SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
__________________
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Act of 1934
Date of Report: November 14, 1996
NOVA NATURAL RESOURCES CORPORATION
(Exact name of registrant as specified in its charter)
Colorado 0-15078 84-1227328
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File No.) Identification No.)
789 Sherman St.,Suite 550,Denver,Colorado 80203
(Address of principal executive offices) (Zip Code)
(303)863-1997
(Registrant's telephone number, including area code)
ITEM 2. Oil & Gas Assets
On November 14, 1996, the Registrant sold at an auction
conducted by the Oil & Gas Asset Clearinghouse in Houston, Texas
several oil & gas producing assets and lease interests, primarily
overriding royalty interests in producing oil & gas wells in the
Wyoming Overthrust Belt. Proceeds from this sale, net of
commissions and direct selling costs paid to the Clearinghouse will
be approximately $229,000. The sale was effective as of November
1, 1996, and the sales proceeds are expected to be received no
later than the end of the first week in December. The bulk of the
interests were sold to Petroleum Synergy Group, Inc. of Denver,
Colorado, which was the successful bidder among a group of bidders
for the majority of the oil & gas assets of the Registrant which
were sold at the auction.
The net book value of the assets sold represented
approximately 10% of the Registrant's total assets as of September
30, 1996.
The majority of the value of the properties sold was related
to a single producing well. If any future problem occurred with
that well, the value of the Registrant's oil and gas reserves could
decline substantially (although there is no present indication of
any such problem). The sale was made to reduce this risk of loss,
to generate cash to improve the Company's liquidity, and for re-
deployment in Registrant's business.
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.
NOVA NATURAL RESOURCES CORPORATION
(Registrant)
By:/s/ Brian B. Spillane
Brian B. Spillane, President
By:/s/ James R. Schaff
James R. Schaff, Secretary-Treasurer
