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)

Another E&P statistic.

There will be more yet.

interesting development!!! may be there is some life left in IVE!!! I wonder what is the AGM mainly about???

this is a great news!!!!????????

who knows?

why appoint a chairman if things are not happening behind the scenes. I'm daring to be hopeful!! Takeover is suspected on the other side--just hope we are not shafted. lol!

http://www.proactiveinvestors.co.uk/companies/news/6692/irvine-energy-names-robert-bensh-new-chairman-manner-to-resume-non-exec-position-6692.html

From advfn



XenaWarriorPrincess - 17 Jul'09 - 18:46 - 18142 of 18149


I think we all need to see what the next move will be before jumping to conclusions.

Taurex has around 50/60% of 60,000 acres in Okfuskee and Lincoln Counties in Oklahoma. Irvine has about 50% of 54,000 acres in Okfuskee. Many of the Taurex leases seem to be within the Irvine/Metro AMI - as shown on Irvine's website.

Indeed Tulsa World has reported that Taurex has spudded 6 wells so far this year in townships 10N-9E and 11N-9E, all within 3 miles west or north west of Irvine's own leases. Another is about to spud, with maybe another 3 more before the beginning of October.

Also another company Culbreath brought in their well Meanders 1-3 earlier this month in township 11N-10E. This well is producing 65boepd and is located less than two miles from the northern part of Irvine's leases, and just five miles east of where Taurex has been drilling.

Why the Metro drilled wells Patriot and Priegel - located about 10-15 miles east of the Taurex/Culbreath drilling - were so poor I'm not sure, but the Culbreath well has proved that there are good drilling opportunities within spitting distance of the Irvine/Taurex acreage - and there is no reason to suppose that the Taurex/Irvine acreage is not just as good.

This is a step by step process, but it seems that we are close to finding out what deal has been negotiated - I suspect that Rob Bensh will have some good news for shareholders either at or before the AGM.

In my post 18063 of 6th July 2009 I said -

"But I agree, that they are probably busy, and the Doug Manner/Sean Austin combination is interesting, and their business links going back many years may provide the clues to what is really going on and could provide some solution to Irvine's current problems......"

Well Rob Bensh and Doug Manner were both on the Board of Bellwether Exploration in 2000/1 - Doug Manner was CEO and Rob Bensh CFO. The Taurex board also has links to investment fund managers in New York and elsewhere.

I think all we can be sure about is that things look like taking a major step forward in the near future.

All IMHO, DYOR etc.

Xena

http://www.cardinal-uk.com/taurex_operations_overview.html

suggest you take a look @ nostra teraa oil and gas/NTOG .featured in rigzone a company making 3 kansas acquisitions historical 5000 barrels a day proven reserves.

*
*
*
*
*
*
o RigLogix
o GOMExplorer

login | newsletters | advertise

* E&P NEWS
o Most Viewed
o Industry Headlines
o Exploration News
o Production News
o Finance & Investing
o Commodities
o Industry Images
* CAREER CENTER
o Search for Jobs
o Featured Employers
o Post Your Resume/CV
o Your Career Center
o Recruiters
o Your Recruitment Center
* O&G DIRECTORY
o Companies
o Products
o Services
o Regions
o List Your Company
* RIG DATA
o Offshore Rig Search
o Offshore Rig Reports
o Offshore Rig Utilization
o Offshore Rig Day Rates
o Rig Photo Library
* EVENTS
o Conferences & Shows
o Training Events
o Meetings
o Post an Event
* EQUIPMENT
o Search Equipment
o Browse by Category
o Featured Companies
o Post Your Equipment Ad
* BOOKSTORE
o Books
o CD-ROM/Software
o Maps
o Technical Standards
o Bestsellers
o New Releases
o Sale Items
* TRAINING
o How It Works
o eLearning by PetroEd
o Classroom Training
o Custom Training
* MORE
o Heavy Oil
o Conversion Calculator
o Mobile News
o RSS Feeds
o About Rigzone
*


