The company has been suspended from the Australian Securities Exchange since the failure of its capital raising in late 2013, and has been propped up by its directors since, although it was down to its last $1000 at the end of the December quarter, with a share of its original water business its only asset.

To rectify that cash tragedy the company has this morning executed a $1 million binding agreement with Sydney-based investment firm Resource Capital Limited to pay down existing creditors and pursue new investment opportunities.

The funding will be secured by the issue of one million convertible notes.

RCL's Marcus Boland will be appointed to the board subject to receipt of first tranche of funding, and will help the shell company assess new investment opportunities in suitable energy, resources and infrastructure-related assets in USA and elsewhere.

"Pawnee … will seek attractive high-yielding low-multiple traditional production assets, and appropriate properties with significant upside through enhancement programs. The company will also be seeking to participate in infrastructure-related investments that are value-accretive," the company said this morning.

Its focus will be on onshore production assets in the US and "appropriate equity investment in other infrastructure and energy supply related sectors" across the US and Australia.

The company hopes it can resume trading on the ASX later this year.

Despite its grand name, Pawnee never secured any energy assets in Kansas or anywhere around the world back in 2013.

At the time it had a lot going for it on paper, with the support of Lindh, then chair of Adelaide Equity Partners, Sundance Energy Australia founder Jayme McCoy and former Santos and Adelaide Energy executive Neil Young.

The trio tried to transform water technology company Island Sky Australia into a high powered oiler, tapping into the experience of people such as ex-Beach Energy directors Glenn Davis, Neville Martin and Hector Gordon, plus former Euroz head of oil and gas research Ollie Foster as directors.

The company was seeking $8 million to drill 17 wells within its first 18 months, targeting oil production of 500 barrels of oil per day in that initial period from prospects in Kansas and Colorado.

The first tranche of the RCL funding is expected to see $500,000 paid on February 19, with the second due before June 30.

The conversion price for the notes will be $0.015, but the second tranche is subject to adjustment.

Shareholder approval will be needed for the deal.