To best serve the interests of their shareholders, KLMKH, Inc. (OTC: PLFF) amended the original Definitive Merger Agreement dated January 29, 2021, to reflect an immediate authorization and issuance of additional shares for the purpose of completing the merger. The company will apply for the name change and stock split under the CUSIP 482512100, issued to KLMKH, Inc. post-merger.
The company recently initiated a process of updating and improving the current infrastructure of its oil fields. A new lift design and process is being implemented to update older oil fields in Kansas and has drastically improved the performance of the test well while dramatically decreasing lease operating costs in the initial production tests. A final piece of the system is set to be installed this month which should allow the company to bring 20-30 new oil wells online in 2021. The current output is averaging 30-50 barrels a day, which is expected to increase to 100-120 barrels a day by the end of the 2nd quarter. The company is also in the exploratory stages of developing a cryptocurrency to be launched later in the year. While this endeavor is part of an ongoing process, the company sees cryptocurrency as a fixture of the markets for many years to come. Utilizing this platform will also position the company to achieve gains from this cutting-edge space, as the markets and KLMKH continue to evolve and diversify their revenue streams.