SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K Current Report Under to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (date of earliest event reported): November 15, 1996 Commission File Number: 0-14096 FORELAND CORPORATION (Exact Name of Registrant as Specified in its Charter) Nevada 87-0422812 (State or other jurisdiction of (IRS Employer incorporation or organization) Identification No.) 12596 W. Bayaud Avenue Suite 300, Lakewood, Colorado 80228 (Address of Principal Executive Offices) (Zip Code) Registrant's Telephone Number, including Area Code: (303) 988-3122 N/A (Former name, former address, and formal fiscal year, if changed since last report) ITEM 2. ACQUISITION OF ASSETS In November 1996, the Company purchased from Plains Petroleum Operating Company, a wholly-owned subsidiary of Barrett Resources Corporation ("Barrett"), its 40% working interest in the Eagle Springs field, including related wells, fixtures, facilities, and equipment, effective as of August 1, 1996. With this purchase of the 40% minority interest, the Company will own 100% of the working interest in this field in which it is conducting an ongoing development program. The purchase price for the 40% working interest was $2.5 million, with adjustments for oil sales, oil inventory, operating expenses, and accrued unpaid property and production taxes after that date for a net amount of approximately $2.4 million delivered at the closing of the transaction on November 15, 1996. The purchase of the working interest was pursuant to the Company's exercise of its right of first refusal to purchase such interest on the same terms as offered by Barrett to third parties and was the result of arm's length negotiations. The source of funds for the acquisitions was approximately $1.4 million from net proceeds received from the sale of equity securities during the fourth fiscal quarter and $1 million drawn under the Company's recently established bank credit facility with Colorado National Bank, Denver, Colorado. (See the Company's quarterly report on form 10-Q for the quarter ended September 30, 1996.) ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (a) Financial statements of businesses acquired. Not applicable. (b) Pro forma financial information. Not applicable. (c) Exhibits. The following exhibit is included as part of this report: SEC Exhibit Reference Number Number Title of Document Location - ------- --------- --------------------------------------- ---------- 2.01 2 Purchase and Sale Agreement dated This November 14, 1996, between Plains Filing Petroleum Operating Company an Eagle Springs Production Limited Liability Company, respecting the purchase of Plains' interest in the Eagle Springs field, with related Assignment, Conveyance, and Bill of Sale SIGNATURES 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. Dated: November 22, 1996 FORELAND CORPORATION By:/s/ N. Thomas Steele, President