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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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>

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<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>March 15, 2012</B></P>

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

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<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: 33%; font-size: 10pt; font-weight: bold; text-align: center">Montana</TD>
    <TD STYLE="width: 34%; font-size: 10pt; font-weight: bold; text-align: center">1-35097</TD>
    <TD STYLE="width: 33%; font-size: 10pt; font-weight: bold; text-align: center">77-0639000</TD></TR>
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    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or other jurisdiction of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">incorporation)</P></TD>
    <TD STYLE="font-size: 10pt; text-align: center">(Commission File Number)</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(IRS Employer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Identification No.)</P></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; text-align: center"><B>2718 Montana Ave., Suite&nbsp;220</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Wingdings">o</FONT>Written
communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Wingdings">o</FONT>Soliciting
material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Wingdings">o</FONT>Pre-commencement
communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17 CFR 240.14d-2(b))</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Wingdings">o</FONT>Pre-commencement
communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under the Exchange Act (17 CFR 240.13e-4(c))</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; color: Red"></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 5.02</B></TD><TD><B>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements
of Certain Officers.</B></TD></TR></TABLE>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On March 15, 2012, the
Compensation Committee and the Board of Directors of Voyager Oil &amp; Gas, Inc. (the &ldquo;Company&rdquo;) authorized the
Company to enter into employment agreements (as described below) with its Chief Executive Officer, James Russell (J.R.)
Reger, and its Chief Financial Officer, Mitchell R. Thompson. In connection therewith, the Company&rsquo;s Board of Directors
authorized and approved the following equity awards under the Voyager Oil &amp; Gas, Inc. 2011 Equity Incentive Plan (the
&ldquo;Equity Incentive Plan&rdquo;):</P>

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

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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>To Mr. Reger, (i) a Restricted Stock Award granted effective March 15, 2012 for 200,000 shares of common stock of the Company
under the Equity Incentive Plan, which shall ratably vest over the term of the Reger Agreement (as defined
below), and (ii) a Restricted Stock Award granted effective March 15, 2012 for 200,000 shares of common stock of the Company under
the Equity Incentive Plan, which shall vest quarterly over 36 months; and</TD></TR></TABLE>

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

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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>To Mr. Thompson, (i) a Restricted Stock Award granted effective March 15, 2012 for 100,000 shares of common stock of the Company
under the Equity Incentive Plan, which shall ratably vest over the term of the Thompson Agreement (as defined below), and (ii)
a Restricted Stock Award granted effective March 15, 2012 for 100,000 shares of common stock of the Company under the Equity
Incentive Plan, which shall vest quarterly over 36 months.</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"><I>Employment Agreement with James Russell (J.R.) Reger</I></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">On March 20, 2012, the Company entered into
an employment agreement with its Chief Executive Officer, James Russell (J.R.) Reger (the &ldquo;Reger Agreement&rdquo;). The Reger
Agreement is effective as of January 1, 2012 and terminates on December 31, 2012, unless sooner terminated pursuant to its terms.</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">The Reger Agreement provides that
in consideration for Mr. Reger's services to the Company, Mr. Reger shall receive the equity awards as described above and no
annual cash salary. In addition, Mr. Reger is eligible to receive bonuses as may be determined in the sole discretion of
the Company's Compensation Committee or Board of Directors, as well as additional restricted stock awards for up to 400,000
shares of common stock under the  Equity Incentive Plan subject to the satisfaction of certain performance
criteria to be established by the Compensation Committee and the Board of Directors in their sole discretion. Mr. Reger shall
also be paid a monthly vehicle allowance and shall be reimbursed for ordinary and customary business expenses, including
travel and other disbursements pre-approved by the Company. The Reger Agreement also provides that Mr. Reger is entitled to
participate in other Company benefits that are provided generally to all employees of the Company, such as retirement plans
and health insurance.</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">In the event of specified termination events,
the Reger Agreement provides that the Company shall pay Mr. Reger the monthly vehicle allowance described above for twelve months
and shall reimburse Mr. Reger for the Company's share of premiums for twelve months for Mr. Reger's COBRA continuation coverage
in the Company's group medical and dental plans. In the event of a &ldquo;change in control&rdquo; (as defined in the restricted
stock awards) of the Company, the restricted stock awards shall vest immediately.</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">Under the Reger Agreement, Mr. Reger is
obligated to maintain the confidentiality of certain confidential or proprietary information of the Company during the term of
the Reger Agreement and for two years following the termination of Mr. Reger's employment with the Company. Mr. Reger is also prohibited
from engaging in certain competitive or solicitation activity during his employment with the Company.</P>

