SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report: June 5, 1998
DRUCKER INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-29670 N/A 0001042053
(State of (Commission (I.R.S. Employer CIK Number
Incorporation) File Number) Identification No.)
#1-1035 Richards Street, Vancouver, B.C. Canada V6B 3E4
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (604) 681-4421
Not Applicable
(Former name or former address, if changed since last report.)
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Item 1. Changes in Control of Registrant
None.
Item 2. Acquisition or Disposition of Assets
None.
Item 3. Bankruptcy or Receivership
None.
Item 4. Changes in Registrants Certifying Accountant
None.
Item 5. Other Events
Drucker Industries, Inc. signed a Farmout Agreement through
Drucker Petroleum, Inc., a wholly-owned subsidiary, with Dublin
International Petroleum (Egypt) Limited; a subsidiary of
Tanganyika Oil Company Ltd. Under the terms of the Agreement,
Drucker will earn a 20% working interest in Dublin's West Gharib
Block in Egypt. Richco International, Inc., the Company's
partner in the transaction will retain a net profit interest
(NPI) of 7% after recovery of all exploration and development
expenses.
Dublin has concluded a Petroleum Concession Agreement with
the Arab Republic of Egypt, and effective June 1, 1998, it has
been granted exclusive rights to explore for and develop
potential oil and gas reserves within the West Gharib Block. The
concession consists of 2,530 square kilometers (630,000 acres),
making Dublin the largest exploration acreage holder in the Gulf
of Suez Basin.
The West Gharib Block is strategically located, flanking the
west bank of the Gulf of Suez for over 120 kilometers. The Gulf
of Suez Basin is a prolific oil producing region with over
750,000 barrels of daily production and 6.3 billion barrels of
proven reserves. The oilfields in the Gulf of Suez and Nile
Delta currently produce about 80% of Egypt's oil. Exploration
activities are currently led by major international oil companies
including Amoco, Shell, Agip, Marathon, Pennzoil, British Gas,
Apache, Deminex, Repsol and others. A number of oilfields are
located within, but excluded from, the concession and adjacent to
the West Gharib Block.
Identification of untested structures in the Gulf of Suez
Basin has always been technically very challenging. However
modern exploration techniques have provided new tools. There has
been little or no exploration to utilize state of the art
geophysics and drilling technology in the search of hydrocarbons.
Tanganyika's technical team has identified nine leads and
prospects from existing seismic data. Some 240 kilometers of 2-D
and 35 square kilometers of 3-D seismic data will be shot
commencing in mid-June of this year to further evaluate the
exploration potential and define drilling locations. Plans are
underway to drill two test wells during the fourth quarter of
1998.
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Item 6. Resignation of Directors
None.
Item 7. Financial Statements Pro Forma Financial & Exhibits
None.
Exhibits
None.
Signatures
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.
Date: June 5, 1998 DRUCKER INDUSTRIES, INC.
By:/s/Ernest Cheung
Its:Secretary
