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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM 8-K</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported):
<B>May 9, 2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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    <TD STYLE="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center">RED MOUNTAIN RESOURCES, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">(Exact name of registrant as specified in its charter)</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><B>&nbsp;</B></P>

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    <TD STYLE="width: 33%; padding-right: -2.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">Florida</TD>
    <TD STYLE="width: 34%; padding-right: -2.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">000-54444</TD>
    <TD STYLE="width: 33%; padding-right: -2.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">27-1739487</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: windowtext 1pt solid; padding-right: -2.4pt; padding-left: 5.4pt; text-align: center">(State or other jurisdiction of</TD>
    <TD STYLE="border-top: windowtext 1pt solid; padding-right: -2.4pt; padding-left: 5.4pt; text-align: center">(Commission File Number)</TD>
    <TD STYLE="border-top: windowtext 1pt solid; padding-right: -2.4pt; padding-left: 5.4pt; text-align: center">(IRS Employer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -2.4pt; padding-left: 5.4pt; text-align: center">incorporation)</TD>
    <TD STYLE="padding-right: -2.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: -2.4pt; padding-left: 5.4pt; text-align: center">Identification No.)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -2.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: -2.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: -2.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="width: 67%; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2515 McKinney Avenue, Suite 900</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Dallas, Texas</B></P></TD>
    <TD STYLE="width: 33%; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>75201</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Address of principal executive offices)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Zip Code)</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant&rsquo;s telephone number, including
area code: <B>(214) 871-0400</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former name or former address, if changed
since last report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 5%; font-family: Symbol"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="width: 95%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Written communications pursuant to Rule 425 under the Securities
        Act (17 CFR 230.425)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
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    <TD STYLE="font-family: Symbol"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Soliciting material pursuant to Rule 14a-12 under the Exchange
        Act (17 CFR 240.14a-12)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Symbol"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pre-commencement communications pursuant to Rule 14d-2(b) under
        the Exchange Act (17 CFR 240.14d-2(b))</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Symbol"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 1.01 Entry into a Material Definitive Agreement. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">On May 9, 2012, Red Mountain Resources,
Inc. (the &ldquo;Company&rdquo;) entered into a Purchase and Sale Agreement (the &ldquo;Purchase Agreement&rdquo;) by and among
The Kenneth R. Swan Irrevocable Asset Trust, dated June 16, 2011, The Kenneth R. Swan Grantor Retained Annuity Trust, dated August
17, 2011, The Rebecca C. Swan Irrevocable Asset Trust, dated June 16, 2011, The Rebecca C. Swan Grantor Retained Annuity Trust,
dated August 17, 2011 (collectively, the &ldquo;Sellers&rdquo;), Swan Production Management Company, LLC (the &ldquo;General Partner&rdquo;)
and the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Purchase Agreement provides for the
purchase by the Company of all of the outstanding limited and general partnership interests of Swan PC, LP (&ldquo;Swan PC&rdquo;)
from the Sellers and the General Partner for approximately $235.0 million (the &ldquo;Purchase Price&rdquo;), subject to adjustments
related to (i) title defects, environmental defects, casualty losses and taxes, (ii) outstanding transaction expenses or debt of
Sellers or Swan PC, and (iii) agreed upon capital expenditures and prepaid expenses. Swan PC directly and through its subsidiaries
owns and conducts an oil and gas exploration and production business and holds oil and gas interests in Jack, Palo Pinto, Clay,
Parker, and Wise Counties, Texas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Purchase Agreement contains customary
representations, warranties, covenants and post-closing conditions for transactions of this nature. Certain assets of the business
of Swan PC will not be included in the sale, and Sellers have agreed to retain certain pre-closing liabilities of Swan PC and to
indemnify the Company to the extent the Company incurs losses post-closing related to such excluded liabilities. The Sellers have
agreed to indemnify the Company after the closing, subject to certain exceptions and limitations, against liabilities related to,
among other things, any breach by Sellers of their representations, warranties, covenants and obligations contained in the Purchase
Agreement. The Purchase Agreement provides that $20.0 million of the Purchase Price will be deposited into an escrow account at
closing to secure the indemnification obligations of Sellers under the Purchase Agreement. One half of the escrow will be released
six months after closing and the other half of the escrow will be released 15 months after closing. The Company has agreed to indemnify
the Sellers after the closing, subject to certain exceptions, limitations, and caps, against liabilities related to, among other
things, any breach by the Company of its representations, warranties, covenants and obligations contained in the Purchase Agreement
and the operation of the business following the closing date, other than for losses for which the Company is entitled to be indemnified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Title defects and environmental defects
are each subject to a 1% threshold such that the Company will not receive any adjustment to the Purchase Price for the first $2.35
million of title defects or the first $2.35 million of environmental defects. Title defects in excess of $2.35 million will result
in downward adjustments to the Purchase Price, but only to the extent in excess of $2.35 million. Environmental defects in excess
of $2.35 million will result in downward adjustments to the Purchase Price, but only to the extent in excess of $2.35 million.
