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) :
May 6, 2010
 
 
Chancellor Group, Inc.
(Exact name of registrant as specified in its charter)
 
 
Nevada
000-30219
87-0438647
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
 
216 South Price Road
Pampa, TX 79065
(Address of principal executive offices) (Zip Code)
 
Registrant’s telephone number, including area code:  (806) 688-9697

None
(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 ( see General Instruction A.2. below):

o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
 
 
 
Section 1 – Registrant’s Business and Operations

Item 1.01     Entry into a Material Definitive Agreement.

Section 2 – Financial Information

Item 2.01     Completion of Acquisition or Disposition of Assets.

On May 6, 2010, Gryphon Production Co., LLC (the “Subsidiary”), a wholly-owned subsidiary of Chancellor Group, Inc. and Charlie Heater, d/b/a H 5 Producers, a sole proprietorship (“Seller”), entered into a Purchase Agreement (the “Purchase Agreement”) made to be effective as of May 1, 2010, pursuant to which the Subsidiary will purchase all of the oil, gas and casinghead gas leasehold estates of Seller located in Hutchinson County, Texas, and all or substantially all of the equipment, structures and personal property located upon the land subject to such leasehold estates and used in connection with Seller’s oil and gas operations. This transaction is expected to close on or before May 24, 2010. The purchase price of the transaction is $150,000. In addition, Subsidiary agreed to pay Seller for 97.44 total barrels of crude petroleum, less production taxes, at the then-posted price in the Texas Panhandle, such payment to be made by Subsidiary from proceeds received by Subsidiary from its sale of the first load of oil from the purchased leasehold estates.

The summary above does not purport to be complete and is qualified in its entirety by reference to the actual text of the Purchase Agreement as filed as Exhibit 10.1 to this Current Report on Form 8-K (incorporated herein by reference).

Section 9 – Financial Statements and Exhibits

Item 9.01.  Financial Statements and Exhibits.

(c) Exhibits.  The following materials are filed as exhibits to this Current Report on Form 8-K;

Exhibit No.
Description

10.1
Purchase Agreement by and between Charlie Heater, d/b/a H 5 Producers, a sole proprietorship, and Gryphon Production Co., LLC, dated as of May 6, 2010
 

 
 
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:  May 10, 2010          Chancellor Group, Inc.  
    (Registrant)  
       
By:
/s/ Maxwell Grant   
    Maxwell Grant  
    Chief Executive Officer  
 
 
 
 
 
EXHIBIT INDEX

Exhibit No.
Description

10.1
Purchase Agreement by and between Charlie Heater, d/b/a H 5 Producers, a sole proprietorship, and Gryphon Production Co., LLC, dated as of May 6, 2010

 
 
 
 
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