Management Energy (NASDAQOTH:MMEX)

We have no employees as of August 10, 2009. We believe that our future success will depend, in part, on our ability to attract, hire and retain qualified personnel with knowledge of the coal industry.

Our former Chief Executive Officer recently resigned and we are involved in a dispute with him regarding the development of our existing coal project opportunities.

Effective July 10, 2009, John P. Baugues, Jr. resigned as our Chief Executive Officer and a member of our Board of Directors. As stated in his resignation letter, Mr. Baugues’ decision to resign was based on his belief that we had breached a number of material agreements with him, including (but not limited to) the following: an inability to agree on a suitable employment agreement, an agreement that he would be paid a salary, an agreement that his expenses would be reimbursed, and an agreement that we would secure adequate funding to complete the development of our coal mining project in Carbon County, Montana. We disagree with Mr. Baugues’ assertion that we have breached any material agreement with him.

Subsequent to his resignation, Mr. Baugues also has taken the position that certain coal development opportunities (other than the Bridger Property) that were pursued by us while Mr. Baugues was an officer and director are not our corporate opportunities and that he has the right to pursue them independently. We intend to defend vigorously our interests in these coal development project opportunities. However there is no assurance that we can prevent Mr. Baugues from pursuing the opportunities independently. Even if we are successful in preventing Mr. Baugues from pursuing the opportunities, there is no assurance that we will be successful in acquiring and developing the projects without the involvement of Mr. Baugues.

Name of Member Number of Shares
John P. Baugues, Jr. 15,925,000
The John Paul Baugues, Sr. Family Trust 16,575,000
Tydus Richards 27,500,000
Total 60,000,000

http://www.sec.gov/Archives/edgar/data/1440799/000114420409042647/v157567_10k.htm

An exploratory company? Like if I find something really valuable then I'm rich so why not invest in my company? Do the company's assets include a metal detector and a shovel?