The Company&rsquo;s exclusive remedy for title matters and environmental matters, with certain exceptions, will be handled through
a title or environmental defect mechanism.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Each of the Company and the Sellers has
the right to terminate the Purchase Agreement to the extent adjustments to the Purchase Price for title defects or environmental
defects individually exceed 5% of the Purchase Price, or $11.75 million. Each of the Company and the Sellers has the right to terminate
the Purchase Agreement to the extent the sum of the adjustments to the Purchase Price for title defects, casualty losses and environmental
defects exceeds $23.5 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Sellers are entitled to reserve an overriding
royalty interest (&ldquo;ORRI&rdquo;) in the acquired assets equal to the difference between the lease burdens existing as of the
closing date and twenty-five percent (25%). The ORRI is proportionately reduced to the extent a leasehold interest covers less
than the (i) entire undivided mineral interest in the lands covered by a lease or (ii) entire leasehold estate in a lease. The
Sellers are entitled to reserve the ORRI in (i) the acquired leases, (ii) any extension or renewal of any of the leases pursuant
to their respective terms, (iii) any new lease entered into by the Company or its affiliates within five years of the closing date
covering the lands, or any portion thereof, subject to expired leases, but only to the extent such new lease covers lands subject
to such expired lease or (iv) any new lease entered in to by the Company or its affiliates after five years of the closing date
covering the lands, or any portion thereof, subject to expired leases, but only (1) if the new lease is executed within six months
of the expiration of the lease which covered the lands, or any portion thereof and (2) solely to the extent such new lease covers
lands subject to such expired lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Purchase Agreement may be terminated
prior to closing. In addition to other customary termination rights in favor of the Company, the Purchase Agreement provides that
the Company may terminate the agreement at any time and for any reason. The Sellers&rsquo; right to terminate the Purchase Agreement
is limited to instances in which (i) a court has issued a final order prohibiting the transaction, (ii) adjustments to the Purchase
Price for title defects, environmental defects or casualty losses exceed certain thresholds individually or in the aggregate, as
described above, (iii) Sellers are prepared to close on the closing date and the Company has not satisfied its closing conditions
or (iv) upon a material breach of any representation, warranty or covenant made by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Sellers have agreed to an exclusivity provision
preventing Sellers from taking actions in connection with third party acquisition proposals between signing and closing. Sellers
must notify Buyer upon receipt of any offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The acquisition is expected to close on
or about July 1, 2012, although the closing date may be changed by mutual agreement of the Sellers and the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 6%">Date:</TD>
    <TD STYLE="width: 44%; padding-right: 5.4pt; padding-left: 5.4pt">May 11, 2012</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 3%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 47%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">RED MOUNTAIN RESOURCES, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline">/s/ Alan W. Barksdale&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Alan W. Barksdale</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-indent: 0.5in"></P>

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{"company-data": {"conformed-name": "RED MOUNTAIN RESOURCES, INC.", "cik": "0001483496", "assigned-sic": "1311", "irs-number": "271739487", "state-of-incorporation": "FL", "fiscal-year-end": "0531"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-54444", "film-number": "12832145"}, "business-address": {"street1": "2515 MC KINNEY AVE", "street2": "SUITE 900", "city": "DALLAS", "state": "TX", "zip": "75201", "phone": "720-204-1013"}, "mail-address": {"street1": "2515 MC KINNEY AVE", "street2": "SUITE 900", "city": "DALLAS", "state": "TX", "zip": "75201"}, "former-company": {"former-conformed-name": "Teaching Time, Inc.", "date-changed": "20100205"}}
UNITED STATES
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 9, 2012
RED MOUNTAIN RESOURCES, INC.
(Exact name of registrant as specified in its charter)
Florida
000-54444
27-1739487
(State or other jurisdiction of
(Commission File Number)
(IRS Employer
incorporation)
Identification No.)
2515 McKinney Avenue, Suite 900
Dallas, Texas
75201
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including
area code:
(214) 871-0400
(Former name or former address, if changed
since last report)
________________________________
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Item 1.01 Entry into a Material Definitive Agreement.
On May 9, 2012, Red Mountain Resources,
Inc. (the "Company") entered into a Purchase and Sale Agreement (the "Purchase Agreement") by and among
The Kenneth R. Swan Irrevocable Asset Trust, dated June 16, 2011, The Kenneth R. Swan Grantor Retained Annuity Trust, dated August
17, 2011, The Rebecca C. Swan Irrevocable Asset Trust, dated June 16, 2011, The Rebecca C. Swan Grantor Retained Annuity Trust,
dated August 17, 2011 (collectively, the "Sellers"), Swan Production Management Company, LLC (the "General Partner")
and the Company.
