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 earliest event reported November 14, 1997
OIL CITY PETROELUM, INC.
(Exact name of Registrant as specified in its charter)
Texas 0-9098 75-1614001
(State or other jurisdiction of (Commission (IRS Employer
Incorporation or organization) File Number) Identification No.)
5579 South Lewis, Tulsa, Oklahoma 74105
(Address of principal executive offices) (Zip Code)
(918) 749-0483
(Registrant's telephone number, including area code)
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Item 2. Acquisition or Disposition of Assets.
(a) On November 14, 1997, Double Eagle Petroleum Corporation, a
wholly-owned subsidiary of the Company, completed acquisition of Oil
and Gas properties for a purchase price of $1,800,000, funded by a
$1,743,000 draw against the Company's Revolving Line of Credit from
Bank One Texas. No officer, Director or affiliate owned a material
interest in the assets acquired.
(b) The assets include a 10% interest in all equipment on site,
including all drilling and gathering equipment on site, including
all drilling and gathering equipment, which the Company intends to
continue to use.
A list of other equipment purchased is attached. The purchase price
is $52,149 with the equipment having an estimated Fair Market Value of
$150,000.
Item 4. Change of Registrant's Certifying Accountant.
Control of the Company changed September 2, 1997 as reported in the Form
8-K dated September 1997.
The Company has now engaged Tullius, Taylor, Sartain & Sartain of Tulsa as
its outside independent certified public accountants.
As reported in the Form 8-K filed on August 29, 1997 as amended on
September 1996, the predecessor had engaged Steven L. Terry, CPA as the outside
auditors.
Pursuant to Item 304(a)(1) of Rule S-K, the following information is
provided:
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Mr. Terry has provided no services as outside auditor and the Company has
terminated his engagement. There were no disagreements of any nature with
respect to:
i. The engagement of Mr. Terry who was terminated by the Company.
ii. No report of Mr. Terry contained any qualification as to audit scope
or accounting principles, since Mr. Terry rendered no report on the
financial statements of the Company.
iii. The decision to terminate the engagement of Mr. Terry was made by
the Board of Directors of the Company.
iv. There has been no disagreement with Mr. Terry with respect to any
issue concerning the Company's financial condition.
v. Not applicable.
(c) Not applicable.
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(2) Acquisition Agreements: Asset Agreement covering the Assets.
(10) Material Contracts. $25,000,000 Secured Oil and Gas Reserve Based
Credit Agreement Among Bank One Texas as Lender and Oil City
Petroleum, Inc. and Double Eagle Petroleum Corporation as Borrowers
Oil City Petroleum, Inc., will submit by separate cover letter
1. Purchase and Sales agreements for the Enserch acquisition
2. Revolving Credit Agreement for Bank One, Houston
SIGNATURE
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 there unto duly authorized.
OIL CITY PETROLEUM, INC.
By S/James G. Borem
Date: January, 1998 James G. Borem, President
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