Attached files
| file | filename |
|---|---|
| EX-10.1 - CHANCELLOR GROUP INC. | v184212_ex10-1.htm |
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date of Report (Date of earliest event
reported):
May
6, 2010
Chancellor
Group, Inc.
(Exact
name of registrant as specified in its charter)
|
Nevada
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000-30219
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87-0438647
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|
(State
or other jurisdiction of incorporation)
|
(Commission
File Number)
|
(IRS
Employer Identification No.)
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216
South Price Road
Pampa,
TX 79065
(Address
of principal executive offices) (Zip Code)
Registrant’s
telephone number, including area code: (806) 688-9697
None
(Former
name or former address, if changed since last report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General
Instruction A.2. below):
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o
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Section
1 – Registrant’s Business and Operations
Item
1.01 Entry into a Material Definitive
Agreement.
Section
2 – Financial Information
Item
2.01 Completion of Acquisition or Disposition of
Assets.
On May 6,
2010, Gryphon Production Co., LLC (the “Subsidiary”), a wholly-owned subsidiary
of Chancellor Group, Inc. and Charlie Heater, d/b/a H 5 Producers, a sole
proprietorship (“Seller”), entered into a Purchase Agreement (the “Purchase
Agreement”) made to be effective as of May 1, 2010, pursuant to which the
Subsidiary will purchase all of the oil, gas and casinghead gas leasehold
estates of Seller located in Hutchinson County, Texas, and all or substantially
all of the equipment, structures and personal property located upon the land
subject to such leasehold estates and used in connection with Seller’s oil and
gas operations. This transaction is expected to close on or before May 24, 2010.
The purchase price of the transaction is $150,000. In addition, Subsidiary
agreed to pay Seller for 97.44 total barrels of crude petroleum, less production
taxes, at the then-posted price in the Texas Panhandle, such payment to be made
by Subsidiary from proceeds received by Subsidiary from its sale of the first
load of oil from the purchased leasehold estates.
The
summary above does not purport to be complete and is qualified in its entirety
by reference to the actual text of the Purchase Agreement as filed as Exhibit
10.1 to this Current Report on Form 8-K (incorporated herein by
reference).
Section
9 – Financial Statements and Exhibits
Item
9.01. Financial Statements and Exhibits.
(c)
Exhibits. The following materials are filed as exhibits to this
Current Report on Form 8-K;
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Exhibit
No.
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Description
|
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10.1
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Purchase
Agreement by and between Charlie Heater, d/b/a H 5 Producers, a sole
proprietorship, and Gryphon Production Co., LLC, dated as of May 6,
2010
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
| Date: May 10, 2010 | Chancellor Group, Inc. | ||
| (Registrant) | |||
|
By:
|
/s/ Maxwell Grant | ||
| Maxwell Grant | |||
| Chief Executive Officer | |||
EXHIBIT
INDEX
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Exhibit
No.
|
Description
|
|
10.1
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Purchase
Agreement by and between Charlie Heater, d/b/a H 5 Producers, a sole
proprietorship, and Gryphon Production Co., LLC, dated as of May 6,
2010
|