Current Report Filing (8-k)
March 19 2019 - 4:02PM
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):
March 15, 2019
Texas
South Energy, Inc.
(Exact
name of registrant as specified in its charter)
Nevada
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333-171064
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99-0362471
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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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4550
Post Oak Place Dr., Suite 300
Houston,
TX 77027
(Address
of principal executive offices and Zip Code)
Registrant's
telephone number, including area code:
(713) 820-6300
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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☐
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR240.14d-2(b))
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Soliciting
material pursuant to Rule 14a-12 under Exchange Act (17 CFR240.14a-12)
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR240.14d-2(b))
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR240.13e-4(c))
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Item
1.02 Termination of a Material Definitive Agreement.
Disclosure
set forth in Item 8.01 below is incorporated herein by reference.
Item
8.01 Other Events.
As
of March 15, 2019, the Company has been declared to be in default under the terms of its joint operating agreement with GulfSlope
Energy, Inc. regarding the payment of $1,299,229 due as of February 12, 2019 with respect to drilling the Tau Prospect in the
Gulf of Mexico Outer Continental Shelf. GulfSlope, the Operator of the Tau Prospect, asserts that additional billings by GulfSlope
to the Company during the past 30 days have increased the total amount due to $1,915,304 as of March 15, 2019. Drilling of the
Tau Prospect continues which will result in further amounts owed by the Company to GulfSlope. The operating agreement grants a
lien and security interest on the Company’s interest in the leases comprising the Tau Prospect, and grants to the operator
the right to pursue foreclosure of the lien and security interest. The Company is using its best efforts to raise capital to fund
its obligations under the operating agreement with GulfSlope regarding the drilling of the Tau Prospect. If the Company fails
to raise needed capital and foreclosure is pursued and is successful, this could result in a loss of all of the Company’s
rights in the Tau Prospect.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
Date:
March 19, 2019
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TEXAS SOUTH ENERGY, INC.
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By:
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/s/ Michael
J. Mayell
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Michael J. Mayell, Chief Executive Officer
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