Attached files
| file | filename |
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| EX-10.1 - PURCHASE AGREEMENT - LILIS ENERGY, INC. | f8k050610ex10i_recovery.htm |
| EX-10.2 - PROMISSORY NOTE - LILIS ENERGY, INC. | f8k050610ex10ii_recovery.htm |
| EX-10.3 - SECURITY AGREEMENT - LILIS ENERGY, INC. | f8k050610ex10iii_recovery.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________
FORM 8-K
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
RECOVERY ENERGY, INC.
(Exact name of registrant as specified in its charter)
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Nevada
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333-152571
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74-3231613
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification Number)
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1515 Wynkoop Street, Suite 200
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Denver, CO
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80202
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(Address of Principal Executive Offices)
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(Zip Code)
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888) 887-4449
(Registrant's telephone number, including area code)
Universal Holdings, Inc.
PO Box 8851, Rocky Mount, NC 27804
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(252) 407-7782
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(Former name or former address, if changed since last report)
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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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¨
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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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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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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1
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Item 2.01
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Completion of Acquisition or Disposition of Assets.
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On May 6, 2010 the Company sold its two drilling rigs to Resource Energy, Inc. The total sale price was $700,000, which was paid with $100,000 in cash and a $600,000 promissory note secured by the rigs and all other assets of Resource Energy. The note bears interest at an annual rate of prime plus 1%. Interest is payable quarterly, commencing June 30, 2010. Principal payments are due quarterly in eight equal payments commencing on June 30, 2011 and ending on March 31, 2013. Resource Energy is an affiliate of Matthew Jennings, who with his affiliates owns approximately 12.2% of our outstanding common stock.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit No.
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Identification of Exhibits
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| 10.1 10.2 10.3 |
Purchase Agreement
Promissory Note
Security Agreement
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2
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.
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RECOVERY ENERGY, INC.
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Date: May 12, 2010
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By:
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/s/ Jeffrey A. Beunier
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Jeffrey A. Beunier
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Chief Executive Officer
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