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EESV.PK > SEC Filings for EESV.PK > Form 8-K on 4-Sep-2009All Recent SEC Filings

Show all filings for ENVIRONMENTAL ENERGY SERVICES INC | Request a Trial to NEW EDGAR Online Pro

Form 8-K for ENVIRONMENTAL ENERGY SERVICES INC


4-Sep-2009

Completion of Acquisition or Disposition of Assets, Financial S


Item 2.01 Completion of Acquisition or Disposition of Assets

On August 24, 2009, EESV Fayetteville, Inc. ("EESVF") entered into a Purchase and Sale Agreement (the "Sale Agreement") with Petrohawk Properties, L.P. ("Petrohawk") to sell its interest in the Fayetteville Shale Field for $3,800,000. EESVF is a wholly-owned subsidiary of Blaze Energy Corp. ("Blaze"), which is a majority owned subsidiary of Environmental Energy Services, Inc. ("EES"). Closing under the Sale Agreement occurred on September 3, 2009. The sales proceeds were substantially less than the book value of EESVF's interest in the Fayetteville

Shale Field. All net sales proceeds were used to satisfy a mortgage loan in the original principal amount of $500,000, and substantially all accounts payable and accrued expenses of EESVF and Blaze.



Item 9.01 Financial Statements and Exhibits

  Exhibit No.                             Description

     10.1       Purchase and Sale Agreement between EESV Fayetteville, Inc. and
                Petrohawk Properties, LP

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