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 September 23, 2019, Black Ridge Oil & Gas, Inc. (“Black Ridge”) amended (the "Amendment") its previously entered into 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 (“Consulting Services”) through December 31, 2019. The Amendment adds Kenneth DeCubellis to the list of employees of Black Ridge providing Consulting Services and increases the consulting fee by an additional $25,000 per month.
The foregoing summary of the Consulting Agreement is qualified in its entirety by reference to the Consulting Agreement and Amendment, which will be filed as an exhibit to Black Ridge’s Form 10-Q for the period in which the Consulting Agreement and Amendment were entered into.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On September 24, 2019, Black Ridge entered into an Employment Agreement with Ken DeCubellis as its Chief Executive Officer (the "Employment Agreement"). Under the Employment Agreement, Black Ridge agrees to pay DeCubellis in monthly increments an amount equal to the base salary of $300,000 per year through at least August 9, 2021. At Black Ridge\’s election, the payments may be made in cash, through the transfer of shares of Allied Esports held by Black Ridge, or a combination of cash or stock.
The foregoing summary of the Employment Agreement is qualified in its entirety by reference to the Employment, which will be filed as an exhibit to Black Ridge’s Form 10-Q for the period in which the Employment 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.