Silverton Energy acquires AHIC and Agrawal oil & gas leases; $81M and $3.5M notes

SILVERTON ENERGY, INC.

Acquired AHIC Oklahoma oil & gas leases for $81M via 20-year non-interest bearing promissory note secured by assets; credit for investor intros.
Acquired Agrawal working/royalty interests for $3.5M via convertible note into Class A common at market value within 13 months; $150K due in 6 months.
Corrected ownership: CEO Samuel Smith 32,003,266 Class A shares (33.6%), COO John Long 30,000,000 (31.5%); total issued 95,100,000 shares.
Assets held in escrow until full payment; AHIC can foreclose or convert $81M to preferred stock after 2044 default.

item 101.1 item 2.01 item 1.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

SILVERTON ENERGY, INC. entered into Agrawal Acquisition Agreement with Kris Agrawal and Kris K. Agrawal, et al, Exxon Oil & Gas, Inc., Vance-1 Properties, LLC valued at $3,500,000.00 (effective 2024-04-04).

Action: entry
Agreement: asset purchase
Counterparty: Kris Agrawal and Kris K. Agrawal, et al, Exxon Oil & Gas, Inc., Vance-1 Properties, LLC
Value: $3,500,000.00
Effective: 2024-04-04

Exact text from the filing

On May 01, 2024, the Company entered into an "Acquisition Agreement" between AHIC and SLTN, as the "Buyer" and Kris Agrawal and Kris K. Agrawal, et al, Exxon Oil & Gas, Inc., Vance-1 Properties, LLC, as the "Seller" (the Agrawal Acquisition Agreement"), with an effective date of April 04, 2024

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

SILVERTON ENERGY, INC. entered into AHIC Acquisition Agreement with American Heritage Investment Capital, LP. ("AHIC") valued at $81,000,000 (effective 2024-05-01).

Action: entry
Agreement: asset purchase
Counterparty: American Heritage Investment Capital, LP. ("AHIC")
Value: $81,000,000
Effective: 2024-05-01

Exact text from the filing

On May 01, 2024, the Company entered into an "Acquisition Agreement" between the Company as the Buyer, and American Heritage Investment Capital, LP. ("AHIC"), (the "AHIC Acquisition Agreement"

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Source: SEC EDGAR

accession 0001683168-24-003170

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