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
July 18, 2008
(Date of earliest event reported)
PETROSEARCH ENERGY CORPORATION
(Exact name of Small Business Issuer as specified in its charter)
| NEVADA | 20-2033200 |
| (State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |
| | |
| | 1311 |
| | (Primary Standard Industrial Classification Code) |
| 675 Bering Drive, Suite 200 | |
| Houston, Texas | 77057 |
| (Address of principal executive offices) | (Zip Code) |
(713) 961-9337
Issuer’s telephone number, including area code
| ITEM 2.01 | COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS |
On July 18, 2008 our wholly owned subsidiary, Barnett Petrosearch L.L.C., closed on the sale of its 5.54455% limited partnership interest in DDJET Limited LLP (“DDJET”) to Cinco County Barnett Shale LLC (“Cinco”), one of the other two partners in DDJET, for a cash purchase price of $36,000,000. At closing the Company received a cash payment of $30,729,008, the net amount after deducting the $1,800,000 down payment received from Cinco on June 26, 2008 and $3,470,992 of costs owed by the Company which were to be paid directly to the Operator of DDJET at the closing. The terms and conditions of the transaction were the result of extensive arm’s length negotiations between the parties.
A copy of the press release related to this transaction is attached hereto as Exhibit 99.1.
| ITEM 9.01 | FINANCIAL STATEMENTS AND EXHIBITS |
(d) Exhibits
| Exhibit Number | Description |
| Press release dated July 21, 2008 |
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.
| | PETROSEARCH ENERGY CORPORATION |
| Date: July 21, 2008 | |
| | By: /s/ Richard D. Dole |
| | |
| | Richard D. Dole |
| | Chief Executive Officer and President |
