Diversified Resources Inc. cancelled the acquisition of oil and gas properties in the Horseshoe-Gallup field in San Juan County, New Mexico from BIYA Operators Inc.
On August 7, 2014 the agreement was amended such that Diversified Resources would acquire all of the outstanding shares of the independent oil and gas company for the same price. Brandt Thrower and Paul Laird of Thrower Law Firm, P.C acted as legal advisor to Diversified Resources, Inc.
Diversified Resources Inc. (OTCPK:DDRI) cancelled the acquisition of oil and gas properties in the Horseshoe-Gallup field in San Juan County, New Mexico from BIYA Operators Inc. on October 7, 2014. On October 7, 2014 Diversified and BIYA operators reached a new agreement which replaced, in its entirety, the June 6, 2014 agreement and the August 7, 2014 amendment. Pursuant to the terms of the new agreement, Diversified will acquire approximately 98% of the outstanding shares of the independent oil and gas company for cash of $0.5 million, 0.9 million restricted shares of our common stock, a promissory note in the principal amount of approximately $1.8 million and the assumption of liabilities of the independent oil and gas company in the approximate amount of $1.7 million (subject to adjustment for unknown liabilities).