T-Rex Oil, Inc. (OTCPK:TRXO) announced the spin-off of NexFuels, Inc. on September 27, 2016. Under the terms of the agreement, shareholders of T- Rex will receive one shares of NexFuels common stock for every two shares of T- Rex common stock owned. The stock dividend will be based upon 17,009,628 shares of T- Rex common stock that are issued and outstanding as of the Record Date, which is August 19, 2016. As part of the spin- off of NexFuels, Donald Walford, Chief Executive Officer and Chairman of T-Rex, was appointed to the Board of Directors of NexFuels and Thomas Sweeney was also appointed to the Board of Directors of NexFuels. As of September 27, 2016, the board of directors of T-Rex approved the transaction. The spin- off of NexFuels is not expected to have an impact upon T- Rex’s balance sheet.