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
Date of Report (Date of earliest event reported): May 9, 2008
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CABELTEL INTERNATIONAL CORPORATION
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(Exact Name of Registrant as Specified in its Charter)
Nevada 000-08187 75-2399477
(State or other (Commission (I.R.S. Employer
jurisdiction of incorporation) File No.) Identification No.)
1755 Wittington Place, Suite 340 75234
Dallas, Texas
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 972-407-8400
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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:
[ ] 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 2.01. Completion of Acquisition or Disposition of Assets
On May 9, 2008, CabelTel International Corporation, a Nevada
corporation (the "Company" or the "Issuer" or the "Registrant") sold certain
mineral leasehold interest rights in the Fayetteville Shale area of Arkansas to
XTO Energy, Inc., a Delaware corporation. In addition to selling leasehold
interest at approximately 1,712 net acres of land, the Company also had
exercised an option to acquire an additional 2,398 net acres of land and sold
those interests to XTO Energy, Inc. as well. XTO Energy, Inc. is not affiliated
with the Company other than in respect of the transaction. The sale resulted in
the Company receiving cash of approximately $16,440,000 and recording an after
tax gain of approximately $14,500,000. The Company intends to continue to pursue
opportunities to acquire existing oil and gas operations and/or acquire mineral
leasehold interest rights for the purpose of developing oil and gas operations.
Section 9 - Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
The following exhibit is furnished with this Report:
Exhibit
Designation Description of Exhibit
99.1* Press Release dated May 14, 2008
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*Furnished herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has caused this Current Report on Form 8-K to be signed on its
behalf by the undersigned hereunto duly-authorized.
Dated: May 13, 2008 CABELTEL INTERNATIONAL CORPORATION
By: /s/ Gene S. Bertcher
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Gene S. Bertcher, President and Chief
Financial Officer