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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
Date of Report (Date of earliest event reported):August 24, 2000
GREKA Energy Corporation
(Exact name of registrant as specified in its charter)
Colorado 0-20760 84-1091986
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
630 Fifth Avenue, Suite 1501, New York, NY 10111
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 218-4680
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Item 5. Other Events.
On August 24, 2000 GREKA Energy Corporation ("GREKA") announced that it
had closed the sale of its Canadian subsidiary, Beaver Lake Resources
Corporation, resulting in GREKA disposing its Canadian operations and assets.
In addition, on August 28, 2000 GREKA announced a comprehensive
settlement agreement with Capco Resources, Ltd. and its related parties which
will settle the outstanding debts and dismiss the related litigation, including
a resolution of the 1,290,000 shares of GREKA common stock issued to Capco as
part of the Saba acquisition.
Of the 1,290,000 shares, GREKA will acquire from Capco 800,000 shares
for an undisclosed price payable on or before October 30, 2000 resulting in the
cancellation of the 800,000 shares. The balance of the GREKA shares owned by
Capco will be voted by GREKA until December 31, 2002.
The press release announcing these transactions are filed as Exhibits
99.1 and 99.2 hereto.
Item 7. Financial Statements and Exhibits.
(c) The following exhibits are furnished as part of this report:
Exhibit 99.1 Press release of Greka Energy Corporation dated
August 24, 2000.
Exhibit 99.2 Press release of Greka Energy Corporation dated
August 28, 2000.
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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.
Date: September 6, 2000 GREKA ENERGY CORPORATION
By: /s/ Randeep S. Grewal
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Randeep S. Grewal, Chairman, Chief
Executive Officer and President
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EXHIBIT INDEX
Exhibit No. Description
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99.1 Press release of Greka Energy Corporation dated August 24, 2000.
99.2 Press release of Greka Energy Corporation dated August 28, 2000.
