<SEC-DOCUMENT>0001445866-15-000254.txt : 20150313
<SEC-HEADER>0001445866-15-000254.hdr.sgml : 20150313
<ACCEPTANCE-DATETIME>20150313152830
ACCESSION NUMBER:		0001445866-15-000254
CONFORMED SUBMISSION TYPE:	8-K/A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20140306
ITEM INFORMATION:		Material Impairments
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150313
DATE AS OF CHANGE:		20150313

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EnergyTEK Corp.
		CENTRAL INDEX KEY:			0000748268
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				860490034
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-31587
		FILM NUMBER:		15699157

	BUSINESS ADDRESS:	
		STREET 1:		201 LAUREL STREET
		CITY:			LULING
		STATE:			TX
		ZIP:			78648
		BUSINESS PHONE:		713-333-3630

	MAIL ADDRESS:	
		STREET 1:		201 LAUREL STREET
		CITY:			LULING
		STATE:			TX
		ZIP:			78648

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BROADLEAF CAPITAL PARTNERS INC
		DATE OF NAME CHANGE:	20040928

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BROADLEAF CAPITAL PARTNERS  INC
		DATE OF NAME CHANGE:	20020503

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PEACOCK FINANCIAL CORP
		DATE OF NAME CHANGE:	19960618
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K/A
<SEQUENCE>1
<FILENAME>energytek8ka03132015.htm
<DESCRIPTION>8-K/A
<TEXT>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As disclosed in a Current Report on Form 8-K which was filed with the Securities and Exchange Commission on March 6, 2015 (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Original Report</font>&#8221;), on March 6, 2015 the Board of Directors of EnergyTEK Corp., (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Company</font>&#8221;) unanimously adopted a resolution to consider an evaluation of the impairment in the value attributed to the transaction which occurred on March 31, 2014, wherein the Company acquired certain assets of Texas Gulf Oil &amp; Gas, Inc. and contributed these assets to the Company&#8217;s newly-formed subsidiary Texas Gulf Exploration &amp; Production, Inc. (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">TGOG Asset Acquisition</font>&#8221;).&#160;&#160;Pursuant to the resolution, the Board of Directors directed Company&#8217;s management to make a recommendation as to the amount of the impairment charges and to report back to the Board of Directors.&#160;&#160;On March 10, 2015, the recommendation was made to the Board of Directors and the Board of Directors adopted that recommendation.&#160;&#160;Item 2.06 has been revised below to reflect the amount of the impairment charge.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 2.06 Material impairments.</font><br>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)&#160;&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On March 6, 2015, the Company&#8217;s Board of Directors unanimously adopted a resolution to consider an evaluation of the impairment in the value attributed to the transaction which occurred on March 31, 2014, wherein the Company acquired certain assets of Texas Gulf Oil &amp; Gas, Inc. and contributed these assets to the Company&#8217;s newly-formed subsidiary Texas Gulf Exploration &amp; Production, Inc. (the &#8220;TGOG Asset Acquisition&#8221;).&#160;&#160;Based upon an independent third party evaluation, the Audited Financial Statements of Acquired Assets, which was included as Exhibit 99.8 to Company&#8217;s Quarterly Report for the period ended March 31, 2014 which was filed with the Securities and Exchange Commission on May 8, 2014, the intangible assets included in the TGOG Asset Acquisition were assigned a value of $7,751,031.&#160;&#160;This evaluation was based upon the potential future earnings from the five year well servicing contract by and between our subsidiary, Texas Gulf Exploration &amp; Production, Inc. and Texas Gulf Oil and Gas, Inc. as provided for in the TGOG Asset Acquisition agreement. Due to the precipitous drop in the price of crude oil over recent months which has resulted in the inability of independent oil production companies to operate at a profit, which hence results in a reduced value of the servicing contract, the Board of Directors has determined that there has been an impairment in the value of the intangible assets included in the TGOG Asset Acquisition. On March 10, 2014, following a receipt of the recommendation of Company&#8217;s management, the Board of Directors adopted a resolution establishing the impairment charge as being Eighty-six percent (86%) of the original value assigned to such assets, or an impairment charge of $6,665,887.</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt"><font style="FONT-WEIGHT: bold"><font style="FONT-WEIGHT: normal"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-WEIGHT: normal">(b)</font>&#160;&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal">The Company has determined that the amount of the impairment charge is $6,665,887.</font></font></font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt"><font style="FONT-WEIGHT: bold"><font style="FONT-WEIGHT: normal"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal">(c)&#160;&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal">The Company does not believe that the impairment charge will result in future cash expenditures.</font></font></font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Current Report on Form 8-K/A (Amendment No. 1) to be signed on its behalf by the undersigned hereunto duly authorized.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ENERGYTEK CORP.</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">By:&#160;<font style="TEXT-DECORATION: underline">/s/ Craig Crawford</font></font></div>
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