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): July 27, 1998
Lyric International, Inc.
___________________________________________
(Exact name of registrant as specified in its charter)
Colorado 0-09800 75-1711324
(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
16901 Dallas Parkway, #111, Dallas, Texas 75248
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (972) 713-7163
Lyric Energy, Inc., 1013 West Eighth Avenue, Amarillo, Texas 79101
(Former name or former address, if changed since last report)
ITEM 5. Other Events.
On July 27, 1998, Lyric International, Inc. ("Lyric") acquired a
producing and non-producing oil property in Mitchell County, Texas for an
aggregate purchase price of $1,800,000. The seller of the property received
$240,000 cash, 1,350 shares of the Lyric's Series B Preferred Stock and a
promissory note in the amount of $210,000, which bears an interest rate of
eight percent. Lyric obtained a loan for the cash portion of the purchase
price from Brent Wagman, Lyric's Chairman of the Board. The loan from Mr. Wagman
is evidenced by a note bearing an interest rate of eight percent per year. The
note is payable one year from the date of the note in cash or in shares of
Lyric's common stock based on the market price of the stock at such time.
Lyric has obtained a 100% working interest and a 78% net revenue interest
in the property. The property covers 600 acres, all of which are developed.
The property contains a total of 57 wells, including 48 wells that are shut-
in, eight producing wells, and one injection well. There have not been any
new wells drilled on the property during the last three years and there are
not any delivery commitments with respect to any of the oil on the property.
The property is subject to mortgages in the aggregate amount of $110,000
and asserted liens in the aggregate amount of $81,962.
Lyric estimates that the total net proved reserves of the property
include 120,000 barrels from producing wells and 558,000 barrels from shut-in
wells. Lyric's reserve estimates have not been reviewed by an independent
petroleum engineer and were developed using various geological and engineering
data information. Reserve estimates are inherently imprecise and are
continually subject to revisions based on production history, and results of
additional exploitation and development.
Lyric currently plans to re-enter the 48 shut-in wells on the property
and complete the necessary work to recommence production. There is not
however any assurance that this will occur or that Lyric will be successful
in re-entering the shut-in wells on a profitable basis.
# # #
This report contains forward-looking statements regarding Lyric
International, Inc.'s future plans based on assumptions that Lyric believes to
be reasonable. A number of risks and uncertainties could cause actual results
to differ materially from these statements, including without limitation, the
timeliness of development activities, fluctuations in oil and gas prices, and
other risk factors described from time to time in Lyric's reports filed with
the Securities and Exchange Commission. In addition, Lyric operates in an
industry in which security values are volatile and may be influenced by
economic and other factors beyond Lyric's control.
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 hereunto duly authorized.
Date: August 11, 1998 LYRIC INTERNATIONAL, INC.
By: /s/ Brent Wagman
______________________________
Brent Wagman
Chairman of the Board
