Current Report Filing (8-k)
January 16 2018 - 6:06AM
Edgar (US Regulatory)
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): January 12, 2018
LIFE
LOGGER TECHNOLOGIES CORP.
(Exact
name of registrant as specified in its charter)
Nevada
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000-55505
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45-5523835
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(State
or other jurisdiction
of incorporation)
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(Commission
File No.)
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(IRS
Employer
Identification No.)
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11380
Prosperity Farms Road, Suite 221E
Palm
Beach Gardens, FL 33410
Tel:
214 561 7667
(Address
of principal executive offices, including Zip Code)
Check
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 (see General Instruction A.2. below)
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item
1.01
Entry
into Material Definitive Agreement:
On
January 9, 2018, the Company entered into a Asset Purchase Agreement, as of December 31, 2017, to acquire 94.8% of the working
interest in North West Lost Hills producing oil property from Sage Exploration & Production, Inc., in exchange for 6,821,584
shares of the Company’s SEC Rule 144 restricted common shares to be issued by the Company at closing.
A
third-party engineering report, places the volumetric valuation in the North West Lost Hills asset at 357,550 barrels; limited
only to the total of Proved Developed Producing Reserves (PDP) and Proved Developed Non-Producing (PDNP) Reserves. The Non-Discounted
value of these 2 reserve categories result in $25, 437,252; and the discounted value at 10% discount to $6,703,043 for the remaining
production life of these reserves.. The company has not included any value in this calculation for the additional categories of
Proven Undeveloped Reserves (PUD), Probable Undeveloped Reserves (PROB) or Possible Undeveloped Reserves (POSS).
Over
the next 12 months, we expect to increase production to 85 barrels per day from the current daily production of 15 barrels per
day; through improvements in our operating plan, reflecting specific production improvements from basic repairs, work-overs, re-entries,
and deepening of certain wells. Management believes that through this optimization, the number of barrels recoverable over the
life of the field can be improved to over 1 million barrels. Management also expects that this optimization should give the Company
additional capital, for acquisitions of other under-performing assets, improving cash flow, thereby minimizing shareholder dilution
and increasing shareholder value.
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.
Date:
January 12, 2018
Life
Logger Technologies Corporation
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/s/
Stewart Garner
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By:
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Stewart
Garner
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Its:
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Chief
Executive Officer
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