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REN > SEC Filings for REN > Form 8-K on 11-Jul-2014All Recent SEC Filings

Show all filings for RESOLUTE ENERGY CORP

Form 8-K for RESOLUTE ENERGY CORP


11-Jul-2014

Entry into a Material Definitive Agreement, Financial Statements and Exhibit


Item 1.01 Entry into a Material Definitive Agreement.

On July 7, 2014, Resolute Natural Resources Company, LLC ("RNRC"), a wholly owned subsidiary of Resolute Energy Corporation, Western Refining Southwest, Inc. ("Western") and Navajo Nation Oil and Gas Company ("NNOGC") entered into a new agreement relating to, among other matters, the sale and purchase of crude oil produced from Greater Aneth Field (the "New Agreement"). The New Agreement supersedes that certain Crude Oil Purchase Agreement dated August 31, 2011 between Western, as purchaser, and RNRC, as seller (the "Original Agreement") which Original Agreement was filed with the Securities and Exchange Commission on September 7, 2011 as Exhibit 10.1 to the Registrant's Current Report on Form 8-K.

Certain material terms of the New Agreement are as follows:

Volume and Price - The New Agreement covers volumes of up to 8,000 barrels per day (the "Base Volume") and an additional volume of up to 3,000 barrels per day (the "Additional Volume"). The discount to the NYMEX price is $9.50 per barrel, with future adjustments to reflect any increase in transportation costs from the field to the refinery.

Term - The New Agreement is effective until December 31, 2014, with the Base Volume commencing on July 1, 2014 and the Additional Volume commencing on June 1, 2014.

RNRC, Western and NNOGC are currently in negotiations regarding a crude oil purchase agreement for the two-year period beginning on January 1, 2015 and expect to finalize and execute this agreement prior to the expiration of the New Agreement. The foregoing summary of the New Agreement is qualified in its entirety by reference to the copy of the New Agreement attached hereto as Exhibit 10.1 and incorporated herein by reference.



Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.       Description

10.1              Crude Oil Purchase Agreement dated July 7, 2014, among Western
                  Refining Southwest, Inc., Resolute Natural Resources Company, LLC
                  and Navajo Nation Oil and Gas Company.


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