Company Summary: CoJax Oil and Gas Corporation

Business Overview

• Industry: Oil and Natural Gas Exploration and Production
• Stage: Early-stage development company
• Location of Assets: Gulf States Drill Region (Texas to Florida Panhandle)
• Primary Focus: Acquisition and exploitation of crude oil and natural gas properties
• Business Model:
  • Focus on acquiring underexploited, conventional oil and gas producing properties
  • Operational efficiency through operational improvements, recompletions, and infill drilling
  • Assembling a portfolio of low-risk, economically attractive assets
  • Utilizing contractors (e.g., COP, Taxodium) to manage drilling, storage, and production operations
• Growth Strategy:
  • Acquire existing producing properties and oil rights
  • Repeat acquisition process via stock or earn-out arrangements
  • Target properties with upside potential through operational upgrades and recompletions
  • Expand production and cash flow to fund further acquisitions and drilling

Assets and Operations

• Current Production:
  • 2024 Oil Production: 14,220 barrels
  • 2024 Natural Gas Production: 225 Mcf
  • 2024 Total BOE: 14,257 BOE
  • Average Oil Price (2024): $71.38 per barrel
  • Average Natural Gas Price (2024): $4.54 per Mcf
• Property Holdings:
  • Interests in 55 wells (as of the date of this report)
  • Notable acquisition activity in 2022, 2023, and 2024, including:
    • Acquisition of properties from Taxodium Energy LLC (interest in Mississippi and Alabama)
    • Acquisition of assets from Liberty Operating Company, LLC in Mississippi
• Acreage:
  • Developed acreage: 8,004 acres (2022), ~5,208 acres (2024)
  • Undeveloped acreage: 3,244 acres (2022), 2,600 acres (2024)

Financial Performance (Year Ended December 31, 2024)

• Revenue: $971,686 (up 4.7% from 2023)
• Net Operating Loss: approximately $1,609,846 (2024)
  • Significant impairment expenses on oil and gas properties ($922,932)
  • Total operating expenses include lease operating costs and general & administrative costs
• Operating Loss: similar to prior year ($1,608,945)
• Net Loss: approximately $1,609,846
• Revenue Sources:
  • Crude oil sales
  • Natural gas sales
• Revenue Breakdown (2024):
  • Oil revenue: ~$970,859
  • Gas revenue: ~$827

Employees and Management

• Total Employees: 2 full-time employees
  • William Downs — Chief Executive Officer, President, Director
  • Jeffrey J. Guzy — Chief Financial Officer (served as CEO until January 10, 2024, then became CFO)
• Executives' Compensation:
  • William Downs: $150,000 salary (2024)
  • Jeffrey Guzy: $100,000 salary (2024)
• Board of Directors:
  • William R. Downs (Chairman, CEO)
  • William A. Bradley (Director)
  • Jeffrey J. Guzy (Director, CFO)

Capital and Funding

• Current Cash (as of December 31, 2024): $46,738
• Recent Capital Raising:
  • $53,000 from initial public offering in 2020 (insufficient to fund operations)
  • Rely on officer loans, equity issuance, and future financing
• Financial Condition:
  • Incurred operating losses since inception
  • Significant doubts about continued operations without additional funding
  • Working capital deficit of approximately $1.1 million
• Debt:
  • Notes payable (including related-party debt): $103,001 (relating to CEO)
  • SBA PPP loan was converted to a 5-year loan, with a balance of ~$21,095 as of 2024

Key Risks Validated by Financial Data

• Heavy reliance on future equity or debt financing
• Significant impairment expenses on oil and gas assets
• Continuous net losses (approximately $1.6M in 2024)
• Limited existing revenue, with minimal current cash flow
• No dividends paid; unlikely to pay dividends in near term

Additional Details

• Website: www.cojaxoilandgas.com
• Principal Office Address: 4830 Line Ave., Suite 152, Shreveport, LA 71106
• Number of Stockholders (as of March 31, 2025): 67 stockholders of record
• Stock Listing: Quoted on OTC Pink Marketplace (downgraded to Expert Market, seeking re-qualification for broker quotes)

This summary contains only the specific, factual details provided in the document with no inferences or hypothetical statements.