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EX-99 - Petro River Oil Corp. | ex99-03102016_110326.htm |
EX-10 - Petro River Oil Corp. | ex10-03102016_110325.htm |
(Exact name of registrant as specified in its charter.)
(State or other jurisdiction of incorporation or organization)
(IRS Employer Identification No.)
(Address of principal executive offices)
(Registrant's Telephone number)
(Former Name or Former Address, if Changed Since Last Report)
On March 4, 2016 (the "Closing Date"), Petro River Oil Corp. (the "Company") executed an Asset Purchase and Sale and Exploration Agreement (the "Agreement") to acquire a 13.75% working interest in certain oil and gas leases located in southern Kern County, California (the "Project"). Horizon Energy Partners, LLC ("Horizon Energy") also purchased a 27.5% working interest in the Project. The Company is currently a party to a conditional purchase agreement with Horizon I Investments, LLC to acquire a 20% interest in Horizon Energy. The acquisition is expected to close in April 2016.
Under the terms of the Agreement, the Company paid $83,333 net in cash to the sellers on the Closing Date, and is obligated to pay certain other costs and expenses after the Closing Date related to existing and new leases as more particularly set forth in the Agreement. In addition, the sellers are entitled to an overriding royalty interest in certain existing and new leases acquired after the Closing Date, and the Company is required to make certain other payments, each in amounts set forth in the Agreement.
The foregoing description of the Agreement does not purport to be complete, and is qualified in its entirety by reference to the Agreement attached hereto as Exhibit 10.1, and is incorporated by reference herein.
On March 9, 2016, the Company issued a press release announcing the execution of the Agreement. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1.
See Exhibit Index.
Petro River Oil Corp. |
By: | /s/ Scot Cohen |
Name: Scot Cohen | |
Title: Executive Chairman |
Exhibit No.
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Description
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EX-10.1
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Petro River_Asset Purchase and Sale and Exploration Agreement_3.4.16
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EX-99.1
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Press Release
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