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 of 1934~~

~~Date~~Securities ofExchange ~~Report~~Act ~~(Date~~ of ~~earliest~~1934 ~~event reported): October 12, 2006 (October 9, 2006)~~

Date of Report (Date of earliest event reported): December 8, 2007

ETHANEX ENERGY, INC.

(f/k/a New Inverness Explorations, Inc.)

(Exact name of registrant as specified in its charter)


Nevada	333-129810	Pending
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification Number)

14500 Parallel Road, Suite A
Basehor, KS		66007
(Address of principal executive offices)		(Zip Code)

(913) 724-4106

(Registrant’s telephone number, including area code)

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 (see General Instruction A.2. below):

¨ 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 51.0201 ~~Departure~~Entry ofinto ~~Directors~~a orMaterial ~~Principal~~Definitive ~~Officers; Election of Directors; Appointment of Principal Officers~~Agreement

On ~~October~~December 98, 2006, Ethanex Energy North America, Inc. (the “Company”), ~~f/k/~~a ~~New~~wholly owned ~~Inverness~~subsidiary ~~Explorations~~of Ethanex Energy, Inc., entered into a Fourth Amendment to ~~(the~~Joint Venture Agreement with SEMO Milling, LLC (“~~Registrant~~SEMO”), ~~hired~~and ~~Mr.~~on ~~David~~January J.30, ~~McKittrick~~2007 the Company and SEMO entered in a Fifth Amendment to ~~serve~~Joint asVenture ~~Executive~~Agreement, ~~Vice-President~~each ~~and~~amending ~~Chief~~the ~~Financial~~Joint ~~Officer~~Venture ~~pursuant~~Agreement todated ~~the~~August ~~terms~~4, 2006, relating to the construction of ana 100 million gallon per year nameplate ethanol production ~~employment~~plant to ~~agreement~~be ~~executed~~co-located ~~between~~with ~~the~~a ~~Registrant~~dry ~~and~~corn ~~Mr.~~mill ~~McKittrick~~production facility to be constructed ~~described~~by SEMO ~~below~~near Cape Girardeau, Missouri.

~~Before~~The ~~joining~~Fourth Ethanex, from 1995 to 1998 Mr. McKittrick served as Senior Vice President and Chief Financial Officer of Gateway 2000, Inc., a global manufacturer and direct marketer of personal computers. As a member of the company’s senior management team, Mr. McKittrick was responsible for all corporate finance, accounting and management information systems, as well as being involved in strategic planning, acquisitions, and membership in all operating committees. During Mr. McKittrick’s tenure, the company grew at a compound rate of growth of 30% and developed operations on three continents, increasing sales from $2.8 billion to over $7.5 billion.Amendment:

~~From 1992 to~~o ~~1994,~~Extends ~~Mr.~~the ~~McKittrick~~construction ~~served~~start asdate ~~Vice~~for ~~Chairman~~the ~~and~~ethanol ~~Chief~~plant ~~Operating~~from ~~Officer of Collins~~January ~~& Aikman Group~~15, ~~Inc.,~~2007 ~~a broad-based specialty manufacturing company with sales of $1.4 billion. Mr. McKittrick’s position was created~~ to ~~provide intensified~~March ~~management~~15, of2007 ~~the company’s decentralized operations in a highly-leveraged~~ and ~~troubled environment. Mr. McKittrick’s was actively involved in reorganizing~~ the ~~corporate~~construction ~~management~~completion ~~structure~~date ~~and~~from ~~divesting non-strategic~~December ~~divisions~~31, to2007 ~~aid liquidity and reduce the company’s operations~~ to a ~~strategic~~July ~~core.~~1, 2008;

