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
AUGUST 24, 2009
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Date of Report (Date of earliest event reported)
MORGAN CREEK ENERGY CORP.
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(Exact name of registrant as specified in its charter)
NEVADA 0-25455 201777817
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
5050 QUORUM DRIVE
SUITE 700
DALLAS, TEXAS 75254
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(Address of principal executive offices) (Zip Code)
(214) 321-0603
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Registrant's telephone number, including area code
N/A
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(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
[ ] 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))
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SECTION 1. REGISTRANT'S BUSINESS AND OPERATIONS
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
Effective on June 2, 2009, the Board of Directors (the "Board") of Morgan Creek
Energy Corp., a Nevada corporation (the "Company"), pursuant to unanimous vote
at a special meeting of the Board, authorized the execution of a letter
agreement dated May 28, 2009 (the "Letter Agreement") with Bonanza Resources
(Texas) Inc., the wholly owned subsidiary of Bonanza Resources Corporation
("Bonanza Resources"), to purchase a certain percentage of Bonanza Resources'
eighty-five percent (85%) leasehold interest in and to certain leases located in
Beaver County, State of Oklahoma (the "Bonanza Resources Interest"). In
accordance with the terms and provisions of the Letter Agreement: (i) the
Company agreed to make a non-refundable payment to Bonanza Resources of $150,000
within sixty (60) days from the date of the Letter Agreement, which as of the
date of this Current Report has been paid; and (ii) Bonanza Resources agreed to
grant to the Company an option having an exercise period of one year (the
"Option Period") to purchase a sixty percent (60%) partial interest (the
"Partial Interest") in the Bonanza Resources Interest.
On August 24, 2009, the Company entered into a definitve agreement with Bonanza
Resources (the "Agreement").
The Bonanza Resources Interest is held by Bonanza Resources pursuant to that
certain letter agreement between Bonanza Resources, Ryan Petroleum LLC and
Radian Energy L.C. dated February 25, 2009 (the "Original Agreement").
Therefore, in accordance with the further terms and provisions of the Agreement:
(i) the Company assumes that amount of Bonanza Resources' right, title and
interest and obligations under the Original Agreement as is proportionate to the
Partial Interest; and (ii) the Company must incur $2,400,000 in exploration and
drilling expenditures (the "Exploration Expenditures") during the next twelve
months.
Bonanza Resources has completed a multi-component interpretive 3-D surven on the
Bonanza Resources Interest. The 3-D interpretive survey has identified forty
drill ready targets. Using this data as a basis, the Company intends to procced
with exploration drilling on the North Form 3-D prospect.
SECTION 9. FINANCIAL STATEMENTS AND EXHIBITS
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(a) FINANCIAL STATEMENTS OF BUSINESS ACQUIRED.
Not applicable.
(b) PRO FORMA FINANCIAL INFORMATION.
Not applicable.
(c) SHELL COMPANY TRANSACTION.
Not applicable.
(d) EXHIBITS.
10.1 Agreement dated August 24, 2009 between Morgan Creek Energy Corp. and
Bonanza Resources (Texas) Inc.
99.1 Press Release dated August 24, 2009.
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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.
MORGAN CREEK ENERGY CORP.
Date: August 25, 2009
/s/ PETER WILSON
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NAME: Peter Wilson
TITLE: President/Chief Executive Officer
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