Current Report Filing (8-k)
January 14 2022 - 2:16PM
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): December 30, 2021
Petrolia
Energy Corporation
(Exact
name of Registrant as specified in its charter)
Texas
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000-52690
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86-1061005
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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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710
N. Post Oak Rd., Ste. 400, Houston, Texas
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77024
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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: (832) 723-1266
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 (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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☐
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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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Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class
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Trading
Symbol(s)
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Name
of each exchange on which registered
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Common
Shares
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BBLS
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OTC
Pink
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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. ☐
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Item
8.01 Other Events
Petrolia
Energy Corporation (“Petrolia” or the “Company”) is the operator of thirty-eight (38) inactive wells in New Mexico,
at the Twin Lakes San Andres Unit (“TLSAU”). TLSAU is located 45 miles from Roswell, Chaves County, New Mexico.
As
previously reported and in Petrolia’s Form 8-K dated October 25, 2021 (reference to which is hereby made), on April 8, 2021, the
State of New Mexico Energy, Minerals and Natural Resources Department, Oil Conservation Division (the “OCD”) issued a Notice
of Violation (the “NOV”) to Petrolia alleging that the Company violated four regulations under Title 19, Chapter 15 of the
New Mexico Administrative Code (the “NMAC”) by: (i) failing to file production reports for certain wells, (ii) exceeding
the number of inactive wells allowed, (iii) failing to provide financial assurance in the amount required, and (iv) failing to provide
additional financial assurance in the amount required.
The
Company acknowledged the violations alleged in the NOV and requested an informal resolution. On December 30, 2021, to resolve this matter,
Petrolia entered into a Stipulated Final Order ( the “SFO”) in Case No. 21982 with the OCD whereby Petrolia among other things
agreed to: (i) submit appropriate forms for wells identified on the SFO Inactive Well List, (ii) plug the specific TLSAU wells listed
in section 8 (c) and (d) of the SFO, as well as submit all required information and forms specified in the SFO, (iii) open an escrow
account meeting the terms listed in the SFO, (iv) deposit funds into an escrow account within the timeframe described in the SFO, and
(v) provide the OCD with a report proposing deadlines for bringing all remaining wells into compliance. A copy of the SFO is being submitted
as an exhibit with this filing.
Item 9.01 Financial Statements and Exhibits.
*
Furnished herewith.
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.
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Petrolia
Energy Corporation
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/s/
Mark M. Allen
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Mark
M. Allen
Chief
Executive Officer
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Date:
January 14, 2022
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