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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report Pursuant to Section 13 or 15(d) of
the Securities Act of 1934
Date of Report (date of earliest event reported): June 20, 2000
AMG OIL LTD.
(Exact name of registrant as specified in its charter)
Nevada 000-30087 N/A
(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of incorporation)
Suite 700, 700 - 6th Avenue, SW
Calgary, AB, T2P-0T8
(Address of Principal Executive Offices, including Zip Code)
(403) 531-9718
(Registrant's Telephone Number, including Area Code)
(Former name or former address, if changed since last report)
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Item 5. Other Events.
On June 20, 2000, AMG Oil Ltd. (the "Company") exercised its
drilling option in Petroleum Exploration Permit 38256, onshore
Canterbury Basin, New Zealand, increasing the Company's interest
in the project from 30% to 80%. In exchange the Company has
committed to fund all costs associated with the drilling of two
exploration wells within Petroleum Exploration Permit 38256.
The drilling program is scheduled to commence in early
September, with the first well being on the Arcadia prospect, and
the Ealing well to be drilled immediately upon completion of
Arcadia. Both wells are planned to be drilled to approximately
6,000 feet depth, and each will have the Homebush Sandstones as
their major target, with several secondary targets both above and
below the Homebush Sandstones. The program is scheduled to take
2-3 months to complete.
Indo-Pacific Energy Ltd., the option grantor and operator of
the permit, will continue to hold a 20% interest in Petroleum
Exploration Permit 38256. Indo-Pacific Energy Ltd. is related to
AMG Oil Ltd. through common directors, officers and a common
principal shareholder.
The Company does not currently have sufficient capital to
fund the $2,000,000 estimated cost of drilling the two wells. The
Company is in negotiations with private investors in order to
raise the capital necessary to carry out the drilling program,
however no assurances can be made that sufficient funding will be
raised prior to the Company's commitment to begin the drilling
program. Should the Company be unable to raise sufficient capital
it will be unable to carry out further operations on its sole
property, Petroleum Exploration Permit 38256 and would have to
relinquish its interest in the permit.
Item 7(c). Exhibits.
The following documents are herein incorporated by reference from
the Company's Form 10-SB Registration Statement SEC File #000-30087
as filed with the SEC on March 24, 2000:
List of Exhibits
Exhibit No. Exhibit Description Page No
99.1 PEP 38256 Option Agreement dated June 25, 1998
99.2 Amending Agreement #1, Amendment #2 and
Amendment Agreement #3 to PEP 38256 Option
Agreement dated December 3, 1998, October 26,
1999 and February 23, 2000
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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 hereunto duly authorized.
AMG OIL LTD.
Date: June 30,2000
By: /s/ Cameron Fink
Cameron Fink
President
