BLACK RIDGE OIL & GAS, INC. (OTCMKTS:ANFC) Files An 8-K Entry into a Material Definitive AgreementItem 1.01. Entry into a Material Definitive Agreement.
On August 21, 2018, Black Ridge Oil & Gas, Inc. (the “Company”) entered into an agreement to modify the terms of the Settlement Agreement and Release entered into as of September 27, 2012 between the Company, Peerless Media, Ltd. (“Peerless”) and ElectraWorks, Ltd. (“ElectraWorks”). The agreement provides that upon receipt by the Company of $2,250,000 USD on or before August 31, 2018, the Company agrees to terminate its rights to any additional payments under the Settlement Agreement. The Company will retain net proceeds of $2,137,500 after making a payment of $112,500 related to outstanding obligations that were contingent on receipt of the settlement proceeds.
This summary is qualified in its entirety by reference to the terms of the Agreement which will be filed as exhibits to the Company's Form 10-Q for the period in which the Agreement was executed.
About BLACK RIDGE OIL & GAS, INC. (OTCMKTS:ANFC)
Black Ridge Oil & Gas, Inc. is an oil and natural gas exploration and production company. The Company’s properties are located in North Dakota and Montana. The Company is engaged in the acquisition, exploration, development and production of crude oil and natural gas properties, primarily in the Bakken and Three Forks trends in North Dakota and Montana. The Company is engaged in crude oil and natural gas exploration and production by participating on a pro-rata basis with operators in wells drilled and completed in spacing units that include its acreage under lease. It has proven oil and gas reserves of approximately 2.3 million barrels of oil equivalents, owns interest in over 349 gross (10.95 net) producing oil and gas wells, and controls rights to mineral leases covering approximately 8,100 net acres for prospective drilling to the Bakken and/or Three Forks formations. The Company controls approximately 7,400 net acres in the Williston Basin.