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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 9pt 0 0pt; text-align: center">&nbsp;<B>UNITED STATES</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;8-K</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"><B>CURRENT REPORT</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>July 10, 2012 (July 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>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>VOYAGER OIL&nbsp;&amp; GAS,&nbsp;INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</P>

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

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    <TD STYLE="width: 32%; vertical-align: top; font-weight: bold; text-align: center">Montana</TD>
    <TD STYLE="width: 2%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="width: 32%; vertical-align: top; font-weight: bold; text-align: center">1-35097</TD>
    <TD STYLE="width: 2%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="width: 32%; vertical-align: top; font-weight: bold; text-align: center">77-0639000</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">(State or other jurisdiction of<BR> incorporation)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">(Commission File Number)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">(IRS Employer<BR> Identification No.)</TD></TR>
</TABLE>
<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-align: center"><B>2718 Montana Ave., Suite&nbsp;220<BR>
Billings, MT 59101</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices,
including zip code)</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>(406) 245-4901</B></P>

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

<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form&nbsp;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: 24px; padding-bottom: 6pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; padding-bottom: 6pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify">Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

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    <TD STYLE="width: 24px; padding-bottom: 6pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

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    <TD STYLE="width: 24px; padding-bottom: 6pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; font-size: 10pt; text-align: justify">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B>Item 1.01.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entry into
a Material Definitive Agreement. </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">On July 9, 2012, Voyager Oil &amp; Gas, Inc. (&ldquo;Voyager&rdquo;)
entered into a Securities Purchase Agreement (the &ldquo;Purchase Agreement&rdquo;) with Emerald Oil &amp; Gas NL (the &ldquo;Parent&rdquo;)
and Emerald Oil, Inc., a wholly owned subsidiary of the Parent (&ldquo;Emerald&rdquo;). The Purchase Agreement provides that, upon
the terms and subject to the conditions therein, Voyager will purchase all of the outstanding capital stock of Emerald (the &ldquo;Shares&rdquo;)
for 19.9% of the total shares of Voyager common stock outstanding as of the closing date, subject to customary adjustments, including
adjustments for title defects and environmental matters, as provided in the Purchase Agreement, and the acquisition at closing
of Emerald&rsquo;s liabilities, including approximately $18.3 million in debt owed by Emerald (the &ldquo;Transaction&rdquo;).</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">The Purchase Agreement contains customary representations and
warranties, covenants by the Parent and Emerald regarding the operation of the business of Emerald between the signing of the Purchase
Agreement and the closing of the Transaction, and indemnification provisions whereby the Parent and Voyager agree to indemnify
each other for breaches of representations and warranties, covenants and other matters.</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">The Transaction is subject to certain closing conditions, including,
among others, those relating to the accuracy of the representations and warranties, the delivery of certain ancillary documents
(including, but not limited to, certificates representing all of the Shares and documents evidencing the Parent&rsquo;s and Emerald&rsquo;s
compliance with covenants), consents of certain third parties and entry into certain agreements between Voyager and certain employees
of Emerald. Either Voyager or the Parent may terminate the Purchase Agreement if certain closing conditions have not been satisfied
or waived by August 31, 2012.</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">In connection with the closing of the Transaction, five existing
members of Voyager&rsquo;s board of directors will resign as directors of Voyager, and their vacancies will be filled with directors
selected by the remaining members of Voyager&rsquo;s board of directors.</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">The representations and warranties of each party set forth in
the Purchase Agreement have been made solely for the benefit of the parties to the Purchase Agreement. In addition, such representations
and warranties (a) are subject to materiality qualifications contained in the Purchase Agreement which may differ from what may
be viewed as material by investors, (b) were made only as of the date of the Purchase Agreement or such other date as is specified
in the Purchase Agreement and (c) may have been included in the Purchase Agreement for the purpose of allocating risk between Voyager
and the Parent rather than establishing matters as facts. Accordingly, the Purchase Agreement is included with this filing only
to provide investors with information regarding the terms of the Purchase Agreement, and not to provide investors with any other
factual information regarding the parties or their respective businesses.</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">The foregoing summary of the Purchase Agreement is not complete
and is qualified in its entirety by reference to the complete text of such document, which is filed as Exhibit 2.1 hereto and which
is incorporated herein by reference in its entirety. All schedules to the Purchase Agreement have been omitted in accordance with
