Chancellor Group Inc (CHAG)

[newelong]

F I N A L L Y !!!!

Item 1.01. Entry into a Material Definitive Agreement.

Gryphon Production Company, LLC (“Gryphon”), a wholly-owned subsidiary of Chancellor Group, Inc., a Nevada corporation (“Chancellor”), entered into an Assignment and Bill of Sale (the “Assignment”) with S & W Oil & Gas, LLC (“S&W”), pursuant to which Gryphon agreed to sell to S&W all of Gryphon’s interest in certain oil and gas leases covering lands in Gray County, Texas, and all of Gryphon’s property located on those lands, including four oil wells and one water disposal well (collectively, the “Assets”), for $95,000 in cash. After deducting agent’s commissions, the net proceeds to Gryphon are $88,350.

The Assignment was dated July 21, 2014, but Chancellor did not receive the executed copy from S&W until July 24, 2014. Under the Assignment, the transfer of the Assets has an effective date of July 1, 2014.

The foregoing description of the Assignment is qualified in its entirety by the full text of the Assignment attached hereto as Exhibit 10.1.

Item 8.01. Other Events.

The sale of the Assets represents the sale of substantially all of Chancellor’s oil and gas assets. Following the sale, Chancellor intends to investigate other oil and gas opportunities and to continue its efforts to develop the business of its subsidiaries, Pimovi, Inc. and The Fuelist, LLC.

http://www.sec.gov/Archives/edgar/data/894544/000116552714000450/g7512.htm


I can't believe it took this long to get rid of the oil and gas properties !!!

Also, it's interesting too, however, that they are still going to pursue other O & G opportunities. I would think they could only do this if and when both Pimovi and Fuelist started to produce revenues and profits. Anyone else think that could be a hint that something good is about to happen with regards to those two subsidiaries ??? I guess we can only hope !!!

At least we got some good news ... it doesn't appear that they've given up on Pimovi and Fuelist.

GLTO CHAG Shareholders