where is the incentive, page-4

A major problem with this SPP is the 15% rule.
Another EGM will need to be scheduled, unless the SPP is scaled back to 15% of issued capital.
If it is not scaled back shareholders will be waiting at least a month from today until the shares are approved.
I would be pretty annoyed if the SPP was fully subscribed and shares were not issued for a long time.

On the 18th of April Marion go to trial with Lobo Well Service for a two week Jury Trial.
I shudder to think how much a two week full jury trial costs.

The March quarterly due out soonish.
They didn't have enough money 1 Jan to payout Iowa Tanklines the $2M+ they owe them after they lost that court case.
Interestingly Iowa Tanklines have just lodged a further request to the courts. I presume its for non payment of the settlement.

Non payment of well bonds, going to court for that too!

Electrical Contractors V Marion Energy..
Legal costs must be mounting on that one too.

Massive amount of outstanding creditors, an interest bill that continues to build at $500,000 a month.

News on the Banks $5M convertable note appears to have vanished along with the old directors and any new prospective directors and remuneration committee.

TTT and Lajolla remain virtually unused..
Whats the story there?
The company needs cash desperately to survive and it wont use these loan sharks.

Wheres the EGM?
TTT, Lajolla and the Bank cant get more shares without an EGM. With this SPP, management have effectively blocked further share issues to TTT and Lajolla.

The cash burn rate and existing liabilities are scary.
New Auditor...... draw your own conclusions there.

If there is real activity going on in Utah it would appear here.
http://oilgas.ogm.utah.gov/Data_Center/LiveData_Search/wellfile_data_lookup.cfm

lookup Operator, like, Marion and check out the well files.

Doesn't appear to be anything of major significance happenning at Clear Creek.

There are no workover permits, no water well disposal permits. There is significant evidence indicating they will fall well short of a sustained production of 5.0 mmcf/day