Posted On: 04/24/2013 2:39:29 PM
Post# of 29744
PPTO -
PPTO -PRECISION PETROLEUM CORP FILES (8-K) Disclosing Entry into a Material Definitive Agreement, Financial Statements and Exhibits Edgar Online "Glimpses"
Item 1.01. Entry into a Material Definitive Agreement.
On April 18, 2013 , Precision Petroleum Corporation (the "Company") entered into a Licensing Agreement with Nefco Petroleum, LLC ("Nefco"), pursuant to which the Company obtained from Nefco the right to license, use and sublease to other users certain proprietary equipment and processes relevant to the "frackless" drilling and mineral extraction technology commonly known as Direction Frackless Technologies ("DFT Systems") for an initial Term of ten (10) years.
Pursuant to the terms of the Licensing Agreement, the Company shall pay to Nefco a five percent (5%) royalty for the entire length of this Licensing Agreement with a Minimum Guarantee of USD $125,000.00 . All costs and any applicable taxes associated with the DFT Systems and equipment shall be borne by the Company.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits 10.1 Licensing Agreement dated April 18, 2013 by and between the Company and Nefco Petroleum, LLC
PPTO -PRECISION PETROLEUM CORP FILES (8-K) Disclosing Entry into a Material Definitive Agreement, Financial Statements and Exhibits Edgar Online "Glimpses"
Item 1.01. Entry into a Material Definitive Agreement.
On April 18, 2013 , Precision Petroleum Corporation (the "Company") entered into a Licensing Agreement with Nefco Petroleum, LLC ("Nefco"), pursuant to which the Company obtained from Nefco the right to license, use and sublease to other users certain proprietary equipment and processes relevant to the "frackless" drilling and mineral extraction technology commonly known as Direction Frackless Technologies ("DFT Systems") for an initial Term of ten (10) years.
Pursuant to the terms of the Licensing Agreement, the Company shall pay to Nefco a five percent (5%) royalty for the entire length of this Licensing Agreement with a Minimum Guarantee of USD $125,000.00 . All costs and any applicable taxes associated with the DFT Systems and equipment shall be borne by the Company.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits 10.1 Licensing Agreement dated April 18, 2013 by and between the Company and Nefco Petroleum, LLC
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