UNITED STATES 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
Report for Event (date of earliest event reported):
PETRO UNION, INC. d/b/a HORIZONTAL VENTURES, INC.
(Exact name of registrant as specified in its charter)
Colorado 0-20760 84-1091986
(State or other (Commission (IRS Employer
jurisdiction of File No.) Identification No.)
incorporation)
575 Madison Avenue, Suite 1006, New York, New York 10022
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(212) 605-0470
123 Main Street, Suite 300, Evansville, Indiana 47708
(Former address)
123 N.W. Fourth Street, Suite 3, Evansville, Indiana 47708
(Former address)
Item 9. Sales of Equity Securities Pursuant to Regulation S
On January 15, 1998, Petro Union, Inc. d\b\a Horizontal ventures, Inc.
announced the closing of a private placement of 84,406 shares at a price of
$13 7/8 per share. Gross proceeds to the Company were $1,171,133. The
offering was made solely to existing shareholders of the Company who resided
outside of the United States and qualified as non-U.S. persons as defined by
Regulation S. Approximately 34 non-U.S. persons invested at the time of the
interim closing. All transactions were in cash.
The Company intends to use the proceeds of this offering to acquire
interests in oil and gas properties which can benefit from the Company's
horizontal drilling technology.
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 hereunto duly authorized.
PETRO UNION, INC. d/b/a HORIZONTAL
VENTURES, INC.
Date: January 20, 1998 By: /s/ Randeep S. Grewal
_______________________________
Randeep S. Grewal
Its: Chief Executive Officer