~~From 1972 to~~o ~~1992,~~Requires ~~Mr.~~the ~~McKittrick~~Company ~~was~~to ~~with~~make ~~James~~additional ~~River~~up-front ~~Corporation,~~capital acontributions ~~Fortune~~to ~~100~~fund ~~paper and~~the ~~consumer~~capitalizable ~~products~~assets ~~company,~~of ~~which~~the ~~was~~joint ~~ultimately acquired by Georgia Pacific Corporation~~venture,. ~~During~~including ~~Mr.~~the ~~McKittrick’s tenure he served as chief financial officer~~design, ~~while~~engineering ~~annual~~and ~~revenues~~construction ~~for~~start-up ~~the~~costs ~~company increased from $14 million to approximately $8.5 billion. As a key member~~ of ~~senior management, he was one of a few people who guided~~ the ~~strategic~~ethanol ~~direction~~plant and ~~growth of~~ the ~~company. Mr. McKittrick~~purchase ~~served~~of ~~as principal negotiator for over 25 acquisitions and divestitures~~equipment, ~~including three which doubled the company’s size~~ and ~~raised~~that ~~sales from~~those ~~$400~~funds ~~million~~will tobe ~~$4.5~~forfeited ~~billion~~by inthe ~~five~~Company ~~years.~~if ~~He also built~~ the ~~corporate finance~~joint ~~department~~venture ~~from~~is ~~five~~terminated tobefore ~~300~~a ~~personnel,~~specified ~~without~~date ~~increasing~~(the ~~overhead costs as~~“effective adate” ~~percent~~discussed ~~of sales.~~below);

~~Mr. McKittrick~~o ~~began~~Requires ~~his~~that ~~career~~non-recourse ~~with~~third-party ~~Coopers~~debt &financing ~~Lybrand~~for onthe ~~their~~completion ~~audit~~of ~~staff~~the ethanol plant and ~~where~~ hethe ~~became~~corn amill ~~certified~~be ~~public~~obtained ~~accountant.~~before the construction start date (March 15, 2007) and that the third-party financing not require the Company or SEMO to make additional capital contributions;

~~Mr. McKittrick~~o ~~received~~Requires ~~his~~that ~~MBA~~permits ~~from~~required ~~Rutgers~~for ~~University~~the ~~and~~construction ~~a Bachelor~~ of ~~Science in Chemistry~~the ~~and~~ethanol ~~Mathematics~~plant ~~from~~be ~~Hampden-Sydney~~obtained ~~College.~~before ~~Currently,~~January ~~Mr. McKittrick is the principal of David J. McKittrick~~26, ~~LLC,~~2007 ~~a financial~~ and ~~management consulting~~that ~~business.~~an ~~The company focuses on troubled industrial companies and he has been engaged in recapitalizing companies in default~~engineering, ~~restructuring dysfunctional~~procurement ~~finance departments, lender relations, systems redesign,~~ and ~~due diligence~~ ~~investigations.~~construction ~~Mr.~~contract ~~McKittrick~~for ~~also~~the ~~serves~~construction ~~as a member~~ of the ~~board of directors~~ethanol ofplant ~~Wellman,~~be ~~Inc.,~~entered abefore ~~NYSE~~January ~~chemical~~26, ~~producer~~2007; and ~~on the board of trustees of Hampden-Sydney College.~~

~~There are no~~o ~~material~~Limits ~~transactions~~joint ~~between~~venture ~~the~~termination ~~Registrant~~events ~~and Mr. McKittrick.~~to

~~There are~~o noa ~~family~~failure ~~relationships~~by ~~among~~the ~~Registrant’s~~other ~~executive~~party ~~officers.~~to make its capital contribution,

~~Mr. McKittrick’s~~o ~~employment~~a ~~agreement~~material ~~provides~~breach for an annual base salary of $190,000, with an opportunity to increase the base salary up to $250,000 upon the occurrence of certain events, and an annual bonus subject to the Company achieving its target performance levels as approved by the ~~Compensation Committee~~other ofparty the Board. Mr. McKittrick is also entitled to receive an option grant of 1,500,000 shares from the Company’s 2006 Stock Option Plan, 25% of which shall be vested and exercisable on the first anniversary of the grant. Thereafter, the balance of the Options shall be vested and become exercisable in monthly installments over the next 24 months that ~~Mr. McKittrick~~ is ~~employed with~~not ~~the~~cured ~~Company.~~within In addition, Mr. McKittrick is entitled to receive a restricted stock award of 1,000,000 shares of stock, 25% of which will be vested six months after the effective date of Mr. McKittrick's employment agreement with the remaining balance vesting in monthly installments over the next 30 ~~months~~ hedays is employed with the Registrant. Under the agreement, Mr. McKittrick will be subject to traditional non-competition and employee non-solicitation restrictions while he is employed by the Company and for one year thereafter. Mr. McKittrick and his dependents will be entitled to participate in the Company’s benefit plans at the Company’s expense. Subject to certain notice requirements, either Mr. McKittrick or the Company will be entitled to terminate the employment agreement at any time. If the Company terminates the employment agreement without Cause (as defined in the agreement) or if Mr. McKittrick terminates the employment agreement for a Good Reason (as defined in the agreement), then Mr. McKittrick is entitled to receive his base salary and guaranteed bonus through his last day of employment plus a one time severance payment equal to six months of his then-current annual base salary.

