SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
January 10, 1997
Date of Report (Date of earliest event reported)
GULFWEST OIL COMPANY
(Exact name of registrant as specified in its charter)
Texas
(State or other jurisdiction of incorporation)
33-13760-LA 87-0444770
(Commission File Number) (IRS Employer
Identification Number)
2644 Sherwood Forest Plaza, Suite 229, Baton Rouge, Louisiana 70816
(Address of principal executive offices)
Registrant's telephone number, including area code: (504) 293-1100
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ITEM 5. OTHER EVENTS
On January 10, 1997, GulfWest Texas Company (the "Subsidiary"), a wholly
owned subsidiary of GulfWest Oil Company (the "Company"), established a
$2,000,000.00 revolving line of credit with a financial institution. The line of
credit is initially for a one-year term, non-reducing, at an interest rate equal
to the institution's prime rate. Repayment of the line of credit was guaranteed
by the Company and an unrelated individual guarantor. The individual was given a
second mortgage on certain oil properties owned by the Subsidiary and a
three-year option to purchase 250,000 shares of the Company's common stock at an
exercise price of $2.87 per share.
The Company intends to use funds drawn on the line of credit to accelerate
the planned enhancement, development and acquisition program for West Texas oil
properties. The program includes enhancements to increase production of proved
non-producing properties and infield drilling to develop proved reserves.
SIGNATURE
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.
GULFWEST OIL COMPANY
Date: January 27, 1997 By: /s/Jim C. Bigham
Jim C. Bigham
Executive Vice President\Secretary
