EGPI resolves default with Dutchess regarding debentures and notes

By Devika Patel

Knoxville, Tenn., Dec. 3 - EGPI Firecreek, Inc. resolved its event of default with Dutchess Private Equities Fund Ltd., according to an 8-K filed Wednesday with the Securities and Exchange Commission.

In the filing the company said that that Dennis Alexander and Melvena Alexander resigned from their respective positions.

The company and the Alexanders entered into an agreement to resolve their disputes.

Under the settlement, the parties agreed that EGPI will not challenge or delay Dutchess' foreclosure of any collateral.

They also agreed that upon repossession of all EGPI assets, the $9.3 million debt owed to Dutchess will be deemed fully satisfied.

The company also issued a $47,564.78 12% promissory note to Dutchess Private Equities Fund, Ltd. in consideration of certain rights under the default.

The agreement also stipulates that Dutchess will sell to Dennis Alexander, for par value of $0.001 per share, all 100,000 preferred shares and 2.335,215 common shares that it currently holds, so that Dutchess will retain 1,180,854 common shares, representing a 20% equity interest in EGPI.

The company and Dutchess subsequently released one another from claims of any kind and nature in both law and equity.

EGPI is an oil production company based in Scottsdale, Ariz.

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