Industry News

* E&P News Home
* Recent Headlines
o Crude Makes Headway Friday, Closes Above $63
o Chinese Oil Majors Collect Stake in Angolas Block 32 for $1.3B
o Murphy Strikes Black Gold at Turquoise Marine-1 Offshore Congo
o BP Takes Bigger Bite at Mad Dog South with Successful Appraisal
o StatoilHydro Proves Gas at Idun North Find in Norwegian Sea
* Most Popular
o OPEC Says World Oil Demand to Rebound In 2010
o ExxonMobil Starts Drilling Libyas First Deepwater Well
o Tullow Gets Thumbs Up from Ghana Govt to Develop Jubilee
o US DOJ Petitions Supreme Court in Anadarko Royalty Case
o Crude Surges Above $60 as U.S. Crude Inventories Fall
* News Categories
o Industry Headlines
o Exploration
o Production
o Company Operations
o Finance and Investing
* News Topics
o Capital Budget Annoucements
o Commodity Prices
o Company Mergers, Acquisitions, & JVs
o Construction
o Discoveries
o Drilling
o Earnings Reports
o Employment
o Engineering
o Equipment
o Field Development
o Govt & Regulatory
o Health, Safety & Environment
o LNG & Trends
o New Products & Services
o Oil Sands
o Oilfield Services
o OPEC
o People on the Move
o Political & Social Unrest
o Production Start Up
o Property Acquisitions & Divestitures
o Seismic
o Transportation & Pipelines
* Regional News
o Austral-Asia
o Canada
o Caspian/Central Asia
o East & South Africa
o Europe & Russia
o Far East
o Gulf of Mexico
o Latin America
o Mediterranean/N. Africa
o Middle East
o North Sea
o South America
o Southern Asia
o United States
o West Africa
* Search Articles
* Downstream News
o Refining
o Pipelines
o Termins & Storage
o LNG / LPG
o Petrochemicals
o Commodities

Finance & Investing

* Finance Headlines
* Commodity Prices
o Light Crude Oil
o Brent Crude Oil
o Natural Gas

News Services

* Image Library
* Conversion Calculator
* RSS Feeds
* Mobile News

Newsletters
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Job Alert
Event Alert
Our privacy
pledge.

advertisement
NTOG Snaps Up 3 Oil and Gas Properties in Kansas
Nostra Terra Oil and Gas Co. PLC
|
Wednesday, July 15, 2009
Printer Friendly Version

* Printer Friendly Version

* Email this Page

* Save to Favorites

* Create PDF

* Share on Social Bookmarking Sites
* DiggDigg It
* StubleuponStumble it!
* NewsvineNewsvine
* DiggDel.icio.us
* TechnoratiTechnorati
* RedditReddit
* FacebookFacebook

NTOG announced that on July 13 it entered into definitive agreements with Hewitt Petroleum, Inc. ('HPI') for the purchase and exploration
of three properties in Kansas, USA for an initial consideration of US $235,000 which has been paid in cash with US $25,000 of the balance due within 60 days of execution of definitive agreements ('Execution'), US $275,000 within 90 days of Execution and US $100,000 to be satisfied by the assignment by Mr. Lofgran to HPI of his working interest in another property known as the Perth field where HPI is also a partner.

The acquisitions and development plans fit within NTOG's new strategy announced on June 30, 2009 in which it looks to acquire assets in the USA to diversify from Ukraine into areas of low political risk, while acquiring properties of low geological risk with significant undeveloped reserves, with an objective of developing a stable, and steady cash flow.

NTOG's newly appointed CEO Matt Lofgran commented, "This is a critical turning point for NTOG and its shareholders. The properties we have acquired and are seeking to acquire have existing production, but more importantly proven reserves, which provide the opportunity for significant upside. In addition we have partnered with Hewitt Petroleum Inc, a proven operator and expert in these given fields. We are very excited about the quality of properties and relationships we are bringing to NTOG."

The properties acquired are as set out below:
Koelsch Field

A 50 percent working interest in two production wells and one salt water disposal well in the Koelsch Field, located in Russell County, Kansas. The working interest is subject to an over burden of not more than 22 percent. HPI has undertaken to deliver a recordable assignment of the assigned working interest within 90 days of Execution failing which a US $60,000 advance shall be repaid to NTOG. In the event the leases and wellbore are acquired the estimated costs for the deepening and reworking of the two production wells and the development cost for the reworking of the Salt Water Disposal Well are US $231,000 to be met by NTOG which will receive 75% net revenues until its actual costs have been repaid and thereafter 50%;
Hoffman Field

A 25 percent working interest in five production wells (of which two are plugged) and one salt water disposal well in the Hoffman Field, located in Barton and Russell County, Kansas. The working interest is subject to an over burden of not more than 22 percent. US $125,000 cash has been paid for the assignment of the working interest, with the balance of US $275,000 due within 90 days of Execution. The estimated costs for the deepening and reworking of the five production wells and the development cost for the reworking of the Salt Water Disposal Well are US $1,350,000 of which 25 percent is to be met by NTOG.