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

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<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"><I>Employment Agreement with Mitchell R.
Thompson</I></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">On March 20, 2012, the Company also entered
into an employment agreement with its Chief Financial Officer, Mitchell R. Thompson (the &ldquo;Thompson Agreement&rdquo;). The
Thompson Agreement is effective as of January 1, 2012 (the &ldquo;Effective Date&rdquo;) and terminates on December 31, 2012, unless
sooner terminated pursuant to its terms.</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">The Thompson Agreement provides that
Mr. Thompson shall be paid an annual base salary of $80,000 commencing on the Effective Date. In addition, Mr. Thompson shall
receive the equity awards described above. Mr. Thompson is also eligible to receive bonuses as may be determined in the sole
discretion of the Company&rsquo;s Compensation Committee or Board of Directors, as well as additional restricted stock
awards for up to 200,000 shares of common stock under the Equity Incentive Plan subject to the
satisfaction of certain performance criteria to be established by the Compensation Committee and the Board of Directors in
their sole discretion. Mr. Thompson shall also be paid a monthly vehicle allowance and shall be reimbursed for ordinary and
customary business expenses, including travel and other disbursements pre-approved by the Company. The Thompson Agreement
also provides that Mr. Thompson is entitled to participate in other Company benefits that are provided generally to all
employees of the Company, such as retirement plans and health insurance.</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">In the event of specified termination
events, the Thompson Agreement provides that the Company shall pay Mr. Thompson his then current base salary for a
twelve-month period at regular payroll intervals, the monthly vehicle allowance described above for twelve months and shall
reimburse Mr. Thompson for the Company's share of premiums for twelve months for Mr. Thompson's COBRA continuation coverage
in the Company's group medical and dental plans. In the event of a &ldquo;change in control&rdquo; (as defined in the
restricted stock awards) of the Company, the restricted stock awards shall vest immediately.</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">Under the Thompson Agreement, Mr. Thompson
is obligated to maintain the confidentiality of certain confidential or proprietary information of the Company during the term
of the Thompson Agreement and for two years following the termination of Mr. Thompson's employment with the Company. Mr. Thompson
is also prohibited from engaging in certain competitive or solicitation activity during his employment with the Company and for
a period of one year following the termination of Mr. Thompson's employment with 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: 0.5in">Copies of the Reger Agreement and Thompson
Agreement are attached hereto as Exhibits 10.1 and 10.2, and are incorporated herein by reference. The descriptions of the Reger
Agreement and the Thompson Agreement contained herein are qualified in their entirety by reference to the full text of the Reger
Agreement and the Thompson Agreement.</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">&nbsp;<B>Item 9.01&nbsp; Financial Statements and Exhibits.</B></P>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Exhibits.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">10.1</FONT></TD><TD><FONT STYLE="font-size: 10pt">Employment Agreement dated March 20, 2012 by and between James Russell Reger and Voyager Oil
&amp; Gas Inc.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">10.2</TD><TD>Employment Agreement dated March 20, 2012 by and between Mitchell R. Thompson and Voyager Oil &amp; Gas Inc.</TD></TR></TABLE>

