Delta Seaboard International Inc.entered into an asset purchase agreement by and among Delta Seaboard, LLC, a Texas limited liability company that is owned and controlled by Robert W. Derrick, Jr. and Ronald D. Burleigh, Delta's president and director and vice-president and director, respectively, Delta Seaboard Well Service Inc., a Texas corporation and a wholly-owned subsidiary of Delta, and American International Industries Inc., the corporate parent and owner of approximately 46.4% of Delta's outstanding common stock. In connection with the execution and delivery of the agreement, Robert W. Derrick, Jr. submitted and the company's Board of Directors accepted the resignations of Derrick as executive a director of the company.