Material Agreement Form 8 K

Item 1.01. Entry Into A Material Agreement.

On June 27, 2024, we entered into a purchase and sale agreement (the "Purchase and Sale Agreement") with a private seller, pursuant to which we have agreed to purchase all the rights, title and interest in and to various oil, gas, condensate, and other hydrocarbons that may be produced and saved from the lands described in certain oil, gas and mineral leases (the "Property"), for the purchase price of $220,000 in cash. The Purchase and Sale Agreement includes customary representations, warranties and covenants for a transaction of this type. The acquisition is subject to customary closing conditions, including the receipt of adequate financing, and is expected to close on or about July 26, 2024, or may be extended up to 90 days from June 27, 2024. Pursuant to the terms of the Purchase and Sale Agreement, we are entitled to the cash flow from oil and gas production attributable to the Property beginning on July 1, 2024. The Company is working to secure the requisite financing to complete this acquisition.

The foregoing description of the Purchase and Sale Agreement is a summary and, as such, does not purport to be complete and is subject to and qualified in its entirety by reference to the full text of the Purchase and Sale Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K, which is incorporated herein by reference.