SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 27, 1998
Lyric International, Inc.
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(Exact name of registrant as specified in its charter)
Colorado 0-09800 75-1711324
(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
16901 Dallas Parkway, #111, Dallas, Texas 75248
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (972) 713-7163
THIS AMENDMENT ON FORM 8-K/A TO THE REGISTRANT'S FORM 8-K FILED ON AUGUST 11,
1998 FOR AN EVENT OCCURRING ON JULY 27, 1998 IS BEING FILED TO CORRECT THE
NUMBER OF THE REGISTRANT'S SERIES B PREFERRED STOCK REPORTED AS BEING ISSUED
IN CONNECTION WITH THE REPORTED EVENT. 13,500 SHARES WERE ISSUED AND NOT
1,350 SHARES.
ITEM 5. Other Events.
On July 27, 1998, Lyric International, Inc. ("Lyric") acquired a
producing and non-producing oil property in Mitchell County, Texas for an
aggregate purchase price of $1,800,000. The seller of the property received
$240,000 cash, 13,500 shares of the Lyric's Series B Preferred Stock and a
promissory note in the amount of $210,000, which bears an interest rate of
eight percent. Lyric obtained a loan for the cash portion of the purchase
price from Brent Wagman, Lyric's Chairman of the Board. The loan from Mr.
Wagman is evidenced by a note bearing an interest rate of eight percent per
year. The note is payable one year from the date of the note in cash or in
shares of Lyric's common stock based on the market price of the stock at such
time.
Lyric has obtained a 100 % working interest and a 78% net revenue
interest in the property. The property covers 600 acres, all of which are
developed. The property contains a total of 57 wells, including 48 wells that
are shut-in, eight producing wells, and one injection well. There have not
been any new wells drilled on the property during the last three years and
there are not any delivery commitments with respect to any of the oil on the
property.
The property is subject to mortgages in the aggregate amount of $110,000
and asserted liens in the aggregate amount of $81,962.
Lyric estimates that the total net proved reserves of the property
include 120,000 barrels from producing wells and 558,000 barrels from shut-in
wells. Lyric's reserve estimates have not been reviewed by an independent
petroleum engineer and were developed using various geological and engineering
data information. Reserve estimates are inherently imprecise and are
continually subject to revisions based on production history, and results of
additional exploitation and development.
Lyric currently plans to re-enter the 48 shut-in wells on the property
and complete the necessary work to recommence production. There is not
however any assurance that this will occur or that Lyric will be successful in
re-entering the shut-in wells on a profitable basis.
# # #
This report contains forward-looking statements regarding Lyric
International, Inc.'s future plans based on assumptions that Lyric believes to
be reasonable. A number of risks and uncertainties could cause actual results
to differ materially from these statements, including without limitation, the
timeliness of development activities, fluctuations in oil and gas prices, and
other risk factors described from time to time in Lyric's reports filed with
the Securities and Exchange Commission. In addition, Lyric operates in an
industry in which security values are volatile and may be influenced by
economic and other factors beyond Lyric's control.
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.
Date: September 3, 1998 LYRIC INTERNATIONAL, INC.
By: /s/ Brent Wagman
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Brent Wagman
Chairman of the Board