Bought into IVE this morning, purely on speculation only... small time though. Don't know much about them though ! in for a penny in for a pound and all that.
Got out of TPG (dead loss and falling away fast)

Exploration and production minnow Irvine Energy (IVE:AIM) has achieved first output from its recently acquired project in Oklahoma. At 600 million cubic feet of gas a day, production is still relatively modest but the company is hopeful of increasing output by many multiples in the medium-term.

Along with its partner Metro Energy the firm is currently working up the 111,250 acres it owns in Oklahoma and Kansas. Irvine is focused on drilling shallow wells, targeting conventional reserves alongside shale gas and coal bed methane, for which there is good rig availability at a reasonable price.

The group plans to drill a total of 90 wells across the whole of its acreage by the end of 2009 and expects both its Niobara and Kansas oil projects to be on stream by the end of the first half.

IVE suspended. Doesn't look good.

No...it stinks...planning for the worse...have written these off now...if the come back it'll be at a much lower sp...very disappointing!

Bad news which I could well do without.

Seems to have crashed and may be about to burn, just when things looked to be turning around.

Don't suppose the deflated price of gas has helped much, but then I did highlight reduced revenues from that, they are overstretched because of that imo.

May be able to turn it around with more equity perhaps.

Bad luck to holders, we all find ourselves in this or a similar position from time to time.

Energy company seeks AIM suspension (Offshore247)

http://www.capmarkets.com/ViewFile.asp?ID1=111149&ID2=290564857&ssid=1&directory=12925&bm=0&filename=Irvine_30January2009.pdf

ups!!!
lets say gasrock takes the controlling stakes and leave ive with minority stake and afloat. would that be all that bad for us???

Yes because your holding will be substantially reduced due to dillution.

There is no way out of that even if the company survives.

They may keep the better assets, but these are the ones they would need to divest to survive.

looking at oil and gas futures market is pricing turn around gas rock should work together with ive to sort this out. hopeful there will be some light at the end of tunnel

http://www.fwbusinesspress.com/display.php?id=9441

You can bet your bottom dollar that if it ever comes back it'll be at a fraction of the Value it was before suspension! (better than nothing for some I guess but not if u haven't got very many shares like me)...
I've written this off just in case but will be pleasently surprised if it turns out ok-ish)

john50,
great article.could be big help to ive if gasrock stick to the fundamental accounting concept"going concern" where neither has the intentions nor the necessity of liquidation or curtailing materially the scale of it's operations. work out the issuses, extend life line and everyone could be a winner. this would be ideal.
i hope management take its time to explore all avenues!!!

From a poster on advfn.

3mahal - 3 Feb'09 - 12:35 - 16823 of 16840


Hello everyone! I managed to speak to Mr. Anthony Samaha.. very helpful gent indeed.. he told me that a work out plan is continuing and he is very optimistic of positive outcome in the negotiation..GasRock still keen to reach a solution on the issue of co.'s finance.He very much hope an announcement of some sort will be made as soon as possible.He also indicated that if an early solution is reach it will it just be as quick for IVE to be re-listed and it will be solvent for when it continue trading. As I hinted before the loan was called in due the current poor condition in the market which has direct impact on the value of the co.'s assets. Gasrock concern about their own interest decided to call in the loan in order that a new plan can be worked out.I asked about the current production whether there is an improvement of some sort..He said that the main issue still lies in the Niobrara project where Metro still retain the revenue which we already know.. at least two of the producing wells there has increased flow rates although not significant amount.The overall value of IVE's assets according to Mr.A Samaha under current market condition is very hard to quantify against the level of the co.'s debt.It was
easier previously when the market was on its peak. However, for Gasrock to continue negotiation to find a common solution indicates a brighter future for IVE.

Anthony John Samaha (Non-Executive)
Anthony Samaha holds Bachelor of Commerce and Bachelor of Economics degrees. He is an Associate of the Institute of Chartered Accountants of Australia and an Associate of the Securities Institute of Australia. Anthony has over 15 years experience in providing accounting and corporate advice in a diverse range of industry sectors including resource development. He has previously held senior advisory positions in the corporate finance divisions of internationally affiliated accounting firms and has extensive experience in valuations, independent expert's reports, due diligence, capital raisings and mergers and acquisitions. He is a director of AIM quoted resources companies Altona Resources Plc and Braemore Resources Plc.

future looks brighter in USA for an energy sector, maybe just maybe fsome positive will come out of it

John50,
Any further info re IVE through your contact. are GasRock and IVE still talking. I am assuming yes as no RNS.

RA - the K2E report gives some indication of the state of play.

http://www.asx.com.au/asxpdf/20090227/pdf/31gbv02mdftz5l.pdf

similar story to IVE. it looks like Metro Group in screwing everyone on the block.
interesting. K2E look for acqusitions in the area!my questions is- is in GasRocks interest to stick by IVE in this extremly difficult times???

anyone with any news on the lates situation???

Irvine Energy pays 370,000 to release it from GasRock capital guarantee
MoneyAM
Gas and exploration company Irvine Energy Plc will pay 370,000 to GasRock to release it from its guarantee of two subsidiaries, it said Tuesday (March 24).

The deal frees Irvine from its guarantee of the obligations of its wholly owned subsidiaries Wattle Energy Corporation and Pinon Energy LLC under a credit agreement dated May 28, 2008.

Irvine has also agreed to grant GasRock an option within two months to subscribe to 100 million of its ordinary shares for 0.1 pence per share. The company's shares will remain suspended until further notice.