CARDINAL ENERGY GROUP, INC. (OTCMKTS:CEGX) Files An 8-K Entry into a Material Definitive Agreement
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
On December 1, 2016, the Company entered into a Settlement
Agreement and Stipulation (Agreement) with Rockwell Capital
Partners, Inc., a Delaware corporation (Rockwell) (see Exhibit
10.1). Under the Agreement, Rockwell acquired outstanding
liabilities of the Company in the principal amount of not less
than $123,980.24 under the terms set forth in those certain Claim
Purchase Agreements set forth as listed in the Exhibits to the
Complaint (see Exhibit 10.2).
After the execution of the Agreement, the Company and Rockwell
submitted, to Section 3(a)(10) of the Securities Act of 1933
(Act), the terms and conditions of this agreement to the Court
for a hearing on the fairness of such terms and conditions, and
the issuance exempt from registration of the Settlement Shares,
as defined under the Agreement. On December 2, 2016, the Circuit
Court of the Twelfth Judicial Circuit of Florida (Sarasota
County) entered an order finding that the Agreement is approved
as fair to Rockwell, within the meaning of Section 3(a)(10) of
the Act, and that the sale of the shares to Rockwell and the
resale of the shares by Rockwell will be exempt from registration
under the Act.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
Exhibits.
Exhibits included are set forth in the Exhibit Index to Item 601
of Regulation S-K.
About CARDINAL ENERGY GROUP, INC. (OTCMKTS:CEGX)
Cardinal Energy Group, Inc. is engaged in the business of acquiring, developing and operating oil and gas leases. These operations are primarily focused on properties in which it holds a leasehold interest. The Company owns interests in oil and gas leases located in the north-central section of Texas. It holds approximately 85% working interest in the Dawson-Conway leases located in Shackelford County, Texas. The property consists of approximately 41 wells on over 618 acres. It holds approximately 100% working interest in the Powers-Sanders lease located in Shackelford County, Texas. The property consists of approximately 385 acres and over five producing oil wells. It holds approximately 100% working interest in the Stroebel-Broyles leases located in Eastland County, Texas. It holds approximately 43.75% working interest in the Fortune prospect located in Shackelford County, Texas. It holds over 100% working interest in the Bradford West lease. CARDINAL ENERGY GROUP, INC. (OTCMKTS:CEGX) Recent Trading Information
CARDINAL ENERGY GROUP, INC. (OTCMKTS:CEGX) closed its last trading session down -0.00130 at 0.00300 with shares trading hands.