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)

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!