Item 601(b) of Regulation S-K. Voyager hereby agrees to furnish supplementally a copy of any schedules to the Securities and Exchange
Commission (&ldquo;SEC&rdquo;) upon its request.</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"><I>Forward-Looking Statement</I></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">Certain statements included in this Current Report on
Form 8-K contain &quot;forward-looking statements&quot; within the meaning of the &ldquo;safe harbor&rdquo; provisions of
the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934. We caution you that assumptions, expectations, projections, intentions, plans,
beliefs or similar expressions used to identify forward-looking statements about future events may, and often do, vary
from actual results and the differences can be material from those expressed or implied in such forward looking statements.
We assume no obligation and expressly disclaim any duty to update the information contained herein except as required
by law.</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"></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 7.01.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulation FD Disclosure. </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">The information set forth in Item 1.01 of this Current Report
on Form 8-K is incorporated in this Item 7.01 by reference.</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">On July 10, 2012, Voyager issued a press release
announcing the execution of the Purchase Agreement described in Item 1.01 above. A copy of the press release is furnished as
Exhibit 99.1. Attached hereto as Exhibit 99.2 to this Current Report on Form 8-K is the form of presentation that Voyager
expects to use in connection with discussing the Transaction with investors.</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">The information in this Current Report on Form 8-K,
including the exhibits attached hereto and incorporated by reference into this Item 7.01, shall not be deemed
&ldquo;filed&rdquo; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to
the liabilities under that Section. Furthermore, such information, including the exhibits attached hereto, shall not be
deemed incorporated by reference into any of Voyager&rsquo;s reports or filings with the SEC, whether made before or after
the date hereof, except as expressly set forth by specific reference in such report or filing. The information in this
Current Report on Form 8-K, including the exhibits attached hereto, shall not be deemed an admission as to the materiality of
any information in this Current Report on Form 8-K that is required to be disclosed solely to satisfy the requirements of
Regulation FD.</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"><B>Item 9.01.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits. </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">(d)&#9;Exhibits</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">The following exhibits are filed in accordance with the provisions
of Item 601 of Regulation S-K:</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"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 0; padding-left: 0; text-decoration: underline">Exhibit</TD>
    <TD STYLE="width: 93%; padding-right: 0; padding-left: 0; text-decoration: underline">Exhibit Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">2.1&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">Securities Purchase Agreement, dated July 9, 2012, among Voyager Oil &amp; Gas, Inc., Emerald Oil &amp; Gas NL and Emerald Oil, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">99.1&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">Press Release dated July 10, 2012.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">99.2</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">Investor Presentation</TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURE</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-indent: 0.5in">Pursuant to the requirements of the
Securities Exchange Act of 1934, the  registrant has duly caused this report on Form&nbsp;8-K 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; text-indent: 0.5in">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font-weight: bold">VOYAGER OIL &amp; GAS, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-decoration: underline">By: /s/ Mitchell R. Thompson</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;Mitchell R. Thompson</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer</TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: July 10, 2012</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"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-decoration: underline; width: 7%">Exhibit</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-decoration: underline; width: 93%">Exhibit Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">2.1&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">Securities Purchase Agreement, dated July 9, 2012, among Voyager Oil &amp; Gas, Inc., Emerald Oil &amp; Gas NL and Emerald Oil, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
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    <TD STYLE="padding-right: 0; padding-left: 0">99.1&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">Press Release dated July 10, 2012.</TD></TR>
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    <TD STYLE="padding-right: 0; padding-left: 0">Investor Presentation</TD></TR>
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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)
July 10, 2012 (July 9, 2012)
VOYAGER OIL & GAS, INC.
(Exact name of registrant as specified in
its charter)
Montana
1-35097
77-0639000
(State or other jurisdiction of
incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
2718 Montana Ave., Suite 220
Billings, MT 59101
(Address of principal executive offices,
including zip code)
(406) 245-4901
(Registrant's telephone number, including
area code)
(Former name or former address, if changed
since last report)
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):
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01.	     Entry into
a Material Definitive Agreement.
On July 9, 2012, Voyager Oil & Gas, Inc. ("Voyager")
entered into a Securities Purchase Agreement (the "Purchase Agreement") with Emerald Oil & Gas NL (the "Parent")
