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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT UNDER TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported): March 2, 2000
Commission File Number: 0-14096
FORELAND CORPORATION
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(Exact Name of Registrant as Specified in its Charter)
NEVADA 87-0422812
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(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
12596 W. BAYAUD AVENUE
SUITE 300, LAKEWOOD, COLORADO 80228
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Address of Principal Executive (Zip Code)
Offices
1
Registrant's Telephone Number, including Area Code:
(303) 988-3122
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N/A
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(Former name, former address, and formal fiscal year, if changed since
last report)
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
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On March 2, 2000, all of the issued and outstanding stock of Foreland
Corporation's subsidiaries operating its crude oil refinery and asphalt refining
and marketing operations and its crude oil transportation company were sold
pursuant to a court ordered foreclosure sale. Foreland cooperated in the
foreclosure and sale in accordance with the Voluntary Surrender Agreement
entered into between Foreland and its subsidiaries and its principal secured
creditor, Energy Income Fund, LP. At the foreclosure sale, the stock of such
subsidiaries was acquired for a credit bid aggregating $2,000,000 to be applied
against the aggregated secured indebtedness of approximately $13.6 million.
Following the final surrender of collateral, the outline obligation to EIF will
be satisfied.
Foreland expects that the remaining collateral encumbered to secure the
obligation to this creditor will also be sold in the near future. The
additional collateral consists of Foreland's Nevada oil producing properties and
a principal exploration prospect and related geological, geophysical and
engineering database.
Other exploration prospects, the approximately 80,000 acre lease position
and the associated geological and geophysical database remain with Foreland.
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ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
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(b) Pro forma financial information required by this item will be included in
the annual report on Form 10-K for the year ended December 31, 1999.
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SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
Dated: March 10, 2000
FORELAND CORPORATION
By /s/ Bruce C. Decker
Vice-President
