Petrolia Energy Corporation (OTCMKTS:BBLS) Files An 8-K Unregistered Sales of Equity Securities
Item 3.02 Unregistered Sale of Equity Securities
On September 16, 2020, Petrolia Energy Corporation’s (the “Company”) Board of Directors (the “Board”) approved an agreement to appoint Mark Allen as the new President of the Company (further described below under Item 5.02). The shares of common stock that were issued in this transaction are exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), in reliance on Section 4(a)(2) thereof and Rule 506(b) of Regulation D of the Securities Act. Mr. Allen is an accredited investor within the meaning of Rule 501(a) of Regulation D of the Securities Act. These shares were not registered under the Securities Act and such securities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act and any applicable state securities laws.
Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
Mark M. Allen was appointed as President of the Company as of September 15, 2020. Mr. Allen has been in the oil and gas industry for over 25 years, most recently as Vice President, Oil and Gas Consulting for Wipro Limited, a leading global consulting and information technology services firm. Prior to Wipro Limited, Mr. Allen was Vice President, Exploration and Production Services for SAIC, a Fortune 500 company. Mr. Allen has also held leadership roles at Shell Oil Company. For the past 8 years Mr. Allen has been the President of Contango Energy, a private Oil & Gas Company. He holds a BS in Accounting from Brigham Young University and an MBA from the University of St. Thomas.
Furthermore, to ensure the role of the Board is an impartial and objective body fully representing the interests of all shareholders, Zel C. Khan has resigned as a member of the Board to solely focus on his role as the Chief Executive Officer of Petrolia Energy Corporation. The Board of Directors will maintain governance of the Company with three (3) Board seats: James Burns, Leo Womack, and Ivar Siem.
Item 9.01 Financial Statements And Exhibits.
| 99.1* | Mark Allen Employment Agreement 09-15-2020 |
* Filed herewith.
Petrolia Energy Corp Exhibit
EX-99.1 2 ex99-1.htm Exhibit 99.1 EMPLOYMENT AGREEMENT This Employment Agreement (“Agreement”),…
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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.