Could anyone give some insight on what is going on? I saw the most recent press release that they are going to sell off 80% of their 25% cut in the net profits going forward. I also recall that previously the prospect mentioned that Eugene 339 (?) will be back in production October 2012. What happened? Is there any hope for returns with this investment?
Our original 25% was reduced to 20% when a party (cattle, land) paid about $1.8million for their 20% share. About 6 months ago CVX sub-contracted the drilling to a firm which will pay all future costs and take 65% of revenues. We still owe $5-6million before we can appreciate any distributions. Our original 25% ownership is now 7%! Mike Ulrich said 7% of something is better than 25% of nothing. I'm thinking 2014 before we see any money come our way. I still hope there are at least 2,000,000 barrels here.
But don't they have the rest of the trust up for sale?? The bids were supposed to be submitted by Dec. 12th. If one of those bids is successful, aren't we shareholders left out in the cold?? If you have any info on this please respond......................thanx