Sunbelt Rentals Holdings Inc (SUNB)

Description:

Sunbelt International Corp formerly Lux Energy Corp. was incorporated under the name 'Onyx China Inc.' under the laws of the State of Nevada on March 27, 2007. On May 4, 2009 the company changed its name to Lux Energy Corp.Initially, the Company was going to import and sell Russian porcelain to distributors to chinaware and giftware stores and retail outlets. However, on June 4, 2009, its Board of Directors passed a resolution terminating its distribution agreement with PC Dulevo Porcelain. The decision to terminate this agreement was due to market research conducted by the Company, the results of which concluded that its current business plan would not result in profitable operations. The Board has decided instead to actively seek acquiring interests in producing and exploration stage oil wells, focusing its search in North America. Its goal is to seek to acquire quality oil and gas properties, primarily "proved producing and proved undeveloped reserves" in the United States. The Company sees significant opportunities in acquiring properties with proven producing reserves and undeveloped acreage in fields that have a long history of production. It will also explore low-risk development drilling and work-over opportunities with experienced, strong operators. It will attempt to finance oil and gas operations through a combination of privately placed debt and/or equity. It may also finance acquisition of "proven producing reserves" with production levels and cash flow by offering the secure investors with the mineral interests acquired. The petroleum and natural gas industry is intensely competitive. It is an independent crude oil and natural gas exploration company. Federal, state and local laws and regulations have been enacted regulating the industry which creates liability for certain environmental contamination. Environmental laws regulate, among other things, the transportation, storage, and handling of oil and gas products.