Email i received from Michael this morning at the BLM after i asked for a bit more info on the 2 year federal lease extension Vs 6 monthly drill requirements etc that was in the last lot i got from him. To me seems to be good news and maybe not is all lost like shareholders seem to think from their interpretation of GDN's announcements as they did not explain anything at all and everyone jumped to conclusions regarding the leases.
Anyway thats what i get from the info they have sent me over the last two weeks. They are more forthcoming than GDN and it is all public information readily available.
I think GDN need to understand that shareholders need kept better informed of the details than what they are giving us at the present time. Time for someoneto be in charge of the company that better understands shareholder relations and importance of correct and complete information dissemination. Happy Easter All!!
no worries...............
There's the leases and then there's the unit they are committed to.
The unit will terminate effective February 3, 2011 if none of the three existing wells establish a participating area.
If the unit terminates, the federal leases will get a two year extension until February 3, 2013. If production is not established on the federal leases eliminated from the unit prior to February 3, 2013, they will terminate.
There are some subtleties on the amount of production needed to hold a lease versus establish a participating area. These are outlined in the paper that I sent you.
Have a Happy Easter,
Michael L. Coulthard
Petroleum Engineer
Bureau of Land Management
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