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)

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

tommo41 - 23 Dec'10 On The Other Side.

Have received a polite and informative reply from Rob Bensh. He admits that the process is taking too long and apologises for that. Final accounts are being completed with the auditors and he continues to be approached by smaller players in the USA who are looking to find a corporate shell for their fund-raising efforts. For this reason he continues to keep IVE in suspension.

Also said he has received a number of requests from shareholders to write this off for tax purposes but that he believes that we may have a deal or two in 2011 that would benefit shareholders.

still holding but have 'written them off'. cant even use the paper certificates to paper my wall with as held in a crest a/c

Rumours of behind the scenes deals going on here in the Gold sector, watch this space but not every day.

hasn't this one died yet. this one saw me coming and currently nursing a 100%loss. though i don't believe in miracles but am prepared to keep the faith as it can't cost me any more.

Alex

Rob

Same here 100% they will be after more money there is nothing in the pot.

From the other side, thanks to (XenaWarriorPrincess)


So much speculation - so few facts.

Perhaps if people (or their avatars - if they're not all one and the same) did a bit of research then people might get a better idea of what was (or is) maybe going on.

Rob Bensh has resigned - oh really? Well it's not registered at Companies House, and until it has been I don't believe it. In certain foreign jurisdictions not registering such a resignation is a criminal offence.

Medved5 - quite a while ago you suggested that there was a Ukrainian angle to what is going on. How very perceptive. Now you say that something is just not as it seems. What it seems to me is that your perceptive powers are waning.

Joe - you say the acreage was given to Metro and GasRock - well slightly accurate but not wholly accurate.

The latest annual accounts for December 2009 (dated 6th January 2011) show that Irvine's Kansas assets were given to Metro and the Oklahoma assets given to a third party nominated by GasRock, in settlement of all claims they each had against Irvine and its subsidiaries.

This settlement was reached on 12 February 2010 and confirmed by a Court hearing on 6th April 2010. This concluded all claims in the US against Irvine and its subsidiaries and the subsidiaries were then dissolved.

Irvine has never disclosed, anywhere, to whom its Oklahoma assets went - they have always been just a "3rd party" nominated by GasRock.

Why so secret? I hate secrets.

Much of the Oklahoma acreage was jointly owned by Metro, Irvine and K2 Energy as a junior partner.

K2 Energy doesn't like secrets either. In their RNS to the ASX of 17th February 2010 they helpfully tell us that as a result of a settlement reached by the then operator Metro and GasRock a new operator "Trey Resources LLC" has been appointed and that "GTK Resources LLC" has acquired legal ownership of the jointly owned properties with K2.

http://www.k2energy.com.au/pdf/asx_ann_10/17-02-2010_trey_appointment.pdf

So it's pretty safe to conclude that "GTK Resources LLC" was the 3rd Party nominated by GasRock and that's who now has all that was once Irvine's interest in the Oklahoma assets.

So far, so opaque.

And don't try Googling GTK Resources LLC because nothing, apart from K2 Energy comes up. Very secretive this lot. Why so secret? I don't like secrets.

Anyway - whilst reading the next bit remember - Rob Bensh is Chairman of Irvine appointed on 17th July 2009.

On 18th November 2009 Kulczyk Oil Ventures signed an agreement with Gastek LLC, a private Californian company to acquire 70% of Kub Gas, a Ukrainian company total price $45M with a $1.35M deposit being paid - so well done Medved5 with that Ukrainian angle. So Gastek retained 30% or so of Kub Gas (although there were various share swaps) and this deal enabled Kulczyk to list on the Warsaw Stock Exchange, and they intend listing on Aim this year.

http://webcache.googleusercontent.com/search?q=cache:crn677IteIIJ:www.kulczykoil.pl/en/historical_news_releases/artykuly/kulczyk_oil_to_add_ukrainian_assets_portfolio,/+gastek+robert+bensh&cd=9&hl=en&ct=clnk&gl=uk&source=www.google.co.uk

So far, so uninteresting.

But at the bottom of the article it states

"KUB-Gas was advised on this transaction by oil and gas advisory firm BenshCo led by Robert Bensh."

Oooooh! Do I sniff a link here.

The Kulczyk Oil/Gastek/KubGas deal was completed on 11th June 2010.


And on 17th June 2010 K2 Energy did a share swap with Trey Resources rationalising their interests in the Oklahoma fields.

So Rob Bensh seems to be the common factor here.

What's the betting that the money from the $45M Gastek deal was (at least partly) recycled to fund the GTK Resources LLC deal to buy Irvine's Oklahoma assets.

See the link in the names here - GasTeK LLC = GTK Resources LLC - chances of that being a coincidence must be in the thousands if not tens of thousands to one - the mathematically minded can work it out.

So the timeline -

17th July 2009 - Rob Bensh appointed Chairman of Irvine

18th November 2009 - Gastek (a Californian company) reaches a deal to sell 70% of Ukrainian Kub Gas for $45M - $1.35m deposit paid - Kub Gas is advised by Rob Bensh

12th February 2010 Irvine/GasRock/Metro reach settlement - Irvine's Oklahoma assets to be transferred to unknown 3rd party - we now know is GTK Resources LLC

30th March 2010 - Doug Manner resigns knowing that Irvine is about to have the settlement confirmed

6th April 2010 - Irvine deal confirmed by Court settlement

11th June 2010 - Kulczyk/Gastek/Kubgas deal concluded - Gastek, a Californian company has $45M sloshing around

17th June 2010 - K2 concludes shares swap with Trey Resources

We were never told when the Irvine/Metro/GasRock/GTK deal was concluded but my betting would be around 17th June 2010.

And in August 2010 Medved5 became very perceptive

"paulie1 - 13 Aug'10 - 07:40 - 19029 of 19248
IVE in ukraine lol yeh

Medved5 - 13 Aug'10 - 09:34 - 19030 of 19248
Would be nice if he could get a Ukraine company to utilise the IVE position , something that would grow positively even if we only had a small piece of the cake. What RB has to take into consideration and everyone else here is that the investors in IVE were strong punters in the main and supported IVE to the end. These type of investors are what you need to keep happy in this sector."


So, to conclude, GTK Resources LLC have Irvine's Oklahoma acreage (and presumably that of GasRock), and GTK is owned by Gastek, a Californian company, which owns not only Oklahoma but also 30% of Ukrainian Kub Gas, advisor Rob Bensh.

What's the betting Gastek might want to list on Aim using Irvine and its tax losses (losses incurred in the US) as a vehicle to list?

Just a bit of speculation on a Sunday afternoon.

All IMHO, DYOR etc.

Xena

so its still a dead duck then.

Yep, but look at NEW.....looks to have soem substance to it (unlike IVE!)

looks like they trying to re-float but not sure what the announcement means to me. a big consolidation then a re issue with majority of share price issued as a deferred share.
i have 100,000 shares and by my understanding i would end up with 5 new shares of 0.1p and 5 deferred shares of 19.9p. there is life in this dead duck but i fear its a last gasp breath.

The company would like you to part with a minimum of £1000 of your hard earned so that they can take advantage of its unique situation. Hmmm!