What happened
The FAA’s narrative, in sentence case. The FAA writes it in capitals and removes private details.
Pilot was repositioning the aircraft to the maintenance faciility for routine scheduled maintenance. After take-off and during the climb-out at approximately 300 feet the pilot noticed the master caution light illuminated. On the cad he noticed the "fuel pressure" and "fuel valve" lights for the #1 engine. Anticipating an engine flameout, he reduced power. After about 20 seconds, the #1 engine failed. The pilot followed his checklist, communicated his problem with ATC, and conducted an uneventful oei run-on landing at the local airport.
As the FAA filed it
PILOT WAS REPOSITIONING THE AIRCRAFT TO THE MAINTENANCE FACIILITY FOR ROUTINE SCHEDULED MAINTENANCE. AFTER TAKE-OFF AND DURING THE CLIMB-OUT AT APPROXIMATELY 300 FEET THE PILOT NOTICED THE MASTER CAUTION LIGHT ILLUMINATED. ON THE CAD HE NOTICED THE "FUEL PRESSURE" AND "FUEL VALVE" LIGHTS FOR THE #1 ENGINE. ANTICIPATING AN ENGINE FLAMEOUT, HE REDUCED POWER. AFTER ABOUT 20 SECONDS, THE #1 ENGINE FAILED. THE PILOT FOLLOWED HIS CHECKLIST, COMMUNICATED HIS PROBLEM WITH ATC, AND CONDUCTED AN UNEVENTFUL OEI RUN-ON LANDING AT THE LOCAL AIRPORT.