hopefully in early 2020.

The Board is pleased to announce the total approximate production of 3,313 bbl oil and 27,679 mcf gas or an equivalent of 264 boepd. AOW can confirm it has submitted accounts for the period to 31 December 2019 to the Company's Auditors, who have indicated they will not be in a position to commence the review for another 10 days at the earliest. Work on the 30 June 2019 is rapidly progressing and the company intends to be able to review these management numbers in the next 2 weeks with a view to submit these to the Auditor once finalised. On the various disputes and litigation which the company has been attempting to resolve, AOW submitted a settlement deed to the relevant parties, which it believes would resolve the majority of the outstanding litigation and disputes.

The company presents its activities report for the period ending 30 June 2019. Agreements have been made with some shareholders and AOW is awaiting contact from others it has sent letters to regarding the over allocation of shares through double ups in OMT's in 2018 2018 December accounts are nearly finalised with the USA accounting software having been largely rectified. Management was provided operational numbers and we are currently reviewing them for any other adjustments prior to sign off. The company intends to submit these accounts to the auditors in the next 7-10 days for the formal audit process to commence. Due to an administrative oversight the group failed to pay its ASX listing fee on time and has taken steps to rectify this today.

The company has not paid their annual listing fees in respect of the year ending 30 June 2020 but the securities are already suspended from official quotation.

The company advises of the following acquisition: purchase of 6 offset wells in the Gooch-Gant field (Travis Peak) Texas. These wells are adjacent to the existing wells acquired in November 2018, as part of the Peak acquisition. AOW has taken on approximately US$180,000 of plugging liability, which is offset against a payment by the vendor of US$45,000, resulting in an approximate net acquisition cost of US$135,000. The wells were highly attractive as there are multiple zones behind pipes combined with offset production and saltwater disposal availability which will lower operational costs for the group on existing neighbouring wells. The acquired wells have a 6-month production average of 7 boe net per day. AOW is particularly interested in the secondary recovery potential. We have actively started a Water-Flood engineering to ascertain the best ability to extract the identified reserves.

The company releases a Progress Report May Activities Update.

AOW wrote to a single shareholder to reconcile shares issued to it against proceeds received by AOW. The relevant party has still not provided a satisfactory response as of the date of this announcement and accordingly the board has resolved to cancel the 30,992,871 shares (4.42% of the issued capital in AOW) held by the relevant shareholder subject to shareholder approval (if required). The company currently has 701,757,563 shares on issue. Once the cancellation is effected, there will be 670,764,692 shares on issue.

The company lodges its activities report for the period ending 30 April 2019. Key highlights of these actions are: monthly production of 254 BOEPD (net AOW). The accounts are being held up by two critical factors, which the board continues to work through: the determination of transactions with related parties; and purchase price allocation and monthly oil transaction allocation. The Board is also undertaking a strategic review of the assets acquired, future acquisition strategy and the appropriate path forward. As part of this review, the Board is considering how to best hedge the volatility associated with oil & gas production as required by AOW's lender and how to improve the reputation of the company in US and Australian markets. The board is also actively working to resolve operational issues in conjunction with the US-based management team.

The board of AOW has become aware of certain issues arising out of the allocation of the Shortfall and the disclosures relating to the allocation of the Shortfall. AOW considers that its announcement of 12 October 2018 advising the market that it had raised the full $3M pursuant to the rights issue and issued the shortfall securities to clients of the underwriter will likely be incorrect. Shareholders are advised that the amounts actually received by AOW pursuant to the rights issue is likely to be materially less than what has been announced previously to the market. The new board has settled all outstanding claims with the underwriter and certain Underwriter's Clients. In total, to settle these claims, AOW agreed to repay a total of $1,488,075.29. over a 12-month period, with $1,198,768.45 having been paid as of the date of this announcement. AOW has been actively seeking financing arrangements to fund the Foothills Acquisition. The board has not been able to obtain such finance on commercial terms which are acceptable to the board and as such the Foothills Acquisition has not completed. The board regretfully informs shareholders that AOW has now received a notice from the vendor terminating the acquisition agreement and as a result, the Foothills Acquisition will not proceed and AOW will forfeit the approximately US$1 million deposit it advanced pursuant to the terms of the acquisition agreement. AOW continues to work with its auditor on finalising the Half Year Accounts. AOW considers it will be in a position to finalise this once the reconciliation exercises in relation to the rights issue have been completed.

