Petrolia Energy (BBLSQ) Form 4 Petrolia Energy / Mark Merle Allen ownership change

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Allen Mark Merle

(Last) (First) (Middle)

4306 STONECROFT CIRCLE

(Street)

KATY TX 77450

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Petrolia Energy Corp [ BBLS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
President

3. Date of Earliest Transaction (Month/Day/Year)
12/22/2020

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	12/22/2020		A		1,000,000(1)	A	$0.03	8,957,299	D
Common Stock	05/04/2021		J		333,333	A	$0.09	9,290,632	D
Common Stock	05/04/2021		J		5,400,000(2)	A	$0.05	14,690,632	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Warrants to purchase Common Stock	$0.08	12/22/2020		A		1,000,000(1)		12/22/2021	12/22/2024	Common Stock	1,000,000	$0.08	1,000,000	D
Warrants to purchase Common Stock	$0.08	05/04/2021		A		5,400,000(2)		05/04/2021	05/04/2024	Common Stock	5,400,000	$0.08	6,400,000	D

Explanation of Responses:

1. On September 1, 2020, Mr. Allen entered into an Employment Agreement to serve as President of Petrolia Energy Corporation. As part of the compensation plan Mr. Allen received an award of 1,000,000 common shares and 1,000,000 warrants exercisable at $0.08/share.

2. On May 4, 2021, Mr. Allen converted $270,000 in debt to common shares at $0.05/share. Additionally, as a part of the Debt to Equity Conversion Agreement, Mr. Allen also received 5,400,000 warrants to purchase common stock at $0.08/share. The warrants are vested immediately and expire in three years.

	/s/ Mark Allen	05/26/2021
	** Signature of Reporting Person	Date
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