SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A
AMENDMENT NO. 1
CURRENT REPORT UNDER TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported): November 15, 1996
Commission File Number: 0-14096
FORELAND CORPORATION
(Exact Name of Registrant as Specified in its Charter)
NEVADA 87-0422812
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
12596 W. BAYAUD AVENUE
SUITE 300, LAKEWOOD, COLORADO 80228
(Address of Principal Executive (Zip Code)
Offices)
Registrant's Telephone Number, including Area Code:
(303) 988-3122
N/A
(Former name, former address, and formal fiscal year, if changed since
last report)
ITEM 2. ACQUISITION OF ASSETS
In November 1996, the Company purchased from Plains Petroleum Operating
Company, a wholly-owned subsidiary of Barrett Resources Corporation ("Barrett"),
its 40% working interest in the Eagle Springs field, including related wells,
fixtures, facilities, and equipment, effective as of August 1, 1996. With this
purchase of the 40% minority interest, the Company will own 100% of the working
interest in this field in which it is conducting an ongoing development program.
The purchase price for the 40% working interest was $2.5 million, with
adjustments for oil sales, oil inventory, operating expenses, and accrued unpaid
property and production taxes after that date for a net amount of approximately
$2.4 million delivered at the closing of the transaction on November 15, 1996.
The purchase of the working interest was pursuant to the Company's exercise of
its right of first refusal to purchase such interest on the same terms as
offered by Barrett to third parties and was the result of arm's length
negotiations.
The source of funds for the acquisitions was approximately $1.4 million
from net proceeds received from the sale of equity securities during the fourth
fiscal quarter and $1 million drawn under the Company's recently established
bank credit facility with Colorado National Bank, Denver, Colorado. (See the
Company's quarterly report on form 10-Q for the quarter ended September 30,
1996.)
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) & (b) Financial statements of businesses acquired and Pro Forma financial
information.
At the time of filing this report, it was impracticable for the Registrant
to provide historical financial statements and pro forma financial information
respecting the acquired assets. Such financial statements and pro forma
financial information will be filed by the Registrant under cover of an
amendment to this report as soon as practicable, but not later than 60 days
after this report on form 8-K is due.
(c) Exhibits. The following exhibit is included as part of this report:
SEC
Exhibit Reference
Number Number Title of Document Location
- -------------------------------------------------------------------
2.01 2 Purchase and Sale Agreement Original
dated November 14, 1996, Filing
between Plains Petroleum
Operating Company and Eagle
Springs Production Limited
Liability Company, respecting
the purchase of Plains'
interest in the Eagle Springs
field, with related
Assignment, Conveyance, and
Bill of Sale
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.
Dated: January 8, 1997
FORELAND CORPORATION
By: /s/ N. Thomas Steele, President
