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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Royalite Petroleum Company Inc (CE) | USOTC:RYPE | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.000001 | 0.00 | 01:00:00 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
November 30, 2007
Date of Report (Date of
earliest event reported)
ROYALITE PETROLEUM COMPANY
INC.
(Exact name of registrant as specified in its
charter)
NEVADA | 000-26729 | 88-0427619 |
(State or other jurisdiction of | (Commission File | (IRS Employer Identification No.) |
incorporation) | Number) |
3001 Riviera Road | |
Austin, TX | 78733 |
(Address of principal executive offices) | (Zip Code) |
(512) 402-0909
Registrant's telephone number,
including area code
810 Peace Portal Drive, Suite 201
Blaine, WA 98230
Tel: 360-201-0400
(Former name or former
address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
____ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
____ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a -12)
____ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d -2(b))
____ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c))
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On November 30, 2007, Royal Petroleum Company Inc. (the Company) entered into a Consulting Agreement (the Consulting Agreement) with CRG Partners, Inc. (CRG) to provide the Company with certain services including shareholder information and public relations. The Consulting Agreement is for a term of six (6) months.
In consideration for CRGs services, the Company has issued 100,000 shares of common stock to CRG. The shares were issued pursuant to Rule 506 of Regulation D of the Securities Act of 1933 (the Securities Act). CRG has represented to the Company that it is an accredited investor as defined under Rule 501 of Regulation D.
A copy of the Consulting Agreement is attached hereto as an exhibit to this Current Report on Form 8-K.
ITEM 7.01 REGULATION FD DISCLOSURE
Private Placement of Promissory Notes
The Company reports that on December 4, 2007, its board of directors approved an offering of up to $250,000 of 8% convertible notes. The convertible notes will be due on December 31, 2009 and will bear interest at 8% per annum payable annually and will be issued in reliance of exemptions from applicable securities laws.
There is no assurance that the offering of convertible notes will be completed on the above terms or at all.
The above does not constitute an offer to sell or a solicitation of an offer to buy any of the Companys securities in the United States. The securities have not been registered under the United States Securities Act of 1933, as amended and may not be offered or sold within the United States or to U.S. persons unless an exemption from such registration is available.
Keystone Project and Green River Prospect
The Company reported that under the terms of its letter agreement dated October 1, 2007 with Central Utah Lease Acquisition, L.P. (CULA), the Companys option to acquire 62.5% of CULAs interest in an oil and gas project known as the Keystone Project in Utah expired on November 21, 2007. The Company is attempting to negotiate a further option to acquire the Keystone Project. There is no assurance that the negotiations will be successful.
The Company also reported that its amended letter of intent dated October 2, 2007 with Twilight Resources, LLC (Twilight), has expired as the parties were unable to reach a formal agreement by November 20, 2007. The amended letter of intent set out the proposed terms under which the Company would acquire an undivided 50% of Twilights leasehold interest in a project known as the Green River Prospect in Utah. The Company is attempting to negotiate an extension to acquire the leasehold interest in the Green River Prospect. There is no assurance that the negotiations will be successful.
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ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits .
Exhibit | ||
Number | Description of Exhibit | |
10.1 |
Consulting Agreement dated November 30, 2007 between CRG Partners, Inc. and the Company. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ROYALITE PETROLEUM COMPANY INC. | |
Date: December 6. 2007 | |
By: /s/ Logan B. Anderson | |
____________________________ | |
LOGAN B. ANDERSON | |
Chief Financial Officer |
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