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The Reporting Person acquired the shares of Common Stock that are the subject of this Schedule 13D in three distinct transactions. In the first of these transactions, the Reporting Person acquired 800,000 shares of Common Stock for an aggregate purchase price of $100,000 in a private placement from the Company with the use of the Reporting Person's own funds. In the second of these transactions (which involved a change in the control of the Company) concluding on January 13, 2012, the Reporting Person acquired 2,802,924 shares of Common Stock for an aggregate purchase price of $280.29 from Keith J. McKenzie pursuant to an option exercise with the use of the Reporting Person's own funds. In the third of these transactions concluding on October 26, 2012, the Reporting Person acquired 7,500,000 shares of Common Stock directly from the Company in a private transaction in consideration of the assignment of rights pursuant to a legal document whereby Liberty Petroleum Corporation granted an exclusive right to negotiate an option to acquire the rights to develop acreage located in South Australia for oil and gas production.
The Reporting Person acquired, and the Reporting Person intends to hold, his shares of Common Stock for investment, and does not have any present plans or proposals which relate to or would result in: (i) any acquisition by any person of additional securities of the Company, or any disposition of securities of the Company; (ii) any extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the Company or any of its subsidiaries; (iii) any sale or transfer of a material amount of assets of the Company or any of its subsidiaries; (iv) any change in the present board of directors or management of the Company, including any plans or proposals to change the number or term of directors or to fill any existing vacancies on the board; except the Reporting Person may vote as a director to increase the number of directors to elect a representative of investors procured in a major capital raising transaction in which the Company is involved as of the date of this amended statement, (v) any material change in the present capitalization or dividend policy of the Company; except the Reporting Person may vote as a director and as a stockholder in favor of any proposal to reverse split outstanding common shares and except the Reporting Person may vote as a director to approve in a major capital raising transaction in which the Company is involved as of the date of this amended statement, (vi) any other material change in the Company's business or corporate structure; except as described in the preceding, (vii) any changes in the Company's charter, by laws, or other instruments corresponding thereto or other actions which may impede the acquisition of control of the Company by any person; (viii) any delisting from a national securities exchange or any loss of authorization for quotation in an inter dealer quotation system of a registered national securities association of a class of securities of the Company; (ix) any termination of registration pursuant to section 12(g)(4) of the Act of a class of equity securities of the Company; or (x) any action similar to any of those enumerated above.
Notwithstanding the foregoing, the Reporting Person may determine to change his investment intent with respect to the Company at any time in the future. In reaching any conclusion as to his future course of action, the Reporting Person will take into consideration various factors, such as the Company's business and prospects, other developments concerning the Company, other business opportunities available to the Reporting Person, developments with respect to the business of the Reporting Person, and general economic and stock market conditions, including, but not limited to, the market price of the Common Stock. The Reporting Person may, depending on other relevant factors, acquire additional shares of Common Stock in open market or privately negotiated transactions, dispose of all or a portion of his holdings of shares of Common Stock or change his intention with respect to any or all of the matters referred to in this Item.
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