Silverton Energy amends 8-K to disclose two oil & gas lease acquisitions totaling $84.5M

SILVERTON ENERGY, INC.

Acquired AHIC oil & gas leases for $81M via 20-year non-interest promissory note; $52M initial purchase price noted.
Acquired Agrawal working/royalty interests for $3.5M via convertible note, effective April 4, 2024.
Corrected Class A common share count to 95,100,000 issued; updated beneficial ownership of CEO (32M shares).
Assets held in escrow pending full payment; AHIC note includes credit for institutional investor introductions.
Company aims to build Osage Nation oil & gas lease portfolio while avoiding operator liability.

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 0.95

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 purchase price payable via convertible note convertible into Class A Common Stock (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 purchase price payable via convertible note convertible into Class A Common Stock
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 [ see EX 2.01B ].

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Source: SEC EDGAR

accession 0001683168-24-003179

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