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) December 2111, 2001

FAN ENERGY INC.
(Exact name of registrant as specified in its charter)

                                       Nevada                                     000-31079                                                             77-0140428
                   (State or other jurisdiction              (Commission File Number)                             (IRS Employer Identification No.)
                    of incorporation)

5355 Capital Court, Suite 108
Reno, Nevada 89502
(Address of principal executive offices)

(602) 953-7701
(Registrant's telephone number, including area code)

Item 5. OTHER EVENTS.

On December 214, 2001, ~~the~~Registrant ~~Board~~agreed ofto ~~Directors~~sell all of ~~the~~its ~~Registrant~~assets atrelated ato ~~meeting~~the ~~duly~~oil ~~convened~~ and ~~held~~natural ~~effective~~gas asindustry to an entity controlled by George H. Fancher Jr., a director of the ~~21st~~Registrant. ~~day~~The oftransaction is deemed effective December, 1, 2001, and includes all of Registrant’s undivided interests in ~~accordance~~producing ~~with~~natural ~~N.R.S.~~gas §wells ~~78-207~~and adjacent acreage in California and Registrant’s undivided interest in oil and gas leaseholds, ~~adopted~~geophysical ~~resolutions~~exploratory todata ~~decrease~~and other nominal assets. Following the ~~number~~transaction ofRegistrant has no interest in ~~authorized~~any ~~shares~~oil ofor ~~the~~natural ~~corporation’s~~gas $0assets of any nature.~~001~~ ~~par~~The ~~value~~buyer ~~common~~assumed ~~stock~~all ~~from~~of the ~~95,000,000~~obligations ~~shares~~of the Registrant to 6pay approximately $13,~~666,334~~500 ~~shares~~in ~~and~~outstanding liabilities ~~correspondingly~~relating ~~decreasing~~to the ~~number of~~oil ~~issued~~ and ~~outstanding~~natural ~~shares~~gas ofproperties ~~such~~transferred, ~~class~~and surrendered ~~held~~378,885 byrestricted ~~each~~shares of Registrant’s common ~~stockholder of~~stock owned of record asand ofbeneficially ~~the~~by ~~close~~George ofH. ~~business~~Fancher onJr. ~~December~~for ~~24,~~cancellation ~~2001~~as consideration (for the ~~“Effective Date”)~~assets purchased. The ~~following~~transaction ~~information~~was ~~relates~~approved tounanimously by the ~~reduction~~disinterested inmembers ~~number~~of the Board of ~~authorized~~ ~~shares~~Directors ~~and~~of ~~the~~Registrant ~~reverse~~following an ~~stock~~independent ~~split~~evaluation toof bethe ~~effected:~~properties.

~~(a)~~On December 4, 2001, Peter J. Ashworth was unanimously elected as the President and Chief ~~(b)~~Executive ~~The~~Officer ~~number~~of Registrant by the Board of ~~authorized~~Directors ~~shares~~of Registrant. Also on December 4, 2001, the Board of Directors was expanded to eight persons and Peter J. Ashworth was elected by the ~~par~~Board ~~value~~of Directors as a director of ~~each~~the Registrant. ~~class~~The directors approved in principle an arrangement pursuant to which Registrant will acquire from Mr. Ashworth and others a business previously ~~series~~operated by Mr. Ashworth in exchange for 10 million shares of Registrant’s newly-issued, restricted common stock, of which up to 5 million shares ~~before~~would be subject to return and ~~after~~cancellation if Registrant fails to meet certain conditions in the ~~change~~year ~~hereby~~following ~~effected:~~the acquisition.

                                                     Before Change   After Change
                                                     -------------   ------------
      Common Stock, $0.001 Par Value ............     95,000,000      6,333,334
      Preferred Stock, $0.001 Par Value .........      5,000,000      5,000,000

                                                     Before Change   After Change
                                                     -------------   ------------
      Each share ...............................               1      one-fifteenth of one share(1)
      All outstanding shares: ..................      35,243,992      2,349,600(1)

(1) see Item (d) below

(d) The provisions for the issuance of fractional shares shall be as follows: Fractional shares which would otherwise be held by any stockholder as a result of the reverse stock split shall each be rounded up to the next highest whole number of shares and therefore no fractional shares shall be issued as a result of the reverse stock split. The number above does not reflect the effect of this rounding.

(e) Approval of stockholders was not required.

(f) The Effective Date for the change shall be the close of business on December 24, 2001.

The reverse stock split for outstanding $0.001 par value common stock of the corporation does not affect the number nor the rights or privileges attributable to the corporation’s outstanding or authorized preferred stock.

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.

FAN ENERGY INC.

Date December 2413, 2001 By: /s/ Albert Golusin Albert Golusin, Secretary

SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549

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