Just to clear up the ownership and Chalk Sea Claim,
On the 21st May 2010 Mr Micheal Bactucci as President of an Arturus Capital wholly owned subsidiary, Caledonia 1 LLC, a Texas Limited liability company. Assigned and lodged with the court on that day a royalty right of 3% to the Caledonia Assets, i.e the current and past Permian leases acquired by Golden Gate Petroleum of 8806 acres, in favour of Chalk Sea Development Ltd, a texas based company.
This royalty right was evenly split between Chalk Sea and Caerleon Capital Pty Ltd of Sydney which held the original rights in full following agreement with Arturus Capital on April 12 2010.
In effect Chalk Sea gained a net 1.5% royality for a debt owed by Arturus and a company directed by an Arturus director gave up 1.5% of its 3% right. No cash was exchanged as no income was due. A $10 fee paid for registration.
As the real property asset and legal action is in the state of texas then Chalk Sea are now the lead Plaintiff.
Lani. I note in your post even wiki make comment that the receipt of the claim by Chalk Sea on Golden Gate wasn`t immediately notified to the market by GGP.
There are some serious questions that require answers. First GGP cancelling the purchase of the Permian leases then deciding to buy them hours later.
Why then proceed with an impaired asset and then when management receive a legal challenge to an impairment the market is not notified.
Statements made of the project nearing a self funding position when management have a duty of care to shareholders and a requirement of understanding of the strenghts and weaknesses of the companies assets that they operate.
Lani, maybe you should focus on the intent of management and follow these facts to reach your conclusion. It would be much more profitable than not being able to reach a conclusion on a posters intent.
All the information provided is available in the public domain. I believe corrupt management rely on the inactivity of shareholders. I have no intention of aiding corrupt management wherever they lie.
DYO research This is my opinion and research only.
Another announcement by GGP just released when its main and most expensive asset, the SRH5 Horizontal, and the reason for the companies greatest dilution of shares, does not even gain a mention past lip service.
GGP Price at posting:
5.0¢ Sentiment: None Disclosure: Held