The Purchase Agreement provides for the
purchase by the Company of all of the outstanding limited and general partnership interests of Swan PC, LP ("Swan PC")
from the Sellers and the General Partner for approximately $235.0 million (the "Purchase Price"), subject to adjustments
related to (i) title defects, environmental defects, casualty losses and taxes, (ii) outstanding transaction expenses or debt of
Sellers or Swan PC, and (iii) agreed upon capital expenditures and prepaid expenses. Swan PC directly and through its subsidiaries
owns and conducts an oil and gas exploration and production business and holds oil and gas interests in Jack, Palo Pinto, Clay,
Parker, and Wise Counties, Texas.
The Purchase Agreement contains customary
representations, warranties, covenants and post-closing conditions for transactions of this nature. Certain assets of the business
of Swan PC will not be included in the sale, and Sellers have agreed to retain certain pre-closing liabilities of Swan PC and to
indemnify the Company to the extent the Company incurs losses post-closing related to such excluded liabilities. The Sellers have
agreed to indemnify the Company after the closing, subject to certain exceptions and limitations, against liabilities related to,
among other things, any breach by Sellers of their representations, warranties, covenants and obligations contained in the Purchase
Agreement. The Purchase Agreement provides that $20.0 million of the Purchase Price will be deposited into an escrow account at
closing to secure the indemnification obligations of Sellers under the Purchase Agreement. One half of the escrow will be released
six months after closing and the other half of the escrow will be released 15 months after closing. The Company has agreed to indemnify
the Sellers after the closing, subject to certain exceptions, limitations, and caps, against liabilities related to, among other
things, any breach by the Company of its representations, warranties, covenants and obligations contained in the Purchase Agreement
and the operation of the business following the closing date, other than for losses for which the Company is entitled to be indemnified.
Title defects and environmental defects
are each subject to a 1% threshold such that the Company will not receive any adjustment to the Purchase Price for the first $2.35
million of title defects or the first $2.35 million of environmental defects. Title defects in excess of $2.35 million will result
in downward adjustments to the Purchase Price, but only to the extent in excess of $2.35 million. Environmental defects in excess
of $2.35 million will result in downward adjustments to the Purchase Price, but only to the extent in excess of $2.35 million.
The Company's exclusive remedy for title matters and environmental matters, with certain exceptions, will be handled through
a title or environmental defect mechanism.
Each of the Company and the Sellers has
the right to terminate the Purchase Agreement to the extent adjustments to the Purchase Price for title defects or environmental
defects individually exceed 5% of the Purchase Price, or $11.75 million. Each of the Company and the Sellers has the right to terminate
the Purchase Agreement to the extent the sum of the adjustments to the Purchase Price for title defects, casualty losses and environmental
defects exceeds $23.5 million.
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The Sellers are entitled to reserve an overriding
royalty interest ("ORRI") in the acquired assets equal to the difference between the lease burdens existing as of the
closing date and twenty-five percent (25%). The ORRI is proportionately reduced to the extent a leasehold interest covers less
than the (i) entire undivided mineral interest in the lands covered by a lease or (ii) entire leasehold estate in a lease. The
Sellers are entitled to reserve the ORRI in (i) the acquired leases, (ii) any extension or renewal of any of the leases pursuant
to their respective terms, (iii) any new lease entered into by the Company or its affiliates within five years of the closing date
covering the lands, or any portion thereof, subject to expired leases, but only to the extent such new lease covers lands subject
to such expired lease or (iv) any new lease entered in to by the Company or its affiliates after five years of the closing date
covering the lands, or any portion thereof, subject to expired leases, but only (1) if the new lease is executed within six months
of the expiration of the lease which covered the lands, or any portion thereof and (2) solely to the extent such new lease covers
lands subject to such expired lease.
The Purchase Agreement may be terminated
prior to closing. In addition to other customary termination rights in favor of the Company, the Purchase Agreement provides that
the Company may terminate the agreement at any time and for any reason. The Sellers' right to terminate the Purchase Agreement
is limited to instances in which (i) a court has issued a final order prohibiting the transaction, (ii) adjustments to the Purchase
Price for title defects, environmental defects or casualty losses exceed certain thresholds individually or in the aggregate, as
described above, (iii) Sellers are prepared to close on the closing date and the Company has not satisfied its closing conditions
or (iv) upon a material breach of any representation, warranty or covenant made by the Company.
Sellers have agreed to an exclusivity provision
preventing Sellers from taking actions in connection with third party acquisition proposals between signing and closing. Sellers
must notify Buyer upon receipt of any offer.
The acquisition is expected to close on
or about July 1, 2012, although the closing date may be changed by mutual agreement of the Sellers and the Company.
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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.
Date:
May 11, 2012
RED MOUNTAIN RESOURCES, INC.
By:
/s/ Alan W. Barksdale
Alan W. Barksdale
Chief Executive Officer
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