Home > Boards > US OTC > Oil/Gas/Natural Energy Production > Petro River Oil Corp. (PTRC)

Petro River Oil Corp. (PTRC) is foreclosed on

Public Reply | Private Reply | Keep | Last ReadPost New MsgReplies (1) | Next 10 | Previous | Next
236T568 Member Profile
Member Level 
Followed By 111
Posts 35,257
Boards Moderated 9
Alias Born 09/06/12
160x600 placeholder
Current Report Filing (8-k) Edgar (US Regulatory) - 6/18/2019 8:46:16 AM
Quarterly Report (10-q) Edgar (US Regulatory) - 3/25/2019 4:19:05 PM
Current Report Filing (8-k) Edgar (US Regulatory) - 3/18/2019 3:06:29 PM
Notification That Quarterly Report Will Be Submitted Late (nt 10-q) Edgar (US Regulatory) - 3/18/2019 6:10:59 AM
Current Report Filing (8-k) Edgar (US Regulatory) - 2/27/2019 4:02:04 PM
Small Company Offering and Sale of Securities Without Registration (d) Edgar (US Regulatory) - 2/12/2019 5:37:30 PM
Statement of Changes in Beneficial Ownership (4) Edgar (US Regulatory) - 2/8/2019 11:42:04 AM
Current Report Filing (8-k) Edgar (US Regulatory) - 2/6/2019 4:13:36 PM
Quarterly Report (10-q) Edgar (US Regulatory) - 12/17/2018 4:07:22 PM
Current Report Filing (8-k) Edgar (US Regulatory) - 10/17/2018 5:15:00 PM
Current Report Filing (8-k) Edgar (US Regulatory) - 10/3/2018 4:45:26 PM
Quarterly Report (10-q) Edgar (US Regulatory) - 9/14/2018 4:54:05 PM
Proxy Statement (definitive) (def 14a) Edgar (US Regulatory) - 8/28/2018 1:22:56 PM
Current Report Filing (8-k) Edgar (US Regulatory) - 8/22/2018 2:09:31 PM
Annual Report (10-k) Edgar (US Regulatory) - 7/30/2018 6:04:25 PM
Current Report Filing (8-k) Edgar (US Regulatory) - 7/24/2018 4:22:57 PM
Current Report Filing (8-k) Edgar (US Regulatory) - 6/28/2018 3:44:50 PM
Statement of Changes in Beneficial Ownership (4) Edgar (US Regulatory) - 6/22/2018 2:46:49 PM
Current Report Filing (8-k) Edgar (US Regulatory) - 6/20/2018 5:02:56 PM
236T568 Member Level  Thursday, 02/08/18 02:13:41 PM
Re: None
Post # of 644 
Petro River Oil Corp. (PTRC) is foreclosed on its entire equity interest in MegaWest Energy


https://www.sec.gov/Archives/edgar/data/1172298/000141588918000184/form8k-02052018_010237.htm

Item 1.01 Entry into a Material Definitive Agreement.



See Item 8.01.


Item 8.01 Other Events



On January 31, 2018, Petro River Oil Corp (the “Company”) entered into an Assignment and Assumption of Membership Interest with MegaWest Energy Kansas Corp. (“MegaWest”), a wholly-owned subsidiary of the Company (“Assignment”), whereby Petro will transfer its Shares in MegaWest in exchange for MegaWest’s membership interests in Bandolier Energy, LLC (the “Bandolier Interests”) (the “Exchange Transaction”). The Exchange Transaction followed the receipt by the Company of a notice of Redetermination, as defined below, of MegaWest’s assets, including MegaWest’s interest in the Bandolier Interests (together, “MegaWest Assets”), conducted by Fortis Property Group, LLC (“Fortis”).



The Redetermination was conducted pursuant to a Contribution Agreement, dated October 30, 2015 (together, the “Contribution Agreement”), a copy of which was filed as an exhibit to the Company’s Current Report on Form 8-K filed on November 5, 2015.



Under the terms of the Contribution Agreement, the Board of MegaWest was entitled to engage a qualified appraiser to determine the value of the MegaWest Assets and Bandolier Interests, and upon completion thereof (a “Redetermination”), in the event the MegaWest Assets are determined to be less than $40.0 million, then a Shortfall, as defined in the Contribution Agreement, exists. As a result, the Company would be required to make cash contributions to MegaWest in an amount equal to the amount of the Shortfall (the “Shortfall Capital Contribution”). The Contribution Agreement further provided that, in the event that Petro was unable to deliver to MegaWest the Shortfall Capital Contribution required after the Redetermination, if any, MegaWest would have the right to exercise certain remedies, including a right to foreclose on the Company’s entire equity interest in MegaWest. In the event of foreclosure, the Bandolier Interest would revert back to the Company.



In lieu of engaging a qualified appraiser to quantify the Shortfall Capital Contribution, and in lieu of requiring MegaWest to exercise its remedies under the terms of the Contribution Agreement, the Company and MegaWest entered into the Exchange Transaction. Following the execution of the Agreement, the Company shall have no further rights or interest in MegaWest’s shares or assets, and MegaWest will have no further rights or interest in any assets associated with the Bandolier Interests. Pursuant to the Contribution Agreement and Agreement, Petro will continue to be responsible for a reimbursement payment to MegaWest in the amount of $259,312.50, together with interest accrued thereon, which will be due and payable one year after the date of the Agreement.



Public Reply | Private Reply | Keep | Last ReadPost New MsgReplies (1) | Next 10 | Previous | Next
Follow Board Follow Board Keyboard Shortcuts Report TOS Violation
X
Current Price
Change
Volume
Detailed Quote - Discussion Board
Intraday Chart
+/- to Watchlist