Powder River Petroleum International Inc (fka PWDR)

[mick]

WOW---big *Q* this after closing pr. Form 8-K for POWDER RIVER PETROLEUM INTERNATIONAL, INC.


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15-Jul-2008

Bankruptcy or Receivership



Item 1.03.
Bankruptcy or Receivership.

On July 14, 2008, Powder River Petroleum International, Inc. (the "Company") was served with a complaint ("Complaint") alleging securities fraud and mismanagement by the Company and its President and Chief Executive Officer, Brian Fox, individually ("Defendants"). The Complaint was filed in the District Court of Tulsa County, State of Oklahoma (the "Court"), case number CJ 2008 04855, by plaintiffs Mark Chang, Alan Kwok, and Lim Hong Beng, individuals, and Huios Energy, LLC, an Oklahoma limited liability company, and OilPods Singapore Pte. Ltd., a Singapore private limited company ("Plaintiffs").

In connection with the Complaint, Plaintiffs filed a temporary restraining order ("TRO") freezing the Company's assets and a petition for appointment of a receiver ("Receiver"), both of which were granted by the Court. The TRO was granted effective July 14, 2008 with a hearing scheduled for July 23, 2008. The Receiver, Bruce W. Day, Esq., was appointed effective July 14, 2008.

The Company is seeking litigation counsel to assist in reviewing and responding to the Complaint. At this time, the Company intends to contest the allegations vigorously.



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