CoJax Oil & Gas Corp

CoJax Oil & Gas Corp is an early-stage development oil and gas company focused on becoming an independent energy company. The company's assets and primary properties are situated in the Gulf States Drill Region. Here, CoJax Oil & Gas Corp targets the acquisition, exploitation, and development of crude oil and natural gas, which includes acquiring hydrocarbon revenues and the underlying oil and gas exploration and production rights. The company believes it can establish a profitable niche in crude oil and natural gas production due to the quality of light sweet crude oil from the Gulf States Drill Region, which is cheaper to refine compared to crude oil from other U.S. and Canadian regions. CoJax Oil & Gas Corp was incorporated in Virginia on November 13, 2017, and began operations on November 17, 2020, following the Barrister Acquisition. This acquisition involved all outstanding capital of Barrister, including its crude oil and natural gas exploration and production leases and rights. In exchange for the Barrister Acquisition, CoJax Oil & Gas Corp issued 3,650,000 shares of its common stock, $0.01 par value per share, and assumed Barrister's $2,700,000 debt obligations to Central Operating, LLC ("COP"). This debt was discharged on November 16, 2021, through a debt exchange agreement with COP for 1,350,000 shares of common stock. Currently, the company has very limited crude oil production from limited operations resulting from the Barrister Acquisition. On November 8, 2022, CoJax Oil & Gas Corp, through its wholly-owned subsidiary Barrister, acquired 100% ownership, right, title, and interest in certain properties in Mississippi and Alabama from Taxodium Energy, LLC. These properties, referred to as "NONOP Assets," include all oil and gas leases, interests, royalties, overriding royalties, subleases, fee estates, net profit interest, and carried interests.