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)

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.

it looks like everyone has written off ive. but i think the ceo goes deserve bit of credit with his latest progress and the way he is handling matters

What latest progress ..?
Have I missed something ..?

does this still have a pulse?

lets hope so,if usa gives local drillers tax break, may be even more pulse???
i think suspension is good. let directors deal with the matter behind curtins.last we heard was a positive news. if ive can get oil back from metro that would be pulsing market. now im guessing why its taking so long

what do we make out of the latest RNS is it finished???

The COMPANY'S ASSETS

GasRock has not reached a conclusion as to the course of action it wants to take in relation to enforcing its security. However, it is of the view that the current market for the sale of the assets is poor. GasRock and the Company have been considering various proposals under Chapter 7 and Chapter 11 of United States Bankruptcy Code. Under these proposals, there is a real risk that the Company will not retain an interest in any of its assets. In these circumstances, the Company may be treated as an investment company under the Rule 15 of the AIM Rules.

The Company and GasRock are also in discussions with third parties regarding the acquisition of additional assets, the extension of the Credit Agreement and the raising of further equity. However, the directors express no opinion on the likelihood of a successful outcome to these discussions and caution Shareholders against drawing any premature inferences.

The Company has made various efforts to raise funds by selling non-core and core assets. However, the current environment for the sale of such assets is poor and, at this stage, the Company has been unable to conclude a transaction. Neither the directors nor GasRock expect the environment to materially change in the short term.

Metro, the operator of the Company's assets, has claimed approximately US$3.8 million from the Borrowers in respect of seismic acquisition, joint interest billings and management fees. The Borrowers have asked Metro to substantiate its claim and this process is ongoing. Metro continues to withhold revenues payable to the Company pending the resolution of this dispute

yes reading the above

From advfn

XenaWarriorPrincess - 30 Apr'09 - 18:21 - 17582 of 17594


News at last!

This RNS is designed to scare the s**t out of everyone and encourage them to vote "yes".

Irvine need the vote to be passed 75%/25% rather than the usual 50/50 as it requires a Special Resolution, so the pressure is on.

However, there is no full explanation in the RNS as to why GasRock released its guarantee to Irvine on 19th March - what was the purpose of that? What did it achieve? We are told the company remained solvent - but to what end? I can guess that it facilitated negotiations with a third party, but we are not told.

And the penalty if the resolutions aren't passed - well GasRock gets a cool 1M damages and we can't pay - so it is a case of telling the shareholders to pass the resolution or else!

Also "GasRock and the Company have been considering various proposals under Chapter 7 and Chapter 11 of United States Bankruptcy Code." - note the use of past tense.

And "The Company and GasRock are also in discussions with third parties regarding the acquisition of additional assets, the extension of the Credit Agreement and the raising of further equity." - present tense.

I suspect that the bankruptcy option is a last resort, as GasRock would get the assets, but it probably wouldn't pay off all Irvine's liabilities - and GasRock probably don't want to take them anyway.

But to me it doesn't quite make sense - we are basically broke, but considering acquiring additional assets and further loans and equity!!!! And GasRock, it appears still wishes to put in 100K for the shares.

So, there is more going on than we are told.

I suspect it is a stage by stage process, so far it is get the guarantee lifted, facilitate 3rd party negotiations, then get the resolutions passed (if necessary by telling shareholders that the alternative is the end), issue the options and then shares to GasRock, collect the 100K, and then......

Well who knows - we are not there yet.

And another interesting point - Gasrock is to pay 100K for the 100M shares - fine - but the loss of that option is a penalty payment of 1M. So the loss of that option is worth 1M - which values the option lost on each share at 1p! (Aside from the fact that Irvine can't in any event pay the penalty.)

I suspect that if negotiations are successful there will be another EGM towards the end of July, and then we will come back, but IMHO it will not be as Irvine but as a new, merged entity.

If it all goes according to plan.

IMHO, DYOR etc.,

Xena

Very strange.

And "The Company and GasRock are also in discussions with third parties regarding the acquisition of additional assets, the extension of the Credit Agreement and the raising of further equity." - present tense.

Hello john, nice to see you are still plugging away here even though others think it's not worth bothering to post.

Glad I sold, some while back of course.

Good luck to you and all shareholders, I am sure you will get something back eventually.

Kind regards

poo bear