ORPHEUM Property, Inc Announces ARC Court Order
On December 23, 2021, ORPHEUM Property, Inc. (OTC: PLFF), doing business as KLMKH, announced that Appalachian Royalty Company (ARC) received a court order allowing it to collect on a judgment from June 2021. This judgment stems from a failed delivery contract affected by COVID-19. CEO Randy Franklin indicated the company is prepared for the collection and is working on projects to address this and other debts. KLMKH focuses on oil, gas, and solar energy, aiming to expand its operations and fulfill financial obligations by leveraging potential new projects.
- Management is actively finalizing several projects that could alleviate existing liabilities.
- The company is expanding into solar production while maintaining its oil and gas operations.
- The court order allows ARC to collect on a judgment, indicating previous operational difficulties.
- The judgment arose from a future delivery contract that proved unfeasible due to COVID-19.
MATTHEWS, N.C., Dec. 23, 2021 /PRNewswire/ -- ORPHEUM Property, Inc. d/b/a KLMKH Inc (OTC: PLFF)(the "Company"), a Delaware corporation, today announced that the Company has been notified that Appalachian Royalty Company (ARC) has received a court order allowing it to proceed with collection on a judgement it received earlier this year.
Randy Franklin, CEO of the Company stated, "As we close out a tumultuous 2021, we were notified that ARC had received a court order allowing it to proceed with collection on the judgement it received last June. The judgement itself was reported on our last two quarterly financial filings with OTC and resulted from a future delivery contract that proved untenable for our operations, primarily due to Covid issues in 2020 and early 2021. Management has been expecting and preparing for this action and will respond promptly."
Mr. Franklin commented further that. "We take the former contract with ARC and the resulting judgement very seriously and are determined to fulfill our obligations in that regard. Know that management is currently finalizing several projects which could alleviate this liability, as well as our other debts. As these projects are finalized and put into motion, we will announce our progress."
As we approach the end of this year, we wish all a Merry Christmas and a Happy New Year, and an exciting and rewarding 2022.
About KLMKH
KLMKH, is a diversified energy company focused on the oil, gas, and solar industries. Headquartered in Matthews, North Carolina, the Company is rapidly expanding operations through acquisitions and property leasing in the Midwest and is maintaining its traditional focus on oil and gas exploration and production while expanding into solar production on its owned lands. The Company acquires and develops traditional oil and gas properties, many of which have "proven but undeveloped reserves" at the time of acquisition. Using up-to-date techniques and proprietary practices, the Company resuscitates old wells using new technologies and marrying the old with the new. More information about the Company is available at www.klmkh.com.
Forward-Looking Statements:
Statements herein express management's beliefs and expectations regarding future performance and are forward-looking and involve risks and uncertainties, including, but not limited to, raising working capital and securing other financing, responding to competition and other risks. Actual results may differ materially from such forward-looking statements.
NR105-PLFF-KLMKH – ARC Court Order 2021-12-23
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SOURCE KLMKH Inc
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