If revenue is generated from production on the project prior to NTOG completely paying for their interest then the revenue shall be adjusted on a prorate basis for the amount that NTOG has actually paid; and
Bloom Field

A 50 percent working interest in nine production wells and two salt water disposal wells in the Bloom field, located in Russell County, Kansas. The working interest is subject to an over burden of not more than 22 percent. US $50,000 cash has been paid for the assignment of the working interest, with US $25,000 of the balance due within 60 days of Execution and a further US $150,000 within 90 days. The remaining US $100,000 is being satisfied by the assignment by Mr Lofgran to HPI of his working interest in another property known as the Perth field where HPI is also a partner. NTOG shall have no obligations owed to Mr. Lofgran in compensation of the transfer of his asset to HPI. The estimated costs for the deepening and reworking of the nine production wells and the development cost for the reworking of the two Salt Water Disposal Wells are between US $1,820,000 and US $2,550,000 to be met by NTOG which will receive 75% net revenues until its actual costs have been repaid, thereafter 50%.

Under the agreements between NTOG and HPI, in the event that either party elects not to participate in the drilling, deepening, reworking or completion attempt on an additional well, such party will be deemed to have released and relinquished to the other participating party or parties all its right, title and interest in and to that well and the participating party shall own the relinquished interest free and clear of all obligations to the non-participating party.

APPL 82 revised joint operating agreements have been executed in respect of all three leases between NTOG and HPI (as non-operators) and Hewitt Energy Group, Inc (as Operator).



* Printer Friendly Version

* Email this Page

* Save to Favorites

* Create PDF


Visit DownstreamToday.com for More News:
While Rigzone covers every aspect of the exploration and production side of the oil & gas business, you can trust DownstreamToday for complete coverage of the pipeline, transportation, storage, LNG, refining and petrochemical industries. Just visit www.DownstreamToday.com.




Most Popular Articles

* LAST 24 HOURS
*
* 7 DAYS
*
* MONTH
*

1. BP Takes Bigger Bite at Mad Dog South with Successful Appraisal
2. Search Ongoing for Missing Oil Rig Worker from Brent Delta
3. Murphy Strikes Black Gold at Turquoise Marine-1 Offshore Congo
4. Chinese Oil Majors Collect Stake in Angola's Block 32 for $1.3B
5. Baker Hughes: US Oil, Gas Rig Count Up 4 to 920 This Week
6. Drilling Activity in Kansas Up Slightly
7. Crude Makes Headway Friday, Closes Above $63
8. BJ Services Employees Earn Graduate Certificate in Project Management
9. StatoilHydro Proves Gas at Idun North Find in Norwegian Sea
10. Technip Bags 2 Subsea Contracts for Caesar/Tonga Development

1. OPEC Says World Oil Demand to Rebound In 2010
2. ExxonMobil Starts Drilling Libya's First Deepwater Well
3. Tullow Gets Thumbs Up from Ghana Govt to Develop Jubilee
4. US DOJ Petitions Supreme Court in Anadarko Royalty Case
5. Crude Surges Above $60 as U.S. Crude Inventories Fall
6. BP Takes Bigger Bite at Mad Dog South with Successful Appraisal
7. Palin's Successor Talks to Exxon, TransCanada about Gas Pipeline
8. Search Ongoing for Missing Oil Rig Worker from Brent Delta
9. Brazil's Lobao Confirms Proposal to Create Subsalt Oil Firm
10. Pemex Struggles to Meet $20B Investment Target

1. Is the Rig Count About to Rebound? Scenarios for The Future
2. Analysis: Industry Gears Up for Drilling as Crude Rises
3. Analysis: Saudi Aramco's Rig Appetite
4. ExxonMobil's Weapons of Gas Destruction
5. Analysis: Shell Open to Offshore Drilling
6. If at First You Don't Succeed, Try Alberta's Plan
7. BG Group Takes Billion-Dollar Bite of US Shale
8. Barclays Expects Oil Cos to Loosen Purse Strings in 2010
9. Exxon Unveils Big Canadian Natural Gas Field
10. DNV Classes World's First Circular Ultra-Deepwater Rig

Related Articles
- More Exploration articles
- More Property Acquisitions & Divestitures articles
Regional News
United States
- Baker Hughes: US Oil, Gas Rig Count Up ... (7/17)
- Nat. Gas Driller Range Resources ... (7/17)
- Drilling Activity in Kansas Up Slightly (7/17)
- Petroflow Cites Production Increases ... (7/17)
- Halliburton Declares Third Quarter ... (7/17)
more united states news
O&G Products

Nontechnical Guide to Petroleum Geology, Exploration, Drilling, and Production, 2nd Ed.
Practical Underbalanced Drilling and Workover

