Ann: Umiat Oil Field Purchase, page-36

Flexmw,

‘Emerald House LLC’ is the vehicle formally owned by XCD, they held the leases that were part of the split from Elixir etc.

After the 88e takeover of XCD we inherited the company. The Peregrine leases are held in the same vehicle. Dave has also done this with Regenerate and Captivate.

The calculation of the 76% net revenue interest, is in itself of interest. The Umiat leases have had a checkered past.

Possibly easier to work backwards from the 76% 88e revenue interest. 4% to the sellers, Malamute and Renaissance = 80%

The Federal Government retain 12.5% = 92.5%

The interesting part is the remainder = 7.5%. This link possibly shines some light, it got ugly in the courts.

https://caselaw.findlaw.com/ak-supreme-court/1584127.html

Burgundy are not part of these leases, as I understand the deal.

Hope you are well.

Cheers