Re: Statement of Facts about Morgan Highpoint
posted on
Jun 11, 2008 07:33PM
Investor Inquiries: 604-649-0080
Demerara, since you asked again, about the meaning of Elephant sized finds by MEO in Morgan Highpoint, I'll repost something you, and others, may have missed. The following is a cut and paste from my Jun 11 12:33AM posting to yourself and Crown. Please note that at the end, when I wrote that I could continue, I can, so please let me know if you want the Jan 1-08 onward details.
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 The other 20,000,000 shares also in this NR was withdrawn 10 days later (don't know if this appeared to be a little much at one time)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?