Attached files
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 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) February
2, 2010
|
TN-K
ENERGY GROUP INC.
|
|
(Exact
name of registrant as specified in its
charter)
|
|
Delaware
|
0-27828
|
13-3779546
|
|
(State
or other jurisdiction of incorporation)
|
(Commission
File Number)
|
(IRS
Employer Identification No.)
|
|
649
Sparta Highway, Suite 102, Crossville, TN
|
38555
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
|
Registrant's
telephone number, including area code
|
(931)
707-9601
|
|
not
applicable
|
|
(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):
[ ] Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
[ ] Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
1.01 Entry into a Material
Definitive Agreement.
Item
2.01 Completion of
Acquisition or Disposition of Assets.
Item
3.02 Recent Sales of
Unregistered Securities.
On February 2, 2010 TN-K Energy Group
Inc. entered into two separate Assignments of Oil and Gas Leases,
including:
• we
entered into a checkerboard well drilling location assignments covering the
entire 738 acres of the JR and Pansy Clark Lease in Green County,
Kentucky. Under the terms of this agreement, we have a 27.5% net
interest in each well location and we are responsible for paying 32% of the cost
for drilling, completion, operation and permitting of these
wells. Messrs. Mitchell and Travis Coomer hold the remaining
interest, are responsible for the remaining costs and have the first choice of a
drilling location. The parties agreed to make the selection and begin
drilling within 30 days, weather and landowner permitting, and to drill at least
one location per month until all drilling locations have been
drilled. We will be the operator of the wells and Messrs. Mitchell
and Travis Coomer are to provide the drilling services. As
consideration for this Assignment, we issued Messrs. Mitchell and Travis Coomer
an aggregate of 425,000 shares of our common stock which, based upon the fair
market value of our common stock on the date of the Assignment, is valued at
approximately $297,500, and
• in
a separate Assignment, acquired an 81.25% working interest in approximately 27
acres,which includes one existing producing well, and 100% of certain equipment
necessary to operate and produce oil on the lease which is also located in Green
County, Kentucky under the terms of an agreement with Travis Coomer Drilling
Co. As consideration for this Assignment, we issued Mr. Coomer
175,000 shares of our common stock which, based upon the fair market value of
our common stock on the date of the Assignment, is valued at approximately
$122,500.
Item
7.01 Regulation FD
Disclosure.
On February 8, 2010 TN-K Energy Group
Inc. issued a press release announcing the two agreements described in Items
1.01, 2.01 and 3.02 of this report. A copy of the press release is
filed as Exhibit 99.1 to this report.
Pursuant to General Instruction B.2 of
Form 8-K, the information in this Item 7.01 of Form 8-K, including Exhibit 99.1,
shall not be deemed “filed” for the purposes of Section 18 of the Securities
Exchange Act of 1934 or otherwise be subject to the liabilities of that section,
nor is it incorporated by reference into any filing of TN-K Energy Group Inc.
under the Securities Act of 1933 or the Securities Exchange Act of 1934, whether
made before or after the date hereof, regardless of any general incorporation
language in such filing.
Item
9.01 Financial Statements
and Exhibits.
(d) Exhibits.
|
10.16
|
Assignment
of Oil and Gas Lease dated February 2, 2010 by and between Mitchell Coomer
and Travis Coomer and TN-K Energy Group,
Inc.
|
|
10.17
|
Assignment
of Oil and Gas Lease dated February 2, 2010 by and between Travis Coomer
Drilling Co. and TN-K Energy Group,
Inc.
|
|
99.1
|
Press
release dated February 8, 2010.
|
|
SIGNATURES
|
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
|
TN-K
ENERGY GROUP INC.
|
|
|
Date: February
8, 2010
|
By: /s/ Ken Page
|
|
Ken
Page,
Chief
Executive Officer and President
|