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): December 10, 2002
MID-POWER SERVICE CORPORATION
----------------------------------------------------
(Exact name of registrant as specified in its charter)
Nevada 2-85602-D 87-0398403
- ----------------- ------------- --------------------
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
3800 Howard Hughes Parkway
Suite 860A
Las Vegas, Nevada 89109
- ------------------------------------------ -----------
(Address of principal executive offices) (Zip Code)
(702) 214-3615
----------------------------------------------------
(Registrant's telephone number, including area code)
- --------------------------------------------------------------------------------
ITEM 5. OTHER EVENTS
- --------------------------------------------------------------------------------
Payment Due December 10, 2002
Mid-Power Service Corporation (the "Company") did not deposit $10,000,000 into
escrow on December 10, 2002, as required by the terms of the promissory note
issued to Edward Mike Davis in connection with the June 2002 acquisition of the
Clear Creek property, which was effected by merging the Company's wholly-owned
subsidiary into Red Star, Inc., which then owned the Clear Creek property.
Pursuant to the note, the Company was required to deposit the $10,000,000 into
escrow by December 10, 2002, so that the escrowed amount could be delivered to
Mr. Davis on January 3, 2003.
At the time of executing the note, the Company executed and delivered to Mr.
Davis a judgment by confession. The judgment by confession provides that, in the
event the $10,000,000, together with interest as calculated in accordance with
the note, due Mr. Davis is not received by him on or before January 3, 2003,
Davis shall be entitled to obtain a judgment by confession against the Company
and to proceed to seek satisfaction of the judgment as provided by law.
Colorado and Wyoming Ventures
The Company executed agreements with Edward Mike Davis in September and October
2002 to earn a 35% working interest, equivalent to a 28% net revenue interest,
in oil and gas ventures in Washington County, Colorado and Laramie County,
Wyoming. Recently, Mr. Davis has asserted that we are in default on our Colorado
and Wyoming venture agreements based on a claimed failure to provide required
funding and that such defaults result in a forfeiture of our rights under those
agreements. The Company disagrees with the positions asserted by Mr. Davis.
- --------------------------------------------------------------------------------
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.
MID-POWER SERVICE CORPORATION
Dated: December 13, 2002 By: /s/ Rodney W. Lighthipe
------------------------------------
Rodney W. Lighthipe, Vice-President
2