BLACK RIDGE OIL & GAS, INC. (OTCMKTS:ANFC) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.
On August 19, 2019, Black Ridge Oil & Gas, Inc. (“Black Ridge”) entered into a consulting service agreement (the “Consulting Agreement”) with Allied Esports Entertainment, Inc., a Delaware corporation (“Allied Esports”) under which, Black Ridge has agreed to provide certain services required by Allied Esports, including, without limitation, administrative and accounting services (“Consulting Services”) through December 31, 2019.
Under the Consulting Agreement, Black Ridge is entitled to specified payment for the Consulting Services to be paid on the date of execution and the first day of each following month with expected aggregate total payments of approximately $375,000 over the term of the Consulting Agreement. In addition, the Consulting Agreement specifies that Black Ridge must maintain adequate accounting records which in reasonable detail fairly reflect the Consulting Services provided to Allied Esports and provide Allied Esports’s representatives, advisers and consultants the right to review and examine the books and records of Black Ridge which relate to the provisions of the Consulting Services at any reasonable time during Black Ridge’s regular business hours with any fees and expenses relating to the audit right borne by Allied Esports.
The Consulting Agreement also includes standard representations, warranties and indemnification provisions.
The foregoing summary of the Consulting Agreement is qualified in its entirety by reference to such agreement which will be filed as an exhibit to Black Ridge’s Form 10-Q for the period in which the Consulting Agreement was entered into.
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.