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
Date of Report (date of earliest event reported): August 1, 2002
MID-POWER SERVICE CORPORATION
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(Exact name of registrant as specified in its charter)
Nevada 2-85602-D 87-0398403
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
3800 Howard Hughes Parkway
Suite 860A
Las Vegas, Nevada 89109
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(Address of principal executive offices) (Zip Code)
(702) 214-3615
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(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS
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Mid-Power Service Corporation has entered into a farmout agreement,
through its subsidiary Mid-Power Resource Corporation, to provide approximately
$1.0 million in funding for an initial test to be drilled by Petrogulf
Corporation, Denver, Colorado, as operator, in the Lakeside Prospect in Cameron
Parish, Louisiana. The Claude Boudreaux No. 1 well will test the Marg. Howei
Sands at a target depth of approximately 16,300 feet.
The Company has agreed to pay approximately $1.0 million to participate
in the prospect and the prospect well for a 25% working interest in the well and
the approximately 606 gross acre prospect. The earned 25% working interest will
equate to a 16.125% working interest (11.77% net revenue interest) retained by
the Company and an 8.875% working interest (6.48% net revenue interest) received
by Edward Mike Davis, a principal stockholder of the Company who brought the
prospect to it. The Company has agreed to carry Davis's costs in the above
working interest percentage through the tanks or pipelines for any additional
wells drilled, worked over or recompleted.
The Lakeside Prospect contains an extension of a series of fault blocks
productive from the Marg. Howei Sands outside the prospect.
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ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
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(a) Financial Statements of Business Acquired. N/A
(b) Pro Forma Financial Information. N/A
(c) Exhibits. The following exhibits are filed with this report on
Form 8-K:
SEC
Exhibit Reference
Number Number Title of Document Location
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Item 10 Material Contracts
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10.01 10 Letter Agreement dated August 1, 2002, This filing
between Petrogulf Corporation and Mid-Power
Resource Corporation
10.02 10 Letter Agreement dated August 1, 2002, This filing
between Mid-Power Resource Corporation
and Edward Mike Davis
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SIGNATURES
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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.
MID-POWER SERVICE CORPORATION
Dated: August 15, 2002 By: /s/ Kenneth M. Emter
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Kenneth M. Emter, Secretary/Treasurer
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