-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, U7agEWkWR7CqsZQ/BdFn1TE1hJJZFKCKng+krfGNwsQU3P2vUbBU27jaV4EA2mfN 5UHfGq2UXzUHbar63MoqrQ== 0001038838-07-000311.txt : 20070510 0001038838-07-000311.hdr.sgml : 20070510 20070509192337 ACCESSION NUMBER: 0001038838-07-000311 CONFORMED SUBMISSION TYPE: 424B3 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20070510 DATE AS OF CHANGE: 20070509 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PAXTON ENERGY INC CENTRAL INDEX KEY: 0001342643 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 201399613 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 424B3 SEC ACT: 1933 Act SEC FILE NUMBER: 333-136199 FILM NUMBER: 07834185 BUSINESS ADDRESS: STREET 1: 2533 NORTH CARSON STREET STREET 2: SUITE 6232 CITY: CARSON CITY STATE: NV ZIP: 89706 BUSINESS PHONE: 775-8415049 MAIL ADDRESS: STREET 1: 2533 NORTH CARSON STREET STREET 2: SUITE 6232 CITY: CARSON CITY STATE: NV ZIP: 89706 424B3 1 form424b3.htm SUPPLEMENT TO PROSPECTUS DATED APRIL 11, 2007

Supplement to Prospectus dated April 11, 2007

 

PAXTON ENERGY, INC.

 

This supplement contains information that supplements and updates our prospectus

dated April 11, 2007. Since it contains only the most recent developments, this supplement

should be read in conjunction with such prospectus.

 

Common Stock Quoted for Trading

 

Our common stock is traded in the over-the-counter market and now is quoted on the OTC Bulletin Board under the symbol “PXTE.”

 

Letter of Intent to Acquire East Thirteen Oil Field

 

On May 9, 2007, we signed a letter of intent to purchase all of the stock of a privately held corporation owning certain producing interests, principally in the East Thirteen Field, located in Frio and Dimmit Counties Texas, for $5.3 million in cash and 500,000 shares of our common stock.

 

The letter of intent proposes the fundamental terms for the purchase by us of working interests in 18 gross (nine net) producing oil and gas wells and the associated proven un-developed locations and undrilled acreage. The wells have been producing oil and gas from the Olmos formations at depths of from 3,400 to 4,000 feet since approximately 2003. We have the option to increase the percentage working interests to be acquired in specified wells according to an agreed pricing formula.

 

The letter of intent provides the basis for a definitive agreement to be negotiated and signed, subject to specified conditions and due-diligence satisfactory to us, on or before July 1, 2007. This transaction is subject to the negotiation and execution of a definitive agreement, our obtaining the required financing facility, the completion of audited financial statements and a third party reserve report respecting the purchased properties, compliance with legal requirements, the satisfaction of representations, warranties and covenants, and other items, all to the satisfaction of our board of directors. We expect to close the purchase during the third quarter of 2007.

 

 

The date of this prospectus supplement is May 9, 2007.

 

 

 

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