Attached files
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| EX-10.1 - EXHIBIT 10.1 - PRECISION PETROLEUM Corp | ex10x1.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: April 19, 2013
(Date of earliest event reported) April 18, 2013
PRECISION PETROLEUM CORPORATION
(Exact name of registrant as specified in its charter)
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Nevada
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000-53199
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71-1029846
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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624 W. Independence Suite101, Shawnee, Oklahoma 74804
(Address of principal executive offices) (Zip Code)
(405) 273-9799
(Registrant's telephone number, including area code)
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:
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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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Item 1.01. Entry into a Material Definitive Agreement.
On April 18, 2013, Precision Petroleum Corporation (the “Company”) entered into a Licensing Agreement with Nefco Petroleum, LLC (“Nefco”), pursuant to which the Company obtained from Nefco the right to license, use and sublease to other users certain proprietary equipment and processes relevant to the “frackless” drilling and mineral extraction technology commonly known as Direction Frackless Technologies (“DFT Systems”) for an initial Term of ten (10) years.
Pursuant to the terms of the Licensing Agreement, the Company shall pay to Nefco a five percent (5%) royalty for the entire length of this Licensing Agreement with a Minimum Guarantee of USD $125,000.00. All costs and any applicable taxes associated with the DFT Systems and equipment shall be borne by the Company.
Item 9.01. Financial Statements and Exhibits.
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(d)
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Exhibits
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10.1
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Licensing Agreement dated April 18, 2013 by and between the Company and Nefco Petroleum, LLC
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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.
| PRECISION PETROLEUM CORPORATION | |||
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April 19, 2013
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By:
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/s/ Jim Graham | |
| Jim Graham, Chief Executive Officer | |||
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EXHIBIT INDEX
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Description
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Method of Filing
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10.1
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Licensing Agreement dated April 18, 2013 and between the Company and Nefco Petroleum, LLC
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Filed herewith electronically
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