Debary, FL / ACCESSWIRE / January 5, 2015 / World Oil Group, Inc. (OTC PINK: WOGI) effective January 2, 2015 WOGI has canceled all consulting agreements.  The decision was made to cancel the agreement because the parties were unable to perform the services outlined in the agreement. Thereby, WOGI was not receiving fair value for in exchange for the contract.

The cancelation will save WOGI $15,000 per month and 1 million stock options a quarter that where to begin on July 1, 2015.  The Company has not paid anything towards the consulting agreement and has no intention of paying anything.

Nathan Hall has returned 150 million shares of his restricted Common shares back to the Company in exchange for a Work Performance Agreement that will allow him to earn the 150 million shares based on his performance. 

Mr. Hall Stated "I am new to the public world, but I am learning quickly.  After speaking with several people, I learned the reason I was issued so many shares and who really benefited from so many shares being Outstanding.  I made the decision to return the shares in exchange for me performing my duties as the CEO of the Company.  I understand the frustration of the shareholders of WOGI, who had to endure 2 years of the previous management promising and not performing and then getting paid for it.  I lead from the front and by example, I am willing to allow my performance to speak for itself and tie my equity to verifiable results outline below that will benefit all the shareholders."

Outline of the Work Performance Agreement

1. Hall shall be entitled to receive 25 million shares of restricted Common stock once drilling has been completed on no less the 15 wells.

2. Hall shall be entitled to receive 25 million shares of restricted Common stock once Fracking has been completed on the first 5 wells.

3. Hall shall be entitled to receive 25 million shares of restricted Common stock once pumping is operational and collectively producing 30bpd of oil.

4. Hall shall be entitled to receive 75 million shares of restricted Common stock as soon as WOGI reaches item numbers 1,2 &3 collectively or 100 barrels of oil per week collectively verifiable by receipt of oil sold aka "Run Ticket(s)".

Once these items have been completed as described, Mr. Hall would be entitled to receive all of his 150 million shares of Common stock back.

WOGI will also take measures to retrieve the balance of the shares or portion thereof Mr. Clarke walked away with from the transaction.  In fact last week, after communicating with the transfer agent the Company was able to place a restriction back on a portion of shares and keep them out of the market.  WOGI has come to know by the shareholders list approximately 4 million shares have been sold during the September through December time frame and believe this is why the value has eroded during this time.

About World Oil Group, Inc.

EPA Petroleum, Inc. "EPA" is a wholly owned subsidiary of World Oil Group, Inc. (WOGI). The Company is an independent producer of crude oil and natural gas. EPA Petroleum is actively involved in drilling activities within the Commonwealth of Pennsylvania using Xite Energy, Inc. as its subcontractor drilling partner.

EPA Petroleum is always seeking new opportunities in the petroleum industry. EPA Petroleum looks to work with the local communities to help bring jobs within each drilling and fuel trading region.

EPA Petroleum's vision is to grown exponentially with the petroleum industry via O&G drilling and energy trading in the USA and around the world.

The foregoing press announcement contains forward-looking statements that can be identified by such terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. In particular, management's expectations could be affected by, among other things, uncertainties relating to our success in completing acquisitions, financing our operations, entering into strategic partnerships, engaging management and other matters disclosed by us in our public filings from time to time. Forward-looking statements speak only as to the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

For more information contact:

CONTACT:
World Oil Group, Inc.
Nathan Hall
407-777-9228
info@epapetroleum.com
www.epapetroleum.com
www.facebook.com/EPAPetroleum
https://twitter.com/epapetroleum

 

SOURCE: World Oil Group, Inc.