U.S. 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: September 23, 2005
LEXINGTON RESOURCES, INC.
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(Exact Name of Small Business Issuer as Specified in its Charter)
NEVADA
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(State or other Jurisdiction as Specified in Charter)
00-25455 88-0365453
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(Commission file number) (I.R.S. Employer Identification No.)
7473 West Lake Mead Road
Las Vegas, Nevada 89128
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(Address of Principal Executive Offices)
702.382.5139
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(Issuer's telephone number)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
ITEM 1.01 ENTRY INTO A MATERAL DEFINITIVE AGREEMENT.
Barnett Shale Project
During June 2005, the Board of Directors of Lexington Resources, Inc., a Nevada
corporation (the "Company"), announced the execution of a definitive agreement
with a Texas-based limited partnership (the "Agreement"), regarding a horizontal
gas well drilling venture in the Jack, Wise, and Palo Pinto Counties in the
State of Texas (the "Barnett Shale Project"). Subsequent amendments to the
Agreement currently provide the Company with a greater working interest of 75%
to 100% in the wells to be drilled on the Barnett Shale Project and increase the
initial acreage of up to 3,600 net leasehold acres.
On September 25, 2005, the Board of Directors of the Company announced that it
closed its first lease acquisition on the Barnett Shale Project. In accordance
with the terms and provisions of the Agreement as amended, the Company acquired
approximately 2,325 net leasehold acres for payment of an aggregate amount of
$1,107,000. Management of the Company anticipates that this acquisition will
provide the Company with up to sixteen additional horizontal Barnett Shale gas
drilling sites with access to existing pipeline networks.
The proceeds utilized to acquire the net leasehold acreage were derived from the
Company's recently disclosed funding pursuant to the secured and convertible
note private placement with certain accredited investors (the "Private
Placement"). The Company also anticipates repayment of outstanding debt of
approximately $1,200,000 and repayment of approximately $960,000 in capital owed
for drilling advances to certain equity drilling partners from the proceeds
received from the Private Placement.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
99.1 Press Release dated September 20, 2005 - Lexington Resources Acquires First
Barnett Shale Leases.
SIGNATURES
In accordance with 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.
Lexington Resources, Inc.
Date: September 23, 2005 By:/s/ GRANT ATKINS
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Grant Atkins
President and Chief Executive Officer