re: attended nuenco meeting

why guess just end the pain and tell us. What about the good news? I got this from ss so I assume it is the bad news.

"Early this year, Statesman Resources had made an offer to purchase the shares of Surf Petroleum Inc., a private Canadian oil and gas exploration company holding an option to lease approximately 152,000 acres in the San Joaquin basin of California. Prior to Statesman closing the purchase, Nuenco N.L., an Australian Stock Exchange-listed company and a shareholder of Statesman, made a higher offer to Surf shareholders, which acquisition has now been completed. As consideration for Statesman releasing in favour of Nuenco the acceptances previously received by Statesman, Nuenco entered into an acquisition and exploration agreement with Statesman, through which Nuenco is obligated to procure that Statesman obtains the right to farm into prospects located within Surf lands.

Recently, Statesman was advised that Nuenco does not intend to stand by this agreement, nor do they believe that the agreement is valid and enforceable. Statesman does not accept this position.

Statesman saw significant value in the Surf lands and the Nuenco agreement was negotiated to ensure that Statesman had the right to participate in the Surf lands. Without such agreement, Statesman would not have released its acceptances in favour of Nuenco.

Statesman is reviewing what options are available to the company, which may involve litigation. Statesman has tried to negotiate a resolution of this disagreement with Nuenco; however, this has not generated any results.

or if you want the link to the article

http://www.investcom.com/cgi-bin/redir.cgi?url=http://www.stockwatch.com/oldsite/oldsite_quote.aspx?symbol=V:SRR.H&frame=frame/sw.html