Trailblazer Resources, Inc. (OTCPK:TBLZ) entered into an agreement to acquire assets of Temple Mountain Energy, Inc. for $9.3 million in stock on July 20, 2012. As a part of transaction, Trailblazer would not acquire any of Temple Mountain Energy's liabilities. As consideration, Trailblazer will issue its 26.5 million shares representing approximately 48.6% stake of Trailblazer. Temple Mountain Energy will establish a debt retirement escrow account for the purpose of retiring the debt retained by Temple Mountain Energy upon completion of the asset sale to Trailblazer. Temple Mountain Energy will deposit 1.5 million shares into the escrow account, with an additional 1.5 million shares to be contributed by Trailblazer. Temple Mountain Energy will also establish an environmental liability escrow and deposit 1 million of the shares issued to it into the escrow account.

The transaction is subject to approval from Temple Mountain Energy's shareholders, completion of due diligence, and completion of the regulatory process. As of August 13, 2012, Temple Mountain Energy agreed to extend the approval by Temple Mountain Energy shareholders to August 20, 2012 from August 10, 2012. As on September 24, 2012, majority of the shareholders of Temple Mountain Energy had approved the proposed acquisition with slight modifications to the deadline dates. As reported, date for the completion of the due diligence is November 30, 2012 and closing date of the transaction is December 17, 2012.

On December 17, 2012, Trailblazer Resources extended the term of the agreement until January 31, 2013. As on December 20, 2012, Temple Mountain now allows Trailblazer to complete its due diligence on the acquisition.

Trailblazer Resources, Inc. (OTCPK:TBLZ) cancelled the acquisition of assets of Temple Mountain Energy, Inc. on April 12, 2013. The deal was cancelled since the results of Trailblazer's due diligence investigation of Temple Mountain Energy were not satisfactory.