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): September 5, 2003
Greenbriar Corporation
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(Exact name of registrant as specified in its charter)
Nevada 0-8187 75-2399477
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(State of incorporation) (Commission File No.) (IRS Employer
Identification No.)
14185 Dallas Parkway, Suite 650, Dallas, Texas 75254
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(Address of principal execute offices, including zip code)
(972) 407-8400
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(Registrant's telephone number, including area code)
Item 2. Acquisition or Disposition of Assets
On September 5, 2003 the Company acquired Gaywood Oil And Gas, LLC, A
Nevada limited liability company ("Gaywood") Gaywood owns 110 leases for working
interests in oil and gas properties. The leases are located in the East Texas
Field and the Van Texas Field. The acquisition is effective as of August 1, 2003
The leases are located in an old oil field where existing oil wells
that were previously capped are being reworked and opened. There are currently
350 wells that have been drilled however at the time of the acquisition only 40
wells were operational producing approximated 4,000 Barrels of oil per month. As
of August 1, 2003 the net proved reserves have been estimated to be as follows:
Hydrocarbon
Liquids (Bbl)
Proved Developed --------------
Producing 169,800
Shut-In 330,290
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Total Proved Developed 500,090
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The Company purchased Gaywood by providing the seller with a bond the
Company held from the sale of an assisted living property in 2001. The
transaction was valued at approximately $1,200,000.
Gaywood was acquired from a grantor trust for the benefit of Mr. Gene
E. Phillips' spouse and children. On April 8, 1998 a Schedule 13D was filed by
six entities and Gene Phillips indicating that the six entities in total own
57,717 shares of Greenbriar common stock. In the Schedule 13D Mr. Phillips does
not affirm beneficial ownership of any of these shares and all the entities and
Mr. Phillips disclaim they filed such Schedule 13D as a group.
Item 7. Financial Statements and Exhibits
Exhibit
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10.40 Purchase Agreement between the Company and 10300 Gaywood Trust.
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.
September 20, 2003
GREENBRIAR CORPORATION
By: /s/ Gene S. Bertcher
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Gene S. Bertcher
President & CEO