sds sale - the rest of the story

Take 2.......tried posting earlier and it didn't come up..........

Anyway, for those of you that know about the USA there used to be a radio program called "The Rest of the Story" by Paul Harvey.

As my other posts on Elk have indicated I wondered who bought SDS. So I checked the Wyoming State site and found there was no "Change of Operator" notice filed. No information from Elk on the buyer either.

Strange to say the least as the sale was 'completed' on 2 November.

So after making some enquries here is the rest of the story that Elk shareholders and the market haven't been told:

The commission has received a Letter from Elk Petroleum notifying them of the sale of these wells. The list of wells is being reviewed to determine the need of an additional Idle Well Bond. The Form 7?s have also been received but are on hold pending this review.

If an additional Idle Well Bond is required, they do not transfer wells until the new bond is accepted and approved by the Commission. The current Owner remains responsible for these wells until the bond is posted and the transfers take place in their offices.

So yes, the 'sale' took place, but the wells are still on the books as Elk's responsibilities and hence no change of operator.