brucesterfer wrote:
"Fact is, they're spending ~$25 million on this non-core activity."
Well the Fact is that they were supposed to have been supported by their JVs. The same JVs that agreed to them drilling the 5 CSG wells (albeit possibly by not responding when required), and who are only interested in gas. The 5 wells should have only cost them 40% of the $25M (with a 70% stake in results).
The discussions with the JV partners is still going on, and hopefully we will hear something about it soon. It's still possible we will get most/all of the outstanding monies.
As well, CTP had to deal with minimum expenditure requirements, meaning that they have to spend certain amounts of money in the different leases or they will lose the leases.
- Karl
cash on hand, page-8
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