Nice one Jason...Pay your billsI never did buy this stock but below is an interesting write up
brax21
Habanero Resources sued for unpaid drilling costs
2008-02-13 12:57 MT - Street Wire
by Stockwatch Business Reporter
Premium Petroleum Inc., an oil and gas company doing business in Alberta, is suing Habanero Resources