ggp books, creditors, where has the $$ gone ?

Evening all,

thanks to cmonaussie for posting his coverage of the AGM. Eagle's ?? care to share your thoughts on the content of the AGM ? I would appreciate your neutral view considering your a non-holder, thank you.

I believe this issue of "where has the money gone" deserves a new thread !

"It has the look of "mea culpa" to it but I got to say that a forensic accountant might have a field day here. The really big question is "Where did the money go?" (the prior CR and draw downs were supposed do these things already).

To say hear that HAL is owed $700K was a "light bulb" moment.

cmonaussie, I took your advice and spent time on slide 8 and also had a "take 2" on the A/R, page 49.


It's an exercise in discovery."


"Reality is we should not be owing ANY vendors - capital was raised for this purpose already. This is what I was pointing out."


I agree 100% cmonaussie and this shortfall in vendor payments over the past 2 years or so is I believe tied in with the companies legal costs ? ( My honest opinion on the information I have in front of me ) I say again, FP told the shareholders that the Paul Page legals had not cost the company anything up untilSeptember 2012. We soon found out that was not the case because it was totally contradicted by SG>

I know FP was not and never has been GGP's CFO and it was not his job to deal with the financial side of things but as a Director, should he make it his business ? Just as all Directors in all coy's ? ( Thats a question not an accusation. Should Directors make it their business on these type of issues ? )

So, where did the money go ? Still owing $700,000 to HAL when we were told it's all been raised and paid for. Did the $$ get diverted to certain legal costings when not just the shareholders had no idea but possibly some of the board members like FP ?? ( Again, a question which I believe needs to be asked )


Look at the Financial Report, and especially the " Trade Creditors" owed a total of $5,087,869

This figure does not include the monies owing to Debtors, $1.9mill
This $1.9mill is owed to Note holders and the security on the notes.

Cmonaussie getting back to your point about specific $$$ raised for specific purposes/projects, just to show people the wording used by the company on various raisings throughout the previous year or so and, to show readers just what the company stated they were going to do with the finances but it seems they have not followed the script ? or have they ? Each to their own but at the very least, there are some big questions which need to be answered here and I agree with your statement " a forensic accountant might have a field day here".


8 Feb 2012 Entitlement Issue Prospectus

On the basis of the Company’s current estimates, the Company expects that funds raised from the Capital Raising together with existing cash reserves, funds derived from operations and a yet to be established production financing facility will enable it to meet its objectives of undertaking the drilling program at the Permian Basin project outlined in the Company’s 30 November 2011 announcement.


13 August 2012


GGP signs mandate to raise up to $10 million via Secured Convertible Notes for the start of horizontal drilling in the Permian Basin, Texas

The purpose of the Offering is mainly to fund Golden Gate’s investment in the drilling of the Company’s first horizontal well (SRH #5H) in the Permian Basin Project located in Reagan and Irion Counties, Texas, USA.

Commenting on the capital raising, the Executive Chairman of Golden Gate, Steve Graves, said:

“This proposed capital raising is an important part of Golden Gate’s financial commitment to the development of the very large Permian Basin Project. The funds raised will contribute to the Company’s investment in the first horizontal well which will target one of the upper, middle, or lower Wolfcamp Target
Zones.”





7 December 2012


Capital Raising Initiates Update

Convertible Note Funding and Underwritten Entitlement Issue
Golden Gate Petroleum Limited (ASX: GGP) (“Golden Gate” or the “Company”) provides the following update on its recent capital raising initiatives that will be used to mainly fund the drilling, fracture stimulation and completion of the Company’s first horizontal well, SRH #5H, at the Permian Project located in Reagan and Irion Counties, Texas, USA.

WHY BE THE OPERATOR OF THE GALINDO WELL IF THERE WAS NEVER GOING TO BE A PROFIT ?


I still would like to know more about this Galindo well in Jim Wells County, which we took on as a project, not to make money ! That's exactly why I would and I know of numerous other holders/former holders would like to know more and just why exactly SG thought GGP needed to do that well as Operator knowing full well it was not to make money for the company.

Where did the $$ come from back in , ( Submitted 10/31/2012 Approved 11/07/2012 ) and, do you think the company was busy with the PB project at the time ?? Well if you read their reasoning in the June 30 Quarterly, things were pretty quiet, ? Below is the coy's statement about being in a quiet period and I have also provided the list of coy ann's during that same period. What do people think ? Quiet, and needed this Galindo well,not to make $$ but just to fill in some down time. I'll leave it at that but to add to your statement's Cmonaussie, just where did the money go ? and where is that forensic accountant ?


"the Company was able to earn revenue to offset our overheads while during a period of time when it was not active with our primary projects."

Nov 2012 Update on Request to Call an Extraordinary General Meeting

Nov 2012 Change of Director's Interest Notice (Petruzzelli)

12 Nov 2012 Hensarling No 1 Well Drilling Update

Nov 2012 Results of Annual General Meeting

Nov 2012 Change of Director's Interest Notice (Petruzzelli)

Nov 2012 SRH 5H Well Commences Drilling Operations

5 Nov 2012 Change of Director's Interest Notice (Graves)

5 Nov 2012 Change of Director's Interest Notice (Petruzzelli)

5 Nov 2012 Hensarling No 1 Well Drilling Update

2 Nov 2012 Production & Drilling Report

1 Nov 2012 Change of Director's Interest Notice (Graves)

1 Nov 2012 Cleansing Statement & Appendix 3B

31 Oct 2012 Cleansing Statement & Appendix 3B

31 Oct 2012 Change of Director's Interest Notice (Graves)

Oct 2012 Managing Director Market Briefing

Oct 2012 Melbourne Investor Presentation

Oct 2012 Project Update - Napoleonville Well Spuds

Oct 2012 Investor Presentation

Oct 2012 Quarterly Activities & Cash Flow Report

Oct 2012 Permian Project Update

Oct 2012 Company Receives a Request to Call a General Meeting

Oct 2012 Permian Project - Rig Contracted for First Horizontal Well




Contract Drilling & Operator


The Company has been reviewing various prospect proposals throughout Texas and Louisiana. A prospect called the Galindo well was reviewed but determined to fall outside our investment criteria, given the small size of the prospect and the commitments the Company has in the Permian and elsewhere.

The working interest partners in the Galindo well asked the Company to contract operate and drill the well for a fee which has been done. The Company has no working interest in this well. The Company will earn a small ongoing fee as operator of the well.

Given that the Company’s Texas based subsidiary, Kindee Oil and Gas Texas, LLC, is a qualified operator including investment in support systems and vendor requirements, the Company was able to earn revenue to offset our overheads while during a period of time when it was not active with our primary projects.
The revenue from this activity is not expected to have a material effect on the Company’s financial performance and has no impacted the Company’s principal focus on the Permian Project.






Just for old times sake!

We are in serious discussions with potential farm-in partners for the Permian Project in order to achieve a carried interest in subsequent horizontal drilling for the next 4 to 5 wells in exchange for a working interest position. A farm in to the project will accelerate drilling as well as finance the Company’s share of a capital intensive program to prove up the horizontal potential of the property.

We have also been presented with new acreage positions within the Permian region which will diversify the Company’s leasehold position, balance the project risk and grow the net acreage position. The Company’s plan is to capture some of this acreage with partners who will assist with the financing and development of the new acreage.