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Company:
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GEO PETROLEUM INC
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Form Type:
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NT 10-K
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Filing Date:
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3/26/2003
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CIK:
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0001016275
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Address:
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2 APPALOOSA LANE
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City, State, Zip:
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ROLLING HILLS, California 90274
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Telephone:
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(310) 265-0721
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Fiscal Year:
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12/31
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Description of Business
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Geo Petroleum, Inc. is a California corporation formed in 1986 by Gerald T.
Raydon, who, until December 15, 1999, was our chief executive officer and
majority shareholder. We were originally organized to develop and operate oil
and gas wells on leased properties and to take advantage of the
"non-conventional fuels credit", which is a tax credit allowed under Section 29
of the Internal Revenue Code to producers of non-conventional fuels. Our oil and
gas leases are operated pursuant to a 1987 pooling agreement by which the
lessors jointly reserve an average royalty of 12% gross revenues. One 230 acre
parcel is subject to a 12.5% royalty. We hold a 100% working interest and a
related average 88% net revenue interest in these properties, subject to a 5%
net profit interest retained by an individual.
In 1998, we filed for protection under Chapter 11 of the U.S. Bankruptcy Code.
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