tamaska oil and gas, page-5

A lot of good links posted on MKE thread as they are the major holder in the JV, but in summary:

At the start of the sale/ Farmout process:

"The Board of Kilgore Oil and Gas Limited is pleased to confirm that Macquarie-Tristone
has issued the Overview Memorandum, formally commencing the sale/farmout process of
Kilgore’s Alberta assets it holds with its joint venture partners Mako Energy Limited
and Transerv Energy Limited.
Bids are expected in late October for both the Rock Creek and Duvernay Shale assets
(either jointly or separately). Kilgore holds a 16% interest in the Rock Creek Oil Project
and an 8% interest in the Duvernay Shale Project, total land holdings of 141.53 gross
sections (36,231 ha or almost 89,500ac). A new land sale in Alberta last week confirmed
the continued strong industry interest in the area with $185 million paid for 92,040
acres ($2010/acre or $4965/Ha) of land immediately to the west of the Kilgore’s holdings.
The Overview Memorandum can be reviewed on the Macquarie Tristone website at
macquarietristone.com"


After Submissions received:

"Mako Energy Limited (ASX: MKE, “Mako”) advises that on 15 November 2011 (Calgay time),
the Macquarie 'Process' closed having received a number of submissions which have been
communicated to the Joint Venture today. The Joint Venture will now review these
submissions in conjunction with Macquarie and, where required, the proponents. "


This review process is underway. The undeveloped value of the asset is atleast $150mil based on current prices and Tamaska (ex KOG) have around 10% of that.