and Emerald Oil, Inc., a wholly owned subsidiary of the Parent ("Emerald"). The Purchase Agreement provides that, upon
the terms and subject to the conditions therein, Voyager will purchase all of the outstanding capital stock of Emerald (the "Shares")
for 19.9% of the total shares of Voyager common stock outstanding as of the closing date, subject to customary adjustments, including
adjustments for title defects and environmental matters, as provided in the Purchase Agreement, and the acquisition at closing
of Emerald's liabilities, including approximately $18.3 million in debt owed by Emerald (the "Transaction").
The Purchase Agreement contains customary representations and
warranties, covenants by the Parent and Emerald regarding the operation of the business of Emerald between the signing of the Purchase
Agreement and the closing of the Transaction, and indemnification provisions whereby the Parent and Voyager agree to indemnify
each other for breaches of representations and warranties, covenants and other matters.
The Transaction is subject to certain closing conditions, including,
among others, those relating to the accuracy of the representations and warranties, the delivery of certain ancillary documents
(including, but not limited to, certificates representing all of the Shares and documents evidencing the Parent's and Emerald's
compliance with covenants), consents of certain third parties and entry into certain agreements between Voyager and certain employees
of Emerald. Either Voyager or the Parent may terminate the Purchase Agreement if certain closing conditions have not been satisfied
or waived by August 31, 2012.
In connection with the closing of the Transaction, five existing
members of Voyager's board of directors will resign as directors of Voyager, and their vacancies will be filled with directors
selected by the remaining members of Voyager's board of directors.
The representations and warranties of each party set forth in
the Purchase Agreement have been made solely for the benefit of the parties to the Purchase Agreement. In addition, such representations
and warranties (a) are subject to materiality qualifications contained in the Purchase Agreement which may differ from what may
be viewed as material by investors, (b) were made only as of the date of the Purchase Agreement or such other date as is specified
in the Purchase Agreement and (c) may have been included in the Purchase Agreement for the purpose of allocating risk between Voyager
and the Parent rather than establishing matters as facts. Accordingly, the Purchase Agreement is included with this filing only
to provide investors with information regarding the terms of the Purchase Agreement, and not to provide investors with any other
factual information regarding the parties or their respective businesses.
The foregoing summary of the Purchase Agreement is not complete
and is qualified in its entirety by reference to the complete text of such document, which is filed as Exhibit 2.1 hereto and which
is incorporated herein by reference in its entirety. All schedules to the Purchase Agreement have been omitted in accordance with
Item 601(b) of Regulation S-K. Voyager hereby agrees to furnish supplementally a copy of any schedules to the Securities and Exchange
Commission ("SEC") upon its request.
Forward-Looking Statement
Certain statements included in this Current Report on
Form 8-K contain "forward-looking statements" within the meaning of the "safe harbor" provisions of
the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934. We caution you that assumptions, expectations, projections, intentions, plans,
beliefs or similar expressions used to identify forward-looking statements about future events may, and often do, vary
from actual results and the differences can be material from those expressed or implied in such forward looking statements.
We assume no obligation and expressly disclaim any duty to update the information contained herein except as required
by law.
Item 7.01.	     Regulation FD Disclosure.
The information set forth in Item 1.01 of this Current Report
on Form 8-K is incorporated in this Item 7.01 by reference.
On July 10, 2012, Voyager issued a press release
announcing the execution of the Purchase Agreement described in Item 1.01 above. A copy of the press release is furnished as
Exhibit 99.1. Attached hereto as Exhibit 99.2 to this Current Report on Form 8-K is the form of presentation that Voyager
expects to use in connection with discussing the Transaction with investors.
The information in this Current Report on Form 8-K,
including the exhibits attached hereto and incorporated by reference into this Item 7.01, shall not be deemed
"filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to
the liabilities under that Section. Furthermore, such information, including the exhibits attached hereto, shall not be
deemed incorporated by reference into any of Voyager's reports or filings with the SEC, whether made before or after
the date hereof, except as expressly set forth by specific reference in such report or filing. The information in this
Current Report on Form 8-K, including the exhibits attached hereto, shall not be deemed an admission as to the materiality of
any information in this Current Report on Form 8-K that is required to be disclosed solely to satisfy the requirements of
Regulation FD.
Item 9.01.	     Financial Statements and Exhibits.
(d)	Exhibits
The following exhibits are filed in accordance with the provisions
of Item 601 of Regulation S-K:
Exhibit
Exhibit Description
2.1
Securities Purchase Agreement, dated July 9, 2012, among Voyager Oil & Gas, Inc., Emerald Oil & Gas NL and Emerald Oil, Inc.
99.1
Press Release dated July 10, 2012.
99.2
Investor Presentation
SIGNATURE
Pursuant to the requirements of the
Securities Exchange Act of 1934, the  registrant has duly caused this report on Form 8-K to be signed on its behalf by
the undersigned hereunto duly authorized.
VOYAGER OIL & GAS, INC.
By: /s/ Mitchell R. Thompson
Mitchell R. Thompson
Chief Financial Officer
Date: July 10, 2012
EXHIBIT INDEX
Exhibit
Exhibit Description
2.1
Securities Purchase Agreement, dated July 9, 2012, among Voyager Oil & Gas, Inc., Emerald Oil & Gas NL and Emerald Oil, Inc.
99.1
Press Release dated July 10, 2012.
99.2
Investor Presentation