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

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<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>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 Company 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">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 45%; font-size: 10pt"><FONT STYLE="font-size: 10pt">VOYAGER OIL&nbsp;&amp; GAS,&nbsp;INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Date: March 21, 2012</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ Mitchell R. Thompson</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Mitchell R. Thompson</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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{"company-data": {"conformed-name": "Voyager Oil & Gas, Inc.", "cik": "0001283843", "assigned-sic": "1311", "irs-number": "770639000", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-35097", "film-number": "12706485"}, "business-address": {"street1": "2718 MONTANA AVENUE", "street2": "SUITE 220", "city": "BILLINGS", "state": "MT", "zip": "59101", "phone": "406-245-4902"}, "mail-address": {"street1": "2718 MONTANA AVENUE", "street2": "SUITE 220", "city": "BILLINGS", "state": "MT", "zip": "59101"}, "former-company": [{"former-conformed-name": "ante4, Inc", "date-changed": "20091106"}, {"former-conformed-name": "WPT ENTERPRISES INC", "date-changed": "20040316"}]}
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)
March 15, 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):
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements
of Certain Officers.
On March 15, 2012, the
Compensation Committee and the Board of Directors of Voyager Oil & Gas, Inc. (the "Company") authorized the
Company to enter into employment agreements (as described below) with its Chief Executive Officer, James Russell (J.R.)
Reger, and its Chief Financial Officer, Mitchell R. Thompson. In connection therewith, the Company's Board of Directors
authorized and approved the following equity awards under the Voyager Oil & Gas, Inc. 2011 Equity Incentive Plan (the
"Equity Incentive Plan"):
·
To Mr. Reger, (i) a Restricted Stock Award granted effective March 15, 2012 for 200,000 shares of common stock of the Company
under the Equity Incentive Plan, which shall ratably vest over the term of the Reger Agreement (as defined
below), and (ii) a Restricted Stock Award granted effective March 15, 2012 for 200,000 shares of common stock of the Company under
the Equity Incentive Plan, which shall vest quarterly over 36 months; and
·
To Mr. Thompson, (i) a Restricted Stock Award granted effective March 15, 2012 for 100,000 shares of common stock of the Company
under the Equity Incentive Plan, which shall ratably vest over the term of the Thompson Agreement (as defined below), and (ii)
a Restricted Stock Award granted effective March 15, 2012 for 100,000 shares of common stock of the Company under the Equity
Incentive Plan, which shall vest quarterly over 36 months.
Employment Agreement with James Russell (J.R.) Reger
On March 20, 2012, the Company entered into
an employment agreement with its Chief Executive Officer, James Russell (J.R.) Reger (the "Reger Agreement"). The Reger
Agreement is effective as of January 1, 2012 and terminates on December 31, 2012, unless sooner terminated pursuant to its terms.
The Reger Agreement provides that
in consideration for Mr. Reger's services to the Company, Mr. Reger shall receive the equity awards as described above and no
annual cash salary. In addition, Mr. Reger is eligible to receive bonuses as may be determined in the sole discretion of
the Company's Compensation Committee or Board of Directors, as well as additional restricted stock awards for up to 400,000
shares of common stock under the  Equity Incentive Plan subject to the satisfaction of certain performance
criteria to be established by the Compensation Committee and the Board of Directors in their sole discretion. Mr. Reger shall
also be paid a monthly vehicle allowance and shall be reimbursed for ordinary and customary business expenses, including
travel and other disbursements pre-approved by the Company. The Reger Agreement also provides that Mr. Reger is entitled to
participate in other Company benefits that are provided generally to all employees of the Company, such as retirement plans
and health insurance.
In the event of specified termination events,
the Reger Agreement provides that the Company shall pay Mr. Reger the monthly vehicle allowance described above for twelve months
and shall reimburse Mr. Reger for the Company's share of premiums for twelve months for Mr. Reger's COBRA continuation coverage
in the Company's group medical and dental plans. In the event of a "change in control" (as defined in the restricted
stock awards) of the Company, the restricted stock awards shall vest immediately.
Under the Reger Agreement, Mr. Reger is
obligated to maintain the confidentiality of certain confidential or proprietary information of the Company during the term of
the Reger Agreement and for two years following the termination of Mr. Reger's employment with the Company. Mr. Reger is also prohibited
from engaging in certain competitive or solicitation activity during his employment with the Company.
Employment Agreement with Mitchell R.
Thompson
On March 20, 2012, the Company also entered
into an employment agreement with its Chief Financial Officer, Mitchell R. Thompson (the "Thompson Agreement"). The
Thompson Agreement is effective as of January 1, 2012 (the "Effective Date") and terminates on December 31, 2012, unless
sooner terminated pursuant to its terms.
The Thompson Agreement provides that
Mr. Thompson shall be paid an annual base salary of $80,000 commencing on the Effective Date. In addition, Mr. Thompson shall
receive the equity awards described above. Mr. Thompson is also eligible to receive bonuses as may be determined in the sole
discretion of the Company's Compensation Committee or Board of Directors, as well as additional restricted stock
awards for up to 200,000 shares of common stock under the Equity Incentive Plan subject to the
satisfaction of certain performance criteria to be established by the Compensation Committee and the Board of Directors in
their sole discretion. Mr. Thompson shall also be paid a monthly vehicle allowance and shall be reimbursed for ordinary and
customary business expenses, including travel and other disbursements pre-approved by the Company. The Thompson Agreement
also provides that Mr. Thompson is entitled to participate in other Company benefits that are provided generally to all
employees of the Company, such as retirement plans and health insurance.
In the event of specified termination
events, the Thompson Agreement provides that the Company shall pay Mr. Thompson his then current base salary for a
twelve-month period at regular payroll intervals, the monthly vehicle allowance described above for twelve months and shall
reimburse Mr. Thompson for the Company's share of premiums for twelve months for Mr. Thompson's COBRA continuation coverage
in the Company's group medical and dental plans. In the event of a "change in control" (as defined in the
restricted stock awards) of the Company, the restricted stock awards shall vest immediately.
Under the Thompson Agreement, Mr. Thompson
is obligated to maintain the confidentiality of certain confidential or proprietary information of the Company during the term
of the Thompson Agreement and for two years following the termination of Mr. Thompson's employment with the Company. Mr. Thompson
is also prohibited from engaging in certain competitive or solicitation activity during his employment with the Company and for
a period of one year following the termination of Mr. Thompson's employment with the Company.
Copies of the Reger Agreement and Thompson
Agreement are attached hereto as Exhibits 10.1 and 10.2, and are incorporated herein by reference. The descriptions of the Reger
Agreement and the Thompson Agreement contained herein are qualified in their entirety by reference to the full text of the Reger
Agreement and the Thompson Agreement.
Item 9.01  Financial Statements and Exhibits.
(d)
Exhibits.
10.1
Employment Agreement dated March 20, 2012 by and between James Russell Reger and Voyager Oil
& Gas Inc.
10.2
Employment Agreement dated March 20, 2012 by and between Mitchell R. Thompson and Voyager Oil & Gas Inc.
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Company 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.
Date: March 21, 2012
By:
/s/ Mitchell R. Thompson
Mitchell R. Thompson
Chief Financial Officer