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
October 1, 1998
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)
16800 Dallas Parkway, Suite 250, Dallas, Texas 75248
(Address of principal executive offices)
Registrant's telephone number, including area code: (972) 250-4440
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ITEM 2. DISPOSITION OF ASSETS
Effective October 1,1998, GulfWest Permian Company ("GulfWest Permian")
issued and sold 9,000 shares of GulfWest Permian Common Stock, representing
ninety percent (90%) of its total outstanding stock, for par value, $.001 per
share, and other consideration to Toro Oil Company, an unrelated party. Prior to
the transaction, GulfWest Permian was a wholly owned subsidiary of GulfWest Oil
Company ("GulfWest"). GulfWest Permian's assets include working interests in
certain oil properties located on approximately 5,000 acres in five (5) fields
in Pecos, Howard, Sterling and Lynn Counties, Texas and have estimated proved
reserves of approximately 1.26 million barrels of oil. The properties are
burdened by short-term debt of approximately $9 million.
GulfWest believes this transaction will benefit the Company by permitting
it to direct its management and financial resources to other projects. In
management's opinion, on a consolidated basis, the effect of the transaction on
the net tangible assets of GulfWest is not expected to be significant.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements of Businesses Disposed
It is impracticable to provide the required financial statements at
this time. Such statements will be filed under cover of Form 8 no
later than November 30, 1998.
(b) Pro Forma Financial Information
Pro forma financial information will also be filed under cover of Form
8 no later than November 30, 1998.
c) Exhibits
None
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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: October 16, 1998 By:/s/Jim C. Bigham
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Jim C. Bigham
Executive Vice President\Secretary
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