sorry for the late reply.Your post actually caught my eye because of your words regarding the Terrace pulling out of the JV talks." even the hounddogs sniffing Terrace out as the potential JV partner before they pulled out."
I remember this announcement from Terrace as clear as a bell.Why ? because that was the day I first made contact with whisky49 and morebull.I asked them both to email me because the Terrace Energy decision to pull out of the JV talks rang alarm bells with me BIG TIME and I seriously considered pulling out and moving on.I wanted to get their opinion on the decision.
whisky,morebull,zia ( doesnt hold anymore ) and myself were emailing each other as this news broke. The terrace ann was posted here by someone ? and caused quite a bit of angst amongst posters.
Posters including myself, contacted the company (GGP) with our concerns on the matter.
Now here is the Terrace announcement, which shows some of the terms of the (LOI)
Acquisition Activities
The Company terminated the previously announced non-binding Letter of Intent covering certain acreage in Reagan and Irion Counties, Texas, as a result of issues arising from our due diligence investigations.
The Company continues to investigate other acquisition and joint development opportunities and will report should it reach a material agreement in principle.
Here is the original terrace announcement showing how happy they were to get involved in the PB. Yet after their own DD they cut ties,why ??
The Company has also entered into a non-binding Letter of Intent (LOI) to acquire interests in certain mineral leases covering approximately 8,800 acres in Regan and Irion Counties, Texas. The LOI provides that the Company will acquire a 50% working interest and a 37.5% net revenue interest in 4 recently drilled producing oil wells plus oil & gas mineral leases covering approximately 2,300 acres for an aggregate maximum purchase price of US$5,750,000. The LOI further provides that the Company will be granted an option to acquire a 50% working interest and a 37.5% net revenue interest in approximately 6,500 acres of adjacent undeveloped mineral leases on terms yet to be finalized. The final terms of the acquisition and option agreement will be set out in a definitive purchase and sale agreement, which is currently under negotiation, and is subject to financing among other things.
Eric Boehnke, the Company’s Chief Executive Officer, further commented: “We are very enthusiastic about the Cutlass Project, which is situated in the heart of the Eagle Ford oil play, and are pleased that we were able to increase our interests. And, the opportunity to acquire interests in the heart of the Permian Basin, where the highly prospective Horizontal Wolfcamp play is under development, is a logical next step in the growth of the Company. ”
GGP Price at posting:
0.7¢ Sentiment: None Disclosure: Held
