Company: CRCE
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001096906-25-001324
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Company: Circle Energy, Inc./NV
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 2
Chunk 15
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 30, 2025, we had cash on hand of $159,885 and working capital of $154,434, as compared to cash on hand of $192,024 and working capital of $203,926 as of December 31, 2024.

BUSINESS

We are a corporation incorporated in Nevada formed for the purpose of acquiring and developing oil and gas prospects, primarily in the state of Texas and surrounding states.  We anticipate acquiring these properties either directly from the owners or through one or more acquisitions of smaller oil and gas companies with existing oil and gas assets and established management teams. We have acquired an interest in our first oil and gas lease and have entered into an arrangement to develop an area of mutual interest in the same area.  Management has also had ongoing preliminary discussions with multiple potential sellers and management teams as well as with contacts within the banking community to further develop the company’s ongoing business.  Through management’s prior relationships, we acquired our first prospect and have identified a selection of additional potential acquisition targets.  Further, the Company has filed with the Texas Railroad Commission to be established as an operator of oil and gas properties in Texas.  In addition, Mr. Rochford, one of our founders, paid $240,000 for his founder’s shares in the Company, and in March 2022, we completed a non-public offering of our common stock in which we raised gross proceeds of $264,000, all of which we intend to be used for general operating expenses, for our current project, and to search for additional suitable oil and gas properties or projects.

C. W. Logsdon Lease

The Company initially entered into a Farmout Agreement and Conditional Lease Assignment dated May 16, 2022, with Aspen Energy Partners, LTD (“Aspen”). However, Aspen subsequently transferred their ownership rights in that agreement to Boa Vista, LLC (“Boa Vista”), a New Mexico limited liability company. As a result, the Company and Boa Vista entered into a new Farmout Agreement and Conditional Lease Agreement dated effective May 16, 2025.  Under the terms of the current Farmout Agreement and Conditional Lease Assignment, we have acquired a 75% working interest, and 55.5% net revenue interest, in the C. W. Logsdon Lease, an 80-acre tract located in Andrews 

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County, Texas.  We acquired the interest from Boa Vista, LLC which holds the remaining 25% working interest.