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): November 15, 2019

 

Texas South Energy, Inc.

(Exact name of registrant as specified in its charter)

 

Nevada		333-171064		99-0362471
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

 

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.

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR240.14d-2(b))

 

☐

Soliciting material pursuant to Rule 14a-12 under Exchange Act (17 CFR240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock		TXSO		OTCPK

  

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 8.01 Other Events.

 

Texas South Energy, Inc. (the “Company”) announced today that it has executed a settlement agreement with GulfSlope Energy, Inc. effective November 1, 2019 regarding the payment of Joint Interest Billing expenses associated with drilling operations on two offshore projects in the Gulf of Mexico. The charges, totaling $3,796,778, have been settled by the transfer of the Company’s 5% working interest in each of the Tau prospect (Ship Shoal Blocks 336 and 351) and Canoe prospect (Vermillion South Addition Block 378). The company participated in drilling a test well on each of those prospects in 2018 and 2019 both of which were completed as Dry Holes. In addition, the Company also transferred to GulfSlope one half of its 20% working interest (10%) in the Corvette prospect on Vermillion South Addition Block 375. As a result of this agreement, the Company has reduced its working capital deficit by more than 45%.

 

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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: November 15, 2019

 

	TEXAS SOUTH ENERGY, INC.
	By:	/s/  Michael J. Mayell
		Michael J. Mayell, Chief Executive Officer

 

 

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