Petrolia Energy Corporation (OTCMKTS:BBLS) Files An 8-K Completion of Acquisition or Disposition of Assets
Item 2.01 Completion of Acquisition or Disposition of Assets.
Corporation (Petrolia) acquired an additional 60% net working
interest in the Twin Lakes San Andres Unit or TLSAU field located
in Chavez County, New Mexico (the Net Working Interest) resulting
from the execution of a Settlement Agreement on February 12,
2016. The agreement assigned Dead Aim Investments (Dead Aim) 60%
ownership interests to Petrolia. As a result of this transaction,
Petrolia now owns 100% ownership interest in TLSAU. Consideration
of $639,675 was given in exchange for Dead Aims working interest.
The consideration includes the forgiveness of the Orbit Petroleum
Inc Bankruptcy Estate (OPBE) note of $316,800 (with a $1.3M face
value) and the write off of $322,875 of Dead Aims outstanding
accounts receivable to Petrolia. As referenced in the November 9,
2015 8K, Dead Aim assumed liability for the OPBE note that
Petrolia purchased.
of 4,864 acres of which Petrolia already owned 40% working
interest in the property. The net reserves, based on internal
estimates, are approximately 2.6 million barrels of oil
equivalent (MMBoe) and are part of the northwestern shelf of the
Permian Basin. The San Andres formation holds 100% of the TLSAU
production base.
of Directors; Appointment of Principal Officers
from its current five-member board to a seven-member board.
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Exhibit No.
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Description
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10.1*
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Settlement Agreement effective February 12, 2017 between
Petrolia Energy Corporation and Dead Aim Investments |
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10.2*
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Quitclaim Deed effective February 12, 2017 by and between
Dead Aim Investments and Petrolia Energy Corporation, relating to the 60% Net Working Interest in the Twin Lakes San Andres Unit |
About Petrolia Energy Corporation (OTCMKTS:BBLS)
Petrolia Energy Corporation, formerly Rockdale Resources Corporation, is a domestic oil exploration and production company. The Company focuses on new oil wells in established areas of oil production. It is focused on acquisitions in the Southwest United States. The Company’s core area of operations is in the Minerva-Rockdale Field in Rockdale, Texas. The Company’s lease position offers the potential for approximately 100 new drilling locations. The Minerva-Rockdale Field is located approximately 30 miles Northeast of Austin and approximately 50 square miles in size. The main producing formation for this field is the Upper Cretaceous Navarro Group of sands and shale’s. The Company’s Slick Unit Dutcher Sands (SUDS) Field consists of approximately 2,600 acres located in Creek County, Oklahoma. Twin Lakes San Andres Unit (TLSAU) Field is approximately 50 miles from Roswell, Chavez County, New Mexico and consists of approximately 4,870 acres with over 130 wells. Petrolia Energy Corporation (OTCMKTS:BBLS) Recent Trading Information
Petrolia Energy Corporation (OTCMKTS:BBLS) closed its last trading session 00.000 at 0.130 with 250 shares trading hands.