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 (Date of earliest event reported): February 5, 1999
MOUNTAINS WEST EXPLORATION, INC.
(Exact name of Registrant as specified in its charter)
New Mexico 0-9500 85-0280415
(State or other (Commission IRS Employer
jurisdiction of File Number) Identification No.
Incorporation)
616 Central Ave., S.E., Suite 213
Albuquerque, New Mexico 87102
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code 505-243-4949
N/A
(Former name or former address, if changed since last report)
Item 2. Acquisition or disposition of assets.
In the third quarter 10QSB, notice was given that the Company was in
default on its cash calls with the Papua New Guinea properties which consisted
mostly of the original license PPL 56, now designated PDL 3, PPL 189 and PPL
190. All efforts which have been made to cure these defaults have failed. Sale
of the properties as well as attempts to merge the Company with other public
companies have failed. As of February 5, 1999 all of these properties have
become the property of the Joint Venture Partners according to the terms of the
Joint Operating Agreements. The final property PPL 203, which is also in default
for past cash calls, is now on the market for sale. Management at this time
cannot assure that PPL 203 can be sold.
Worldwide economic conditions of the depressed oil and gas business have
caused the complete devaluation of all oil and gas properties. A recent economic
analysis of the Company's properties in Papua New Guinea has indicated that at
current prices for oil and current producing capacity of the wells, that at the
end of ten years production, the properties had a negative value thereby causing
the Company's current situation.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
Date: February 10, 1999
WESTLAND DEVELOPMENT CO., INC.
By: Robert A. Doak, Jr.
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Robert A. Doak, Jr., President