The company lodges its March monthly activities report. Key highlights of these actions are: Monthly Revenue of $360,160 AUD/$252,112 USD; and Monthly production of 262 BOEPD (net AOW).

The company lodges its February Monthly Activity Report.

As part of the board's financial accounts review, the board is investigating the accounting treatment of AOW's recent acquisitions and rights issue, including reviewing its dealings with the underwriter. AOW notes that the directors are currently engaged in dialogue with the underwriter of its recent rights issue in relation to a potentially litigious dispute. AOW will keep shareholders informed of any material developments in relation to this matter as and when they arise. Pending finalisation of the review and completion of the Half Year Accounts, AOW will remain in suspension.

The company is currently finalising its 31 December 2018 half year accounts. Given the complexities of asset purchases and capital raises during the period, AOW will not meet the deadline to submit the half year report being 15 March 2019.

The securities of American Patriot Oil & Gas Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of AOW, pending the release of an announcement regarding its half year accounts.

The suspension of trading in the securities of American Patriot Oil and Gas Limited will be lifted immediately, following the release by AOW of an announcement regarding various acquisitions and funding transactions.

The company updates the market on the transformative transactions closing this week. The various transactions have materially improved the long term prospects of the company, setting AOW up to become a leading US based Oil & Gas producer. Key highlights are as follows: completed Peak Energy and Magnolia & Burnett acquisitions; additional funding provided by Vertua Limited to enable early completion on above assets; transactions result in additional 270 net boepd, with an additional 1.9 million barrels of 1P oil and gas reserves, taking total production to 300bopd (from 30boepd currently); at current oil prices this delivers operating revenue of USD$5m revenue (AUD $7.1m) and a projected EBITDA of USD$3m (AUD$4.3m) in 2019; update on Foothills settlement & associated funding; fully underwritten rights issue complete.

The company has now completed the issue and allotment of 100% of the shortfall of the Company's fully underwritten prorata non-renounceable 1 for 3.57 Rights Issue announced on 24 July 2018, being 99,916,022 fully paid ordinary shares and 49,958,011 options. The shortfall shares and options were issued to clients of Capital Investment Partners Pty Ltd, as underwriter of the Rights Issue at 2.5 cents per share, which together with the other shares issued under the Rights Issues, raised approximately $3.0 million.

The securities of American Patriot Oil and Gas Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of AOW, pending the release of an announcement regarding a funding transaction.

The suspension of trading in the securities of American Patriot Oil and Gas Ltd will be lifted immediately, following the release by the Company of an announcement regarding the acquisition of assets and future funding arrangements.

The company has signed 2 separate acquisition deals for oil and gas assets in Texas. The acquisitions of the Foothills Resources Inc and Magnolia/Burnett assets will provide a total of 450boepd net of producing oil and gas assets, delivering an additional 5.6 million barrels of oil equivalent 2P reserves. The attractive acquisition price is less than half PV 10 value. CY19 EBITDA estimated to increase to US$12m with low capex spend. Total AU$7m equity was secured via $4m oversubscribed placement completed and underwritten $3m rights issue. Major US-based private credit fund provided a non-binding term sheet for a US$17m debt facility closing August 2018.

The securities of American Patriot Oil and Gas Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of the Company, pending the release of an announcement regarding an acquisition and future funding.

The ASX code AOWOA of American Patriot Oil and Gas Limited (the "Company") will be reinstated to quotation immediately, following the cancellation of the options and the issue of new options on identical terms

The ASX code AOWOA of American Patriot Oil and Gas Limited (the "Company") will be suspended from quotation immediately, pending the cancellation of the options and the issue of new options on identical terms. Security Code: AOWOA

listed entity carried for record purposes only