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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
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) May 26, 1999
INLAND RESOURCES INC.
(Exact Name of Registrant as Specified in its Charter)
Washington 0-16487 91-1307042
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
410 17th Street
Suite 700 80202
Denver, Colorado (Zip Code)
(Address of Principal Executive Offices)
Registrant's telephone number, including area code: (303) 893-0102
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ITEM 5. OTHER EVENTS.
On May 24, 1999, the Registrant announced that asset purchase
negotiations with Flying J Inc. have been discontinued after the two companies
could not agree on the valuation of various assets. A copy of the press release
is attached as Exhibit 99.1.
ITEM 7. EXHIBITS.
The following documents are filed as part of this report.
c) Exhibits
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99.1 Press Release dated May 24, 1999
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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.
INLAND RESOURCES INC.
Date: May 26, 1999 By: /s/ MICHAEL J. STEVENS
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Michael J. Stevens
Vice President, Secretary and
Treasurer
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INDEX TO EXHIBITS
<TABLE>
<CAPTION>
Exhibit
Number Description
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<S> <C>
99.1 Press Release dated May 24, 1999
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INLAND RESOURCES INC. AND FLYING J INC. DISCONTINUE ASSET PURCHASE NEGOTIATIONS
05:37 p.m. May 24, 1999 Eastern
DENVER -- (BUSINESS WIRE) -- May 24, 1999 -- Inland Resources Inc. (NASDAQ Small
Cap: INLN) announced today that asset purchase negotiations with Flying J Inc.
have been discontinued after the two companies could not agree on the valuation
of various assets.
Inland had entered into a letter of intent with Flying J in January 1999 to
purchase Flying J's North Salt Lake City refinery, 11 gasoline stations and
their Uintah Basin oil and gas assets. Inland hopes to work with Flying J in
the future on a joint-venture basis.
Inland is actively involved with its senior lending group to restructure its
balance sheet. Inland has a $9.5 million principal payment on its senior credit
facility due June 29, 1999. Based on current circumstances, the Company will not
be able to make this principal payment as scheduled. Inland believes its lenders
and other parties-in-interest will assist in solving the Company's working
capital and liquidity issues through a capital restructuring whereby certain
short-term debt will be reclassified to long-term debt and equity.
