SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
Current Report Pursuant to
Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date or earliest event reported) January 20, 1997
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PETROMINERALS CORPORATION
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(Exact Name of Registrant as Specified in its Charter)
Delaware
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(State or Other Jurisdiction of Incorporation)
1-6336 95-2573652
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(Commission File Number) (I.R.S. Employer Identification No.)
915 Westminster Avenue, Alhambra, California 91803
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(Address of Principal Executive Offices)
(818) 284-8842
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(Registrant's Telephone Number, Including Area Code)
(Former Name or Former Address, if Changed since Last Report)
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ITEM 1. CHANGES IN CONTROL OF REGISTRANT
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N/A
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
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N/A
ITEM 3. BANKRUPTCY OR RECEIVERSHIP
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N/A
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
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N/A
ITEM 5. OTHER EVENTS
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On January 20, 1997, Registrant completed drilling a producing well on its
Mabel Strawn lease in Hasley Canyon, Los Angeles County, California, on behalf
of Petrominerals 96-1, a California limited partnership ("Petro 96-1").
Registrant is the general partner of Petro 96-1, which was formed on December
3, 1996, and holds a one percent (1%) partnership interest. Registrant entered
into a joint venture agreement with Petro 96-1 to drill the well on a
designated drill site in a known producing area at Registrant's Mabel Strawn
oil lease. Under the terms of the joint venture agreement, Registrant assigned
the drill site to the joint venture, and Registrant and Petro 96-1 will share
the revenues produced and the expenses incurred before and after Payout.
Payout occurs when Petro 96-1 has recouped the monies it contributed to the
joint venture. Proceeds from the working interest will be paid 90% to Petro
96-1 and 10% to Registrant until Payout, and thereafter 30% to Petro 96-1 and
70% to Registrant. Registrant estimates that Payout will occur 24 months after
completion of the well. Under the joint venture, Registrant furnished the
drill site and casing required for the well, and leased to the joint venture
the rods, tubing and downhole and surface pumps and all other tangible
equipment necessary to produce the well. Petro 96-1 contributed the sum of
$280,000 for the intangible costs of drilling the well.
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ITEM 5. OTHER EVENTS (Continued)
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Three directors of Registrant are limited partners in Petro 96-1. The
respective percentage interest of the partners in Petro 96-1 are as follows:
<TABLE>
<CAPTION>
Capital
% Interest Contribution
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<S> <C> <C>
General Partner:
Petrominerals Corporation 1.00% $ 2,800
Limited Partners:
Paul L. Howard (director) 23.21% $ 65,000
Morris L. Hodges (director)** 17.86% $ 50,000
David G. Davidson (director) 17.86% $ 50,000
Unrelated parties 40.07% $ 112,200
</TABLE>
**Morris L. Hodges' investment was made through Kaymore Petroleum Products,
Inc., a corporation controlled by Mr. Hodges.
Registrant's remaining director, Everett L. Hodges, is not a limited partner
in Petro 96-1 and has no beneficial interest in Petro 96-1.
ITEM 6. RESIGNATION OF REGISTRANT'S DIRECTORS
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N/A
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
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(a) Financial Statements
N/A
(b) Exhibits
N/A
ITEM 8. CHANGES IN REGISTRANT'S FISCAL YEAR
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N/A
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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.
PETROMINERALS CORPORATION
Date: January 20, 1997 By:
Paul L. Howard, President and
Chief Financial Officer
