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Message: Crown & Demerara

Crown & Demerara

posted on Jun 10, 2008 08:15PM

Long trip to Costco, sorry I missed the quality action.

In answer to your questions / demands / tantrums - read the following, if you can hold your lunch down all the way through it.

Elephants - MEO has been plastering that on NR's since at least 2006. Go ask them what they mean.

What 2 Elephants do I mean - Rome and Copper Ridge. There may be a good 3rd one, but that will have to wait.

Sept 28th (Friday ) Hit the Copper Ridge 5,300'

The orgy of papering that Bill orchestrated starts. (Paper Pat would be proud.)

Oct 2th (Tuesday) Stock Options 3,529,868.

Oct 12th NR - Hit the Rome formation @ 7,850' = 2,180' in 15 days

Oct 15th NR - PP of 20,000,000 shares (10 mil units =1 share + 1 share warrant). 4 mth hold period to Feb 20-08

Oct 24th - 12 days to run casing (must be worlds record) and drilling ahead underbalanced ($5.1 million to date)

Oct 30th Stock Options 9,900,000 - 4 mth hold - (March 1st)

Nov 6th NR - drilling ahead - CIDI - directional drilling co. specialize in "build & hold" They can "increase drilling rate by as much as 50 percent" Now @ 8,600' - 980' to go to TD.

Nov 14th NR - TD of 9,580' = 1,730' since Oct 12th

Nov 14th NR - contracted Haliburton to log and test well. - not done

At this point MEO still has 55% ownership in the well.

Dec 17th - PP announced 27,000,000 shares. The other 20,000,000 shares also in this NR was withdrawn 10 days later (don't know if this appeared to be a little much at one time)

Dec 27th - Acquired 190 acres of leases and surveying site for JB#3. Don't need to raise money to pay for $6 million over budget - 55% MEO must pay and JB#3, but can't pay Haliburton to log and test JB#2.

Feb 14th NR - cost of JB#2 "now exceeds U.S $9 million" How much more we don't know. Last 20 days of the well cost over $4 million. What were they doing????

And you gentlemen/ladies wonder how I know MEO hit Elephants - with over $30 million and 23 more wells planned - and question why I don't trust BC.

This is only a partial list of the self serving behaviour of our papering friends. Want me to continue?

1
Jun 11, 2008 05:56AM
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