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 28, 2011
______________
TX Holdings, Inc. |
||
(Exact Name of Registrant as Specified in Its Charter) |
______________
Georgia |
(State or Other Jurisdiction of Incorporation) |
000-32335 |
58-2558701 |
|
(Commission File Number) |
(IRS Employer Identification No.) |
12080 Virginia Blvd | ||
Ashland, Kentucky | 41102 | |
(Address of Principal Executive Offices) |
(Zip Code) | |
(305)420-6781
(Registrant's telephone number, including area code)
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):
⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Section 1-Registrants' Business and Operations
Item 1.01 Entry into Material Definitive Agreement
On January 28, 2011 TX Holdings,Inc entered into an agreement with Masada Oil & Gas Inc. to acquire the remaining 25% working interest in the Park's lease which the Company currently owns a 75% working interest.
As part of the agreement, the Company also acquired a storage building and approximately two acres of land. In return, the Company will relinquish an 8.5% working interest which it currently holds in the Contract Area 1 lease, pay the sum of $10,000 and, assume the current 25% lease owners' liability estimated at approximately $20,000.
The additional 25% working interest will increment the Company's share on the Park's lease revenue stream and, focus the Company in raising the lease current production level.
Item 9.01 Financial Statements and Exhibits
Exhibit No. |
Description |
99 | Press Release |
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.
Dated: February 2, 2011 |
TX Holdings, Inc. |
|
(Registrant) | ||
By: /s/ William "Buck" Shrewsbury |
||
William "Buck" Shrewsbury, Chairman |