and paid for the drilling upon proving up the resource. Ampw pulled out of the negotiation.
Form8-K forAMERICAN POWER CORP.
23-Nov-2010
Financial Statements and Exhibits
Item 9.01 Financial Statements and ExhibitsItem 7.01. Regulation FD Disclosure.
On October 28, 2010 American Power Corp. (the "Registrant") issued a pressrelease to provide an update on its current operations. The press release isattached hereto as Exhibit 99.1 and is incorporated herein by this reference.
In accordance with General Instruction B.2 of Form 8-K, the information setforth in this Item 7.01 and in the attached exhibit are deemed to be furnishedand shall not be deemed to be "filed" for purposes of Section 18 of theSecurities Exchange Act of 1934, as amended.
The October 28, 2010 press release disclosed the decision of our board ofdirectors to approve the exploration drilling program prepared by WeirInternational Inc. of Downers Grove, Illinois ("Weir") to evaluate the coalreserve potential on the Pace Coal Property in Judith Basin County, Montana.
Further to that announcement, on November 15, 2010 our management made adecision to withdraw from discussions with Peabody Investments Corp., asubsidiary of Peabody Energy Corp. ("Peabody"), whereby Peabody was to financethe exploration drilling program on the Pace Coal Property in exchange for anoption to acquire any reserves of coal proved in the Pace Coal Property at theend of the exploration program. Our management feels that it would be in thebest interest of the Company to undertake and fully finance such an explorationdrilling program independent of Peabody at this time, and as such will proceedwith it.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit Number
Description
99.1 Press Release of American Power Corp. dated October 28, 2010.