RE: DogyTime does fly, yes like you I got whacked also on warrants and other issues and had lots of time to check things out because I was first very interested in the play and got caught up in what I see was a foolish disinformation play with partners. Why we are talking about this is beyond me. Not really fair to this company.
Petroworth as I see it is a company that has been active for many years on P.E.I., at any time in the past many years you can drive down east on P.E.I. and you will see someone working for them somewhere. I see only one person active in this one that was with the past group at the time of the BR well. I know him to be a believer in P.E.I. and worked hard to that end, while getting the 99% of all the flack nation wide it seems. To this day I till ask why the flack, is there an issue? what is the issue? is there a problem, O.K. what is that problem? Something not correct? What is not correct? Never fully explained to me!
Petroworth have 100% of a hugh amount of land in the Martimes and for the most part a very large part of P.E.I. and in the best area in my opinion. More than Corridor, more than Husky/EOG, more than Contact, more than KBC, more than anyone onshore maritimes I think. All have, other than KBC, multi-millon dollar programs working as we speak.
Millions have been spent by Petroworth on P.E.I. over the years and I believe they are at it again. They have been working down east on P.E.I. almost non stop for several years. Never can get much news but I know they are always quietly active in the area. Most companies come through P.E.I. for a month or two but whatever PTW are up to it is a big and an on going program.
From there some little know facts that should be obvious to anyone who can read. From the dark past...The company Meteor Creek was a blend of A.G.R.E.N. from Quebec/B.R.J.V. from Quebec& France/M.Creek from Ontario/the directors were a blend of all these companies. Claude Anger owned 100%of that property, also Agren and most of BRJV. He promoted that well and peddled it to everyone for 18 years. The sole purpose was to drill a single well I saw nothing in the propectus other than that. I may may got cought up in the hype at the also. But in hind sight it was all explained in black and white. This program was drilled on a target chosen by Claude Anger/AGREN/BRJV, from a 1971 seismic that Anger worked on in with a French company.
Meteor Creek owned not one dame thing on P.E.I., "no lease!!!" Not one square inch of oil or gas leased property. Zero, Zero, Zero. They were to invest into AGREN,s and BRJV,s program to earn as explained at the time.
Petroworth has almost 1,000,000 acres. Is there a difference between these assets? Yep there is!
If you do not own it you cannot roll anything into anything. I hear that all the time on P.E.I that this is PTW is MC, and it just is plain not, no leases to be rolled over, no assets to be rolled over, as there was only 1/2 of a single lease at best and that expired years ago. The joint venture "BRJV/AGREN/MC" owned that one single lease together at time of expiry. Did they re-apply for the many leases since, I do not know.
***** Meteor Creek did not own one damn thing on P.E.I. regarding leases or any other province for that matter. They raised the money for Claude Anger to drill his dream well, one (1) test hole on P.E.I. to earn a share, full stop. Explained fully in the start up many years ago.
M.C. "never" had any property on P.E.I. before the well was drilled, during the time it was drilled, MC did recieve after some kind court ordered settlement 50% of single lease many months after their partners AGREN/BRJV left town in a huff, crying to the press and did not cough up 1,000,000 in cost overruns with the partnership. The ones that have always protested the most were the lads that did not pay not MC. No one ever says boo about these people. Do these Frenchmen have diplomatic immunity in regards to flack? The closest MC ever got to a asset on P.E.I. property was that court ordered settlement of 50% of one (1) single lease owned by Claude Anger long after the well was drilled, the partnership in tatters and the company insolvent and unable to proceed.
To review,
Petroworth on P.E.I. alone has 1/3 of the island, current, paid in full, 100% owned, millions invested and very active programs both past and current.
The best MC ever had was 50% of one small lease, now expired, one half of one well, an outstanding recievable of 1M from its partners and no seismic what so ever. The other of this property was 50% owned AGREN/BRJV, now expired. If any of these people wanted the property they should have bid on it like everyone else in the world could. Have seen several adds in the local papers about tenders bids on P.E.I. over the years and it seems PTW won most of them. I also see that in the house and on TV they have spent much more than required on all those leases in the first few years.
I like Corridor Resources and the McCully field in N.B. and I am interested in what Contact resources is doing at Stoney Creek N.B. McCully is sucessfull and doing very well with their discovery field drilled on 3D targets, Contact has their targets picked on the new Stoney Creek 3D. Lots of action there and Petroworth is going to start work soon on the properties right between these two proven discoveries. They will produce something from these lands. How much? No idea but they will produce.
Does this help?