Current Report Filing (8-k)
February 21 2018 - 1:23PM
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)
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February
8, 2018
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Park
Place Energy Inc.
(Exact
name of registrant as specified in its charter)
Delaware
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000-55539
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47-4488552
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(State
or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS
Employer
Identification No.)
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Suite
700, 838 West Hastings Street, Vancouver
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V6C
0A6
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code
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1
(250) 996-421
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N/A
(Former
name or former address, if changed since last report.)
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:
[ ]
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ]
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ]
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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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[ ]
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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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Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company
[ ]
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
ITEM
2.01
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COMPLETION
OF ACQUISITION OR DISPOSITION OF ASSETS
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ITEM 3.02
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UNREGISTERED
SALES OF EQUITY SECURITIES
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On
February 20, 2018, Park Place Energy Inc. announced that our company has acquired an additional 12.25% of the South Akcakoca Sub
Basin (“SASB”) gas field bringing our total interest to 49%.
The
purchase price for the additional interest was US$265,000 and 1.5 million shares of the company’s common stock. The company
completed the purchase on February 8, 2018. Approval was received by regulators in late 2017, thereby allowing for the acquisition
to proceed. We issued the 1.5 million common shares to one (1) non-US person (as that term is defined in Regulation S of the
Securities
Act of 1933
), in an offshore transaction relying on Regulation S of the
Securities Act of 1933
, as amended.
The
SASB gas field is a shallow water offshore field located in the Black Sea, Turkey, with four platforms and several producing wells.
Park Place is optimistic that the field has untapped potential and is working on assembling a program that will include six workovers,
drilling two undeveloped discoveries and drilling one low risk exploration target from existing platforms, all which is expected
to yield immediate gas production and revenues. The current price received for gas is approximately $6.25/mcf to the pipeline.
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.
PARK
PLACE ENERGY INC.
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/s/
Arthur Halleran
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Arthur Halleran
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President
and Chief Executive Officer
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Date: February
21, 2018
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