vpe increases interest in growler n snatcher, page-10

The tables have turned and vpe have started to show their true colours... they know their is money in oil and they the value of oil will rise rapidly over the next 5 years...\

HOWEVER this does form somewhat of a conundrum for ITC.... The problem we are facing now is the current agreement between VPE and ITC... It can be seen that VPE will soon have 60% of the permits with a nice amount of money in the kitty... ITC on the other hand have roughly 6 - 7 million in the kitty and will be somewhat capital constrained if an INTENSIVE drilling campaign is undertaken....

So it does beg the question... How long before we see a low ball offer from VPE as they have us somewhat cornered...

What we really need to see is the current JV agreement with VPE and the contractual rights it gives to VPE having a majority share...

IMHO this may work out bad for ITC if we are forced to into rushing into the next campaign as our capital would be deeply depleted by an aggressive campaign...

Good luck guys and lets see what tomorrow brings