Holiday Island Holdings of Carroll County, one of the state’s smallest publicly traded companies, announced Monday that it is changing its name to better reflect its new focus on oil and gas properties.
Based in the small town of Holiday Island, a vacation getaway and retirement community on the White River in far north Arkansas, HIHI will now be named EP3 — Enhanced Petroleum Extraction Enterprises Inc. The new name is “commensurate” with the company’s new pursuits in the oil and gas business, the announcement said.
The enterprise, which once focused on real estate in the rugged Ozarks around Table Rock Lake in the rugged Ozarks straddling the Arkansas-Missouri border, was associated with Holiday Island developer and promoter Tom Dees, who died last year.
The company has been led for several years by Gene Thompson, an associate of Dees who holds the title of CEO. The company recently hired Glenn Klinker as chief operating officer for oil and gas projects.
“We have also engaged a high-profiled advisor to head up Capital Raises and Regulation Compliance,” the penny-stock company said in a news release. “In addition, we have engaged two Spanish-speaking specialists who are marketing the company’s investment opportunities overseas.”
The release said several “accredited investors” are interested in making large investments in the company.
Secondary recovery refers to methods used to get more oil out of fields after primary extraction efforts are exhausted. Companies use three major processes to create the right amount of subterranean pressure to keep oil flowing up to the earth’s surface, including pumping gas or liquids into the oil fields.
Thompson said in a statement that the name change will strengthen the company’s base operations and enhance its ability to grow. “Our primary focus is to locate and close acquisition opportunities in the Secondary Recovery of Oil and Gas segment of the industry adding revenues and earnings to our books,” he said in a statement.
Last summer, Holiday Island Holdings (OTCMKTS: HIHI) announced a recapitalization agreement with XA Interactive Inc. of Orlando, Florida. Holiday Island Holdings said last week that it was cancelling the deal due to “numerous significant omissions” that were discovered in the company’s due diligence process.
The last time Arkansas Business checked in on Holiday Island Holdings Inc., in June, its pink-sheets shares on the over-the-counter market were selling for eight-tenths of a cent per share and the company reported no assets or revenue.
Since then the stocks have gone down. On Monday they were trading $0.023 per share.
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