re: truth about the investor This is from the Ausam Energy...

re: truth about the investor This is from the Ausam Energy announcement- A lot more infomation than the Mosaic announcement. hmmm it appears with the Ausam farmin that Ausam secured the Rig.
Anyhow this is well worth a read...



http://biz.yahoo.com/cnw/060525/ausam_farmin_plan.html?.v=1


-of interest:


The agreement also furthers the implementation of our core strategy of applying North American drilling techniques in areas known to have hydrocarbons and which also have infrastructure either in place or nearby. The permits that we are farming into are prospective for oil as well as natural gas, and aligning ourselves with Mosaic gives us the opportunity to sell into pre-existing gas contracts through infrastructure with available capacity. Difficulties that we have experienced due to equipment constraints should also be alleviated by the availability of the Australian Drilling Service Rig 6 for our planned multi-well program that begins with the Bellbird West-1 well, currently scheduled for July 2006, to be followed immediately with the first well of this farmin program."
# # # #


The wells in the Mosaic farmin area will target oil and gas. Drilling is expected to begin in the second half of 2006, subject to rig availability. During the first quarter of 2006, Ausam was able to secure a commitment from Australian Drilling Services ("ADS") to relocate its rig 6 from Western Australia to the eastern states by coordinating the drilling and proposed drilling programs of a group of peer companies, including Mosaic, that are operating in Queensland, New South Wales and South Australia. Ausam signed a letter of intent for the use of Rig 6 with ADS in March 2006 and is finalizing the drilling contract now.

# # # #

Ausam proposes to drill the Bellbird West-1 well (ATP 552P, farmin with Rawson Resources Ltd) during July 2006 and then begin drilling the first three wells under the Mosaic farmin agreement immediately after drilling the Bellbird West-1 well. The first three wells in the Mosaic farmin are expected to be the Downlands-4, Brynog-1, and Downlands East-3. Each of the proposed four wells is expected to require approximately 30 days to rig-up, drill, test, and complete. Each of the wells is to be drilled underbalanced through at least one objective, however only the Bellbird West-1 well is proposed to use a coil tubing unit at this time. Each of the proposed four wells will test a separate geologic structure. Ausam will evaluate the results of this four well program before drilling the proposed fourth well of the Mosaic farmin area