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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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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) NOVEMBER 16, 2000
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ALTEX INDUSTRIES, INC.
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(Exact name of registrant as specified in its charter)
DELAWARE 1-9030 84-0989164
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
POB 1057 BRECKENRIDGE CO 80424-1057
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (303) 265-9312
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.
On November 16, 2000, the Registrant's wholly-owned subsidiary, Altex Oil
Corporation ("AOC"), received approximately $439,000 cash proceeds from the sale
of substantially all of its interests in the Altamont-Bluebell Field in Utah,
and approximately $62,000 cash proceeds from the sale of various other interests
in producing oil and gas properties in Colorado, Oklahoma, and Wyoming. The
assets sold represented approximately 9% of the Registrant's proved, developed,
producing reserves estimated as of September 30, 2000. The assets were sold to
unrelated third parties via open outcry auction.
AOC had agreed to sell, subject to agreed minimum bid prices, directly and
indirectly through its working interest partners, substantially all of its
interests in producing oil and gas properties, at an auction held by Oil and Gas
Journal Exchange in Denver, Colorado, on October 19, 2000. No other interests
sold at the auction.
As the Company reported in its Form 8-K dated August 22, 2000, AOC is attempting
to sell substantially all of its interests in producing oil and gas properties
for cash, provided that certain target prices are realized. There can be no
assurance that any additional interests will actually be sold. Any sale will be
subject to applicable legal and regulatory requirements. Altex Oil Corporation
does not currently intend to sell its non-producing interests in the Tar Sands
Triangle Area of Utah in the foreseeable future.
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 thereunto duly authorized.
ALTEX INDUSTRIES, INC.
/s/ Steven H. Cardin
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Date: November 16, 2000 By: Steven H. Cardin
President
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