On August 14, 2009, John D. Oil & Gas Co. had its $9.5 million line of credit with RBS Citizens, N.A. dba Charter One mature on August 1, 2009. This line of credit is guaranteed by Richard M. Osborne, the company's Chairman of the Board and Chief Executive Officer. As of August 1, 2009, the company was current with its interest payments on the line of credit. The company does not have the available cash to repay the line of credit. Pursuant to a written letter dated July 23, 2009, Charter One had been willing to give the company a ninety day extension if the company agreed to certain conditions, including the payment of an extension fee and an increase of the current interest rate by 200 basis points. The company had not agreed to these conditions but discussions with Charter One regarding an extension of the maturity of the line of credit continued. On August 20, 2009, the company received a declaration of default with respect to the line of credit under the Loan and Security Agreement, as amended, dated March 28, 2008, by and among the company, Richard M. Osborne and Charter One. The notice of default demanded immediate payment of all amounts outstanding under the Loan Agreement. In addition, on August 20, 2009, Charter One received a judgment in its favor against the company, Mr. Osborne and the Richard M. Osborne Trust, jointly and severally, for the amount of $9.5 million plus interest as of August 14, 2009 in the amount of $7,026.66, plus interest at the rate of $543.28 per diem from August 14, 2009, plus late charges in the amount of $475,842.09 as of August 14, 2009, plus attorneys' fees, costs and other amounts payable under the Loan Agreement. Charter One also received a judgment in its favor against Great Plains Exploration, LLC, Oz Gas Ltd. and Richard M. Osborne, jointly and severally, for the amount of $21,211,495.54, plus interest as of August 14, 2009 in the amount of $15,769.42, plus interest at the rate of $1,213.03 per diem from August 14, 2009, plus late charges as of August 14, 2009 in the amount of $1,062,454.98, plus attorneys' fees, costs and other amounts payable under those loan agreements. On August 26, 2009, Steven A. Calabrese, Terence P. Coyne, Richard T. Flenner, Jr., Mark D. Grossi, Marc C. Krantz and James R. Smail each resigned from the board of directors of the company, effective immediately. Mr. Krantz also resigned as Secretary of the company.

John D. Oil & Gas Co. announced earnings results for the first quarter ended March 31, 2009. For the quarter, the company reported net income from operations of $120,613 compared to $58,395 for the same period of 2008. This increase was largely due to higher production in 2009 due to more wells on-line which was partially offset by the increase in depletion from higher capitalized costs of new wells. The company reported net loss attributable to its non-controlling interest in Liberty Self Stor Ltd. of $24,674 and $35,583, respectively. Total revenues from operations and interest income increased $382,519, or 36.2%, to $1,440,359 from $999,445 for same period of 2008. The increases are largely the result of higher oil and natural gas production from an increase in producing wells.

John D. Oil & Gas Co. reported earnings results for the first quarter ended March 31, 2009. For the quarter, the company reported net income (including non-controlling interest) of $145,287. In contrast, the company posted a net income (including non-controlling interest) of $93,981 for the same quarter in the previous year.

John D. Oil and Gas Company Announces First Quarter 2009 Financial Results

JOHN D. OIL & GAS CO Files SEC form 10-Q, Quarterly Report

JOHN D. OIL & GAS CO Files SEC form 10-K, Annual Report

JOHN D. OIL & GAS CO Files SEC form 8-K, Entry into a Material Definitive Agreement, Creation of a Direct Financial O

JOHN D. OIL & GAS CO Files SEC form 8-K, Entry into a Material Definitive Agreement

JOHN D. OIL & GAS CO Files SEC form 10-Q, Quarterly Report

JOHN D. OIL & GAS CO Files SEC form 8-K, Entry into a Material Definitive Agreement, Financial Statements and Exhibit

John D. Oil and Gas Company Announces First Quarter 2009 Financial Results

JOHN D. OIL & GAS CO Files SEC form 10-Q, Quarterly Report

JOHN D. OIL & GAS CO Files SEC form 8-K, Triggering Events That Accelerate or Increase a Direct Financial Obligation