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 12, 2011


MOKITA, INC.

(Exact name of Company as specified in its charter)

 

Nevada

333-167275

46-0525378

(State or other jurisdiction

(Commission File Number)

(IRS Employer

of Incorporation)

 

Identification Number)

 

 

 

 

7695 SW 104 th St., Suite 210

Miami, FL 33156

(Address of principal executive offices)

 

 

(305) 663-7140

(Registrant’s Telephone Number)

 


Copy of all Communications to:

Carrillo, Huettel & Zouvas, LLP

3033 Fifth Avenue, Suite 400

San Diego, CA 92103

Phone: 619.546.6100

Fax: 619.546.6060


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Company 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))














MOKITA, INC.

Form 8-K

Current Report


ITEM 1.01

ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT


On May 12, 2011, the Company entered into a Participation Agreement (the "Participation Agreement") with Buckeye Exploration Company ("Buckeye"). Pursuant to the terms and conditions of the Participation Agreement, the Company shall purchase a six percent (6%) working interest (the “Working Interest”) in that certain well, known as the Helen Morrison #1 Well (the “Helen Well”), which is located in the Southwest Otoe Prospect in Noble County, Oklahoma.  In exchange for the Working Interest, the Company shall pay a purchase price of thirty two thousand six hundred seventy dollars ($32,670) to Buckeye. In addition, the Participation Agreement provides that the Company shall have the right of first refusal to purchase the same Working Interest, or more, in any subsequent off-set wells, if any additional interests in the Southwest Otoe Prospect become available in the future.


The above description of the Participation Agreement is intended as a summary only and which is qualified in its entirety by the terms and conditions set forth therein, and may not contain all information that is of interest to the reader. For further information regarding the terms and conditions of the Participation Agreement, this reference is made to such agreement, which is filed as Exhibit 10.1 hereto and is incorporated herein by this reference.


ITEM 2.03

CREATION OF A DIRECT FINANCIAL OBLIGATION


The information provided in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.


ITEM 9.01

FINANCIAL STATEMENTS AND EXHIBITS

 

(d)

Exhibits

 

Exhibit No.

Description of Exhibit

10.1

Participation Agreement between the Company and Buckeye dated May 12, 2011


SIGNATURE


Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  

  

  

  

MOKITA, INC.

  

Date: May 13, 2011 

By:  /s/ Irma N. Colón-Alonso

 

  

  

Irma N. Colón-Alonso

 

  

Chief Executive Officer, President & Director







Exhibit 10.1


BUCKEYE EXPLORATION COMPANY


2011 DRILLING PROGRAM


SOUTHWEST OTOE CITY PROSPECT


PARTICIPATION AGREEMENT


MOKITA, INC.

NAME (As will be shown on Assignments of Interest and for record title)

 

 

 

 

7695 S.W. 104 th Street, Suite 210

Miami

FL

33156

ADDRESS

CITY

STATE

ZIP

 

 

 

 

(305) 663-1466

(305) 668-0003

 

 

PHONE

FAX

 

 

 

 

 

 

elittman@aol.com

 

 

 

E-MAIL

SS# or TAX ID#

 

 



Agrees to purchase a total of   6%    working interest in the Helen Morrison #1 well to be drilled in the Southwest Otoe City Prospect, Noble County, Oklahoma, which is being offered to industry joint venture partners for the drilling, testing and completion costs of the one (1) new SW Otoe City Prospect well.


It is also agreed that the purchaser will have the first right of refusal to participate in any subsequent off-set wells in that particular prospect at the same percentage of working interest, or more, should any additional interest become available in the future.


The working interest distribution and associated well costs for the one (1) particular well is shown in the following manner:   


 

Amount

Working

 

 

Due

Interest

 

 

 

 

 

 

$32,670

6.0%

for well #1 (Helen Morrison #1) SW Otoe City Prospect

 

 

 

 

Totals

$32,670

6%

total investment cost is due upon acceptance of this fully executed “PARTICIPATION  AGREEMENT”.


Agreed this 12 th  day of May 2011 by:

 

 

 

 

 

/s/ Irma N. Colón-Alonso

 

May 13, 2011

NAME: Irma N. Colón-Alonso, President

 

DATE

 

 

 

Accepted this 12 th  day of May 2011 by:

 

 

 

 

 

/s/ Jerry M. Spalvieri

 

May 13, 2011

Jerry M. Spalvieri, President

 

DATE

Buckeye Exploration Company

 

 



** Make checks payable to:   ADM-Maverick Joint Development Account .

Be sure to note Southwest Otoe City Prospect on the memo line.