Petrolia Energy Corporation (OTCMKTS:BBLS) Files An 8-K Unregistered Sales of Equity Securities

ME Staff 8-k
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Petrolia Energy Corporation (OTCMKTS:BBLS) Files An 8-K Unregistered Sales of Equity Securities

Item 3.02 Unregistered Sale of Equity Securities

On April 18, 2017, our board of directors agreed to issue Saleem
Nizami 100,000 shares of our restricted common stock in
consideration for agreeing to serve on our board of directors (as
described below under Item 5.02). The shares of common stock were
issued in transactions 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. Nizami represented to us that he is
an accredited investor within the meaning of Rule 501(a) of
Regulation D of the Securities Act, and that he acquired the
shares for investment only and not with a view towards, or for
resale in connection with, the public sale or distribution
thereof. The 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
The board of directors (the Board) of Petrolia Energy Corporation
(the Company) voted increased the size of the Board from five
directors to seven directors, as disclosed on the 8-K filing
dated February 17, 2017, and appointed Saleem Nizami and James E.
Burns to the Board to fill the resulting vacancies, effective
April 18, 2017. Mr. Nizami will serve as an Independent Director.
Mr. Burns has also accepted the position of President of the
Company, effective April 19, 2017. Mr. Burns biographical
information is provided below:
James Edward Burns is an oil and gas executive who brings more
than 25 years of energy experience to the Petrolia Energys Board.
Most recently, he served as President of BLU LNG, a domestic LNG
provider, where he created a coherent commercial and operational
strategy serving as catalyst for renewed efficiency and
effectiveness. Prior to his role at BLU LNG, Mr. Burns was
President of Fortress Energy Partners a division of Fortress
Investment Group and worked in various executive roles globally
at Royal Dutch Shell, and Texaco. Mr. Burns also serves as a
member of the Houston Angel Networks Energy Council and is the
chairman of the board of Triple E Real Estate Investments. He
holds a BS in Business Administration from California State
University and an Executive MBA from the University of Houston.
Mr. Burns will receive a deferred salary and stock compensation
totaling $300,000 for the first year in connection with his
service on the Board and service as President. The agreement with
Mr. Burns is for a one (1) year term, with an option to extend.
Details of his compensation will be included in the Companys
upcoming 10-Q filing.
Saleem Nizami is a Petroleum Geologist for over 40 years of Oil
Gas experience. Prior to founding APEC, Inc., an Oklahoma-based
Petroleum and Environmental Consulting firm in 1989. Mr. Nizami
served as a Senior Geologist and Manager in the Division of Oil
Gas at the Oklahoma Corporate Commission. Mr. Nizami has worked
with numerous small to mid-sized Oil Gas companies along with
Majors such as Chevron, ExxonMobil and Chesapeake Energy Corp..
Mr. Nizami holds a MSc. in Petroleum Geology from Osmania
University.
As consideration for Mr. Nizami agreeing to become a member of
our board of directors we issued him 100,000 shares of restricted
common stock as described in Item 3.02 above. He will also
participate in the Companys standard independent directors
compensation program.
Zel C. Khan will continue his role as the Chief Executive Officer
and Director of the Company.
There are no family relationships between both Mr. Nizami and Mr.
Burns to any of our other directors or executive officers.
Item 9.01 Financial Statements And Exhibits.
Exhibit No.
Description
99.1*
Press release dated April 19, 2017, titled Petrolia Energy
Appoints President, Adds Two Board Positions, and Sets Date
of Annual General Meeting.
* Filed herewith.


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 0.128 with 250 shares trading hands.