* Contact Rigzone
* 5870 Hwy 6 North, Suite 107
* Houston, TX 77084
* (281) 345-4040
*
* Copyright 2009 Bishop Interactive

* Inside Rigzone
* E&P News
* Career Center
* O&G Directory
* Rig Data
* Events

*
* Equipment
* Bookstore
* Training
* About Rigzone
* Privacy Policy



* More from Rigzone
* Heavy Oil
* Conversion Calculator
* Mobile News
* RSS Feeds

RNS Number : 5572W
Irvine Energy PLC
30 July 2009



Irvine Energy plc / Index: AIM / Epic: IVE / Sector: Exploration & Production

30th July 2009

Irvine Energy plc ('Irvine' or 'the Company')

Notice of Cancellation of Admission of Ordinary Shares from AIM




Irvine Energy plc, the AIM listed oil and gas exploration and production company, announces the cancellation of admission of the Company's Ordinary Shares on AIM, following a period of six months of suspension from trading and in accordance with AIM Rule 41. The cancellation of the Company's Ordinary Shares from AIM is effective from 7:00 am on 31 July 2009.




The Board is in advanced negotiations for the acquisition and financing of additional assets in the United States. The Company has signed a non-binding letter of intent to purchase significant oil and gas production and development assets. It has received indicative terms on financing the proposed acquisition from two major financial institutions and is in discussions with one other. The Board, led by the newly appointed Executive Chairman Robert Bensh, remains committed to advancing the Company. It is the Company's intention, at this stage, to apply for a re-listing if the transaction is completed.




In the meantime, the Company intends to keep shareholders advised of new developments in the Company's business by disclosing material information to shareholders through its website.




Irvine Executive Chairman Robert Bensh said, 'We continue to make progress in securing additional assets and the associated funding required to take the Company forward and secure its future. I appreciate that shareholders will be disappointed by our delisting but our intention remains to relist the Company and to create value for our shareholders.'




* * ENDS * *

motive tv/MTV amazing news today. http://www.moneyam.com/InvestorsRoom/posts.php?tid=14307&from=1&to=500

Irvine Energy Delists As It Fights For Survival

Three and a half years on from its IPO and troubled E&P Irvine Energy has delisted from AIM following a six-month trading suspension. The cash-strapped firm, which is focused on developing assets in Oklahoma and Kansas, has had a difficult run over the last year, battling financial shortfalls, legal disputes with partners and poor drilling results.
The delisting comes as the company reports that it remains in advanced negotiations to buy additional significant production and development assets in the US. It has received indicative terms on financing the proposed acquisition from two major financial institutions and is in discussions with one other. Shareholders will be only too aware, however, that in current market conditions there can be no guarantees that such financing will be forthcoming.

If successful, however, this fundraising and acquisition would be a lifeline for the ailing company, which is now under the stewardship of newly appointed Executive Chairman Robert Bensh. Bensh will be known to oilbarrel.com readers as the former CEO of Cardinal Resources and he made a number of colourful and bullish presentations at oilbarrel.com events. Cardinal, which was not named in the list of former directorships held by Bensh in the release announcing his appointment earlier this month, used to operate in Ukraine but exited the country amid legal disputes and indebtedness. It has since re-invented itself as Taurex Resources, focused on the US.

Last week Bensh, who came under fire from disgruntled shareholders during his time at Cardinal, said: I appreciate that shareholders will be disappointed by our delisting but our intention remains to relist the Company and to create value for our shareholders.

One of the biggest challenges facing Irvine last year was the deteriorating relationship with its operator in the US, privately-owned Metro Energy Inc. Metro claimed US$3.8 million from the company's wholly owned subsidiaries, Wattle Energy Corporation and Pinon Energy, for seismic acquisition, joint interest billings and management fees, largely resulting from an over-budget 3D seismic campaign.

Irvine disputed the claim and Metro responded by withholding revenues and starting legal proceedings. This led Irvines lenders GasRock Capital to withhold further advances under the credit facility until the dispute with Metro was resolved and in January 2009, GasRock issued a notice of default.
GasRock was also concerned by the companys exploration drilling programme. Irvine admits that last years exploration results were disappointing: while hydrocarbons were frequently encountered, the results fell short of Directors' expectations. Even a successful well, the Priegel-3-10 well, which showed promise in the shallow Booch channel sands, has failed to deliver because operations have effectively ceased pending resolution of the dispute with Metro and the restructuring of the company's finances.

