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 16, 1999
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 5. OTHER EVENTS
- -------------------------------------------------------------------------------
Foreland Corporation announced on November 16, 1999, that it had agreed
to surrender voluntarily the assets securing its principal indebtedness
with a current outstanding balance of approximately $13.5 million. The Foreland
assets to be conveyed consist of Foreland's Eagle Springs Field and other
producing properties, its refining and marketing operations, its transportation
company, a principal exploration prospect, and related database.
Foreland will cooperate in the foreclosure litigation to complete the
conveyances.
The surrender does not include the balance of Foreland's Nevada oil
exploration database that it has accumulated during the past approximately 15
years on other exploration prospects. In addition, Foreland has retained for
six months the right to participate at a 50% interest in drilling ventures on
the principal exploration prospect in agreed circumstances. Foreland will
immediately seek additional capital in order to satisfy obligations to other
creditors, meet ongoing general and administrative expenses, and continue its
Nevada exploration program on its retained prospects.
- -------------------------------------------------------------------------------
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
- -------------------------------------------------------------------------------
(a) Financial statements of businesses acquired. None
(b) Pro forma financial information. None
(c) Exhibits. The following exhibit is included as part of this report:
SEC
Exhibit Reference
Number Number Title of Document Location
- -------------------------------------------------------------------------------
Item 10. Material Contracts
- -------- ------------------
10.01 10 Voluntary Surrender Agreement dated November This Filing
15, 1999 by and between Foreland
Corporation, its subsidiaries, and Energy
Income Fund, L.P.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
Dated: November 18, 1999
FORELAND CORPORATION
By /s/ Bruce C. Decker
----------------------------------
Bruce C. Decker, Vice-President