Bedford Energy (BFDE)

[ChandlerBorn]

East Chandler Field Sale Includes Avalon Stock

Looks like we need to hope Avalon Oil (AOGN) is successful, since a big chunk of the Bedford sale price of the East Chandler Field included Avalon stock. From Avalon's recent 10-Q:

"On August 11, 2008, the Company increased its working interest from 2.5% to 7.5% in the Grace #2 well in East Chandler Field in Oklahoma. The Company also acquired a 10% working interest and a 13,825% net revenue in certain of the assets (the “Bedford Assets”) of Bedford Energy, Inc. (the “Bedford Acquisition”) for consideration totaling $2,000,000. This consideration originally consisted of $1,000,000 in cash, $750,000 in a note payable, and issued 2,500,000 shares of common stock at $0.10 per share. In December 2008, the terms of the transaction were revised as follows: The Company would pay a total of $900,000 in cash (reduced from $1,000,000 in the original agreement), and provide a note in the amount of $400,000 (reduced from $750,000 in the original agreement). The Company would also assume accounts payable in the amount of $222,273 (increased from $0 in the original agreement) and issue a total of 3,500,000 shares of its common stock (increased from 2,500,000 in the original agreement)."