Company: EQS
Filing Date: 2025-03-10
Form Type: 8-K
Source: 0001712543-25-000012
Chunk: 0

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-03-10
Form: 8-K
Item: Item 2.01
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Item 2.01      Completion of Acquisition or Disposition of Assets.  

On March 4, 2025, Equus Total Return, Inc. (“ Equus”
or the “ Fund”) completed the sale of its equity interest in Equus Energy, LLC to North American Energy Opportunities Corp.,
a developer of upstream oil and gas assets (“ NAEOC”). The consideration provided by NAEOC consisted of $1.25 million in cash
and 27,500 shares of preferred stock, redeemable within 6 months of the date of issuance at $100.00 per share based upon fulfillment of
certain conditions.

The Fund formed Equus Energy in 2011 as a wholly-owned
subsidiary to make investments in companies in the energy sector, with particular emphasis on income-producing oil & gas properties.
In 2012, Equus Energy acquired a portfolio of non-operated working interests in Texas and Oklahoma that, as of December 31, 2024, consisted
of 136 producing and non-producing oil and gas wells, including associated development rights of approximately 21,520 acres situated on
9 separate properties. The working interests held by Equus Energy range from a de minimisamount to 50% of the leasehold production
of these wells. The wells are operated by a number of experienced operators such as Burk Royalty, which has operating responsibility for
leasehold interests in the Conger Field, representing approximately one-third of the producing well interests.

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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.

  Equus Total Return, Inc.       
  Date: March 10,                
  Name: Kenneth I. Denos         
  Title: Secretary               

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