Irvine has been seeking to sell off some of its assets in Oklahoma and Kansas to improve its cash crunch but market conditions are poor and it has been unable to conclude a deal. As the company warned in its full year results, which were issued at the end of June and showed a post-tax loss of 16 million with cash in the bank of 488,000 at the end of December 2008, it has been discussing various proposals involving Chapter 7 and Chapter 11 bankruptcy protection which could see the company lose all its interests in all of its US oil and gas assets. Investors will be hoping Bensh can pull off a financing and acquisition to turnaround this ailing firm.

From the other Side thanks to Fatgreek


I have spoken with the company today 26/08/09 and have what I believe is good news. They are looking at coming back by the end of the year, working on a valuation of around 20 million dollars which would be about 1p a share which make sense re the Gasrock options now. They are waiting for a letter this week to confirm everything. I have been told they are buying producing assets which will give them 1500 barrels net to them to start going upto about 3400 barrels after. 2012 forecast is 30mill$ there will be dilution how much dont know and there will possibly be a change of name due to the bad news recently. But they are very optimistic and the exact words are touch wood everything is going well. We have a good team we are building with good relationships with the US banks so all looking good.

Re Metro they are still looking at dealing with it nothing done so far but they did say they want to get producing assets and income to put them in a stronger position in order they can be stronger in negotiations.

I laughed with him and said pulling this off will be the greatest success for the team and the company to date he agreed and it all seems very good. How much dilution unknown but trying to value the co at 20 mill dollars at mo so abotu 1p a share I think. So guys not all over, things look like they are turning a corner stone.

They have had bitter suffering from the bust in asset and oil prices however he agreed with me that now they are buying low they will be able to benefit more as they can buy more assets cheaper and they will also grow in value from the bottom. The assets will be oil primarly some NGL and some gas so when prices recover they are good on all fronts. I did ask and was told they will be nothing like the previous wells ;-)

Very good, I am very happy, its refreshing not being tied to LSE rules at the moment as you can get more out of them. So good luck all, whether Sept,Oct,Nov or Dec, we WILL BE BACK. And I DID ask about longer term SP, they think it will go alot higher than 2p which I said was near to my avergae.

I mailed the company last week and as yet I have no reply!!!!...Not impressed at all.

I've not been impressed for the last two yrs !

i cant see this deal taking place now it has gone on to long, it was stated it was imminent around 3 months ago.

any inside info on ive; return

no outside info either
i have left these on the 'file and pray for a miracle'pile

miracle not going to happen.

SHAREHOLDERS UPDATE 12 AUGUST 2010
As shareholders are aware, Irvine Energy plc ("Irvine" or "the Company") has been involved in a dispute with its US operator, Metro Energy Inc ("Metro"). The dispute has been the subject of litigation in the District Courts of Kansas and Oklahoma which was finally concluded on 6 April 2010.
Metro and a related company ("Metro Group") initiated proceedings against Wattle Energy Corporation ("Wattle"), Pinon Energy LLC ("Pinon"), Halcyon Nominees (USA) Inc ("Halycyon") (each together with Irvine, the "Irvine Group") and GasRock Capital LLC ("GasRock") (the provider of Irvine's debt finance) in which it claimed US$3,479,332 together with interest. Each of Halcyon, Wattle and GasRock filed responses to Metro's claim. In addition, GasRock claimed all amounts owed by Wattle and Pinon under the Credit Agreement dated 28 May 2008 together with outstanding interest and penalties.
On 12 February 2010, the Metro Group, the Irvine Grop, GasRock and various other connected parties entered into the Settlement Agreement and Mutual Release ("Settlement Agreement"). The Settlement Agreement was made in accordance with the procedures of the District Courts of Kansas and Oklahoma and the litigation in those Courts was concluded on 6 April 2010 and 1 March 2010 respectively. Amongst other things, the Settlement Agreement provided that:
all Metro Group claims against the Irvine Group were released in consideration of the Irvine Group transferring its Kansas assets to the Metro Group; and
all GasRock claims against the Irvine Group were released in consideration of the Irvine Group transferring its Oklahoma assets to a third party nominated by GasRock.
As a result, the Irvine Group no longer has material assets in the US and, consequently, each of its US subsidiaries will be wound up in due course. Irvine Energy plc is to become a shell company with no subsidiaries.
Prior to entering into the Settlement Agreement, the Company sought to raise further funds through asset sales. However, the environment for the sale of such assets has been poor and the Company was unable to conclude a transaction capable of raising sufficient funds to settle the claims of the Metro Group and GasRock.
Further update and financial statements for the year 2009 will be issued in the
near future.

our only hope is a reverse t/o then as we are a shell now! not surprised but we still can't put this one as a write off against gains