Item 1.01 Entry into a Material Definitive Agreement.
On December 30, 2011, we entered into a Purchase and Sale Agreement under which
we agreed to sell all of our oil and gas leases in the Grover Field in Weld
County, Colorado to Bill Barrett Corporation for $4,540,800 (subject to
customary purchase price adjustments). The transaction is effective as of
January 1, 2012, with the initial closing and payment of $3,000,000 of the
purchase price occurring on December 30, 2011. The final closing and receipt of
the remainder of the purchase price, as adjusted, is expected to occur on
February 10, 2012.
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