~~The foregoing~~o ~~description of Mr. McKittrick’s employment agreement is qualified in its entirety be reference to~~ the ~~employment~~insolvency, ~~agreement~~liquidation, ~~attached to this Current Report on Form 8-K as Exhibit 10.1 and incorporated herein by reference. In addition~~bankruptcy, areorganization ~~copy~~or dissolution of the ~~press~~other ~~release announcing the Mr~~party. ~~McKittrick’s hiring is attached hereto as Exhibit 99.1~~

The Fifth Amendment further extends to February 9, 2007 (which as referred to as the “effective date”) the deadline for performing specified actions and activities under the Joint Venture Agreement, including:

o	entering into certain agreements related to the joint venture, including an assignment agreement, a contribution agreement, a services agreement and a technology licensing agreement;

o	making required capital contributions to the joint venture; and

o	completing the construction of the SEMO dry corn mill to be co-located with the joint venture’s ethanol production facility.

The Company and SEMO are currently negotiating additional amendments to the terms of the Joint Venture Agreement, which may include extending some or all of the deadlines for the items discussed above. The parties set the February 9, 2007 deadline for the “effective date” discussed under the Fifth Amendment above to permit additional time to complete these negotiations. Ethanex Energy Inc. expects that the some or all of the deadlines discussed above will be further extended as a result of these negotiations.

A copy of each Amendment is filed as an exhibit to this report and is incorporated in response to this item by reference to that exhibit.

This report contains forward-looking statements including statements regarding the plans, goals, strategies, intent, beliefs or current expectations of Ethanex Energy, Inc.. These statements are expressed in good faith and based upon a reasonable basis when made, but there can be no assurance that these expectations will be achieved or accomplished. Forward looking statements can be identified by the use of terms and phrases such as “believe,” “plan,” “intend,” “anticipate,” “target,” “estimate,” “expect,” and the like, and/or future-tense or conditional constructions (“will,” “may,” “could,” “should,” etc.). Statements contemplating or making assumptions about, actual or potential collaborations and trends or operating results also constitute forward-looking statements.

Although forward-looking statements in this report reflect the good faith judgment of management, forward-looking statements are inherently subject to known and unknown business, economic and other risks and uncertainties that may cause actual results to be materially different from those discussed in these forward-looking statements. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this report. Ethanex Energy, Inc. assumes no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this report, other than as may be required by applicable law or regulation. Readers are urged to carefully review and consider the various disclosures and cautionary statements made by Ethanex Energy, Inc. in our reports filed with the SEC which attempt to advise interested parties of the risks and factors that may affect our business, financial condition, results of operation and cash flows, including the disclosures and statements made under the heading “Risk Factors” in our annual report on Form 10-KSB for the year ended July 31, 2006. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, our actual results may vary materially from those expected or projected.

Item 9.01 Financial Statements and Exhibits.

(cd) Exhibits.

The following exhibits are furnished in accordance with the provisions of Item 601 of Regulation S-B:

Exhibit No.		Description
10.1		Fifth Amendment to Joint Venture Agreement, dated January 30, 2007, by and between SEMO Milling, LLC and Ethanex Energy North America, Inc.
10.2		Fourth Amendment to Joint Venture Agreement, dated December 8, 2006, by and between SEMO Milling, LLC and Ethanex Energy North America, Inc.

Exhibit No.		Description
10.1		Employment Agreement dated October 9, 2006
99.1		Press Release dated October 10, 2006

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.

	ETHANEX ENERGY, INC.
Dated: February 5, 2007	ETHANEX ENERGY, INC.
Dated: October 12, 2006	By:	/s/ Albert Knapp
	By:	/s/ David J. McKittrick
		Name: Albert Knapp Title: Chief Executive Officer
		Name: David J. McKittrick
		Title: Executive Vice President and Chief Financial Officer

Exhibit Index

Exhibit No.		Description
10.1		~~Employment~~Fifth Amendment to Joint Venture Agreement, dated ~~October~~January 930, ~~2006~~2007, by and between SEMO Milling, LLC and Ethanex Energy North America, Inc.
99.1		Press Release dated October 10, 2006
10.2		Fourth Amendment to Joint Venture Agreement, dated December 8, 2006, by and between SEMO Milling, LLC and Ethanex Energy North America, Inc.

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