EMPIRE PETROLEUM CORPORATION (OTCMKTS:EMPR) Files An 8-K Termination of a Material Definitive Agreement

ME Staff 8-k

7 years ago

EMPIRE PETROLEUM CORPORATION (OTCMKTS:EMPR) Files An 8-K Termination of a Material Definitive AgreementItem 1.02 Termination ofa Material Definitive Agreement

As previously reported in a Form 8-K filed on January 22, 2018, on January 16, 2018, Empire Petroleum Corporation (the "Corporation") entered into a purchase and sale agreement (the "Purchase Agreement"), with Wagon Wheel ArklaTex, LLC and Green Wheel, LLC (collectively, "Seller"), to which, among other things, the Corporation agreed to acquire certain oil and gas properties from Seller in North Louisiana. to the Purchase Agreement, the closing date was to occur on February 5, 2018.

The Corporation requested an extension of the time within which to conduct title due diligence and close the transaction, but such request was not agreed to by Seller. On February 7, 2018, a termination of purchase and sale agreement (the "Termaintion Agreement") was executed by Empire and Seller, to which, among other things, the Purchase Agreement was terminated effectives as of February 5, 2018. The foregoing description of the Termination Agreement is only a summary, does not purport to be complete and is subject to, and is qualified in its entirety by reference to, the Termination Agreement, a copy of which is filed as Exhibit 2.1 to this Current Report on Form 8-K and incorporated herein by reference.

The Corporation intends to continue to cooperate with Seller with respect to the potential purchase the oil and gas properties described in the terminated Purchase Agreement as well as evaluate other acquisition opportunities.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

EMPIRE PETROLEUM CORP ExhibitEX-2.1 2 exh2-1_18170.htm TERMINATION OF PURCHASE AND SALE AGREEMENT EXHIBIT 2.1 TERMINATION OF PURCHASE AND SALE AGREEMENT This Termination of Purchase and Sale Agreement (this “Termination Agreement”) is made as of February 6,…To view the full exhibit click here
About EMPIRE PETROLEUM CORPORATION (OTCMKTS:EMPR)
Empire Petroleum Corporation is engaged in exploration and development of oil and gas interests. The Company did not own any interest in oil and gas properties or equipment. The Company continues to seek partners to help it explore and develop oil and gas interests. The Company does not have any producing wells. The Company owned a working interest in oil and gas leases in Nye County, Nevada (the Gabbs Valley Prospect). The Company owned a working interest in oil and gas leases in Natrona County, Wyoming (the South Okie Prospect). The Company owned options to acquire approximately 160,000 gross leasable acres in South Dakota and North Dakota. The Company has no revenue.