CHANCELLOR GROUP INC.

CHANCELLOR GROUP INC. deregistered its securities, ending its obligation to file reports with the SEC.

listing compliance notice

Chancellor sold its last remaining oil and gas assets -- four wells and a water disposal well in Gray County, Texas -- to S&W Oil & Gas for $95,000, exiting the oil and gas business entirely to focus on its Pimovi and Fuelist technology investments.

asset acquisition disposition

Chancellor agreed to acquire 51% of Fuelist, LLC, a California startup, for $271,200 paid over 12 months plus 2 million shares of Chancellor stock -- a second bet on technology ventures far from its oil and gas roots.

debt financing

Chancellor moved further from oil and gas, agreeing to fund a new 61%-owned technology startup, Pimovi, Inc., with $250,000 over eight months in exchange for preferred equity and board control.

material agreement

Chancellor closed the LCB Resources sale, covering about 82% of its remaining consolidated assets, for $2.05 million cash.

asset acquisition disposition

Chancellor agreed to sell substantially all of Gryphon's remaining oil and gas assets to LCB Resources for $2.05 million, keeping only four producing wells -- continuing to wind down its original oil and gas business.

material agreement

Chancellor's board terminated the Zimbabwe gold exploration agreement with Munda We Gold, citing governance concerns and regional political instability -- the diversification bet abandoned within four months.

material agreement termination

Chancellor agreed to fund a new Zimbabwe gold exploration venture with local partner Munda We Gold at $50,000 a month during a 90-day diligence period -- a striking diversification attempt for a small Texas Panhandle oil and gas company just two years removed from bankruptcy.

capital raising announcement

Chancellor closed the Legacy Reserves sale: the $13.25 million deal paid off Western National Bank and Capwest Resources in full, funded a $110,000 buyback of dissenting shareholder New Concept Energy's stock as part of a litigation settlement, and left Chancellor debt-free with about $3 million in working capital and roughly 30% of its original oil and gas acreage.

asset acquisition disposition

Rather than reorganize, Chancellor agreed to sell about 80% of its oil and gas production to Legacy Reserves for $13.25 million -- enough to pay its secured lenders in full and leave it debt-free -- and the bankruptcy court dismissed its and its subsidiaries' Chapter 11 cases so the sale could close, over the objection of shareholder New Concept Energy.

bankruptcy or receivership

Chancellor Group and its two operating subsidiaries, Gryphon Production and Gryphon Field Services, filed for Chapter 11 bankruptcy protection in the Northern District of Texas, intending to reorganize while continuing operations as debtor-in-possession and repay creditors in full.

bankruptcy or receivership