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Item 1.01 Entry into a Material Definitive Agreement. On September 19, 2007, the Company entered into an agreement for the acquisition of all of the
assets of Star of Texas Energy Services, Inc., Star of Texas Minerals Resources LLC, Hydro-FX,
Inc. and Barnett Holding, LLC located in Lago Vista, Texas. Mr. Ray Ledesma is a principal owner of
the selling companies and is a shareholder and director of the Company. The assets consist of oil and
gas working interests and overriding royalty interests in over 80 wells primarily in North Central
Texas (Denton, Wise, Hood, Parker, Jack, Hill and Tarrant Counties) and producing out of the
Barnett Shale. The assets also include interests in gathering systems, undeveloped leases, vehicles
and office furniture. The agreement provides for a closing date of the purchase of the assets to be
on September 29, 2007. The purchase price for the Assets is $6,000,000.00 payable in shares of
restricted common stock of the Company valued at $0.75 per share for a total of 8,000,000 shares.
