Item 2.01. Completion of Acquisition or Disposition of Assets.
On March 15, 2021, the Company believed it had completed a transaction whereby
it acquired One Hundred percent (100%) of the ownership interests of Torrance
Petroleum LLC, a Wyoming limited liability company, in exchange for transfer of
Sixty Million Four Hundred Twenty-five Thousand (60,425,000) restricted shares
of Company common stock, $0.00001 par value, (the "BKRP Common Shares") owned by
Zoltan Nagy, President/CEO of the Company, to the Seller, Affluence Projects
LLC, a Delaware limited liability company. The original agreement provided that,
in addition to transfer of the BKRP Common Shares to Seller, the Company would
issue to Seller shares of a new class of preferred stock, i.e., Fifty Million
(50,000,000) shares of Series A Preferred Stock. The amended agreement
eliminated the shares of Series A Preferred Stock being issued to the Seller. As
a result, no additional shares of Company stock were issued by the Company
pursuant to the transaction, as the BKRP Shares being transferred to the Seller
had been owned by Mr. Nagy and, thus, were already counted in the number of
common shares issued and outstanding prior to the closing of the transaction.
Torrance Petroleum LLC has not fulfilled its obligations to complete the
transaction despite all assurances. Black Rock Petroleum Company therefore
unilaterally recinds the agreement as integral conditions have not been met. The
Company agrees to return the mineral rights of the 520 acre oil field in
Torrance California back to the seller in exchange for the return of 60,425,000
shares to Zoltan Nagy President of Black Rock Petroleum Company.
Item 5.02. Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers.
As the conditions have not been met to complete the transaction signed on March
9,2021 between Black Rock Petroleum Co. and Torrance Petroleum Co Sivakumar
Coramutla, a director of Affluence Projects LLC has been removed from the board
as a director of Black Rock Petroleum Company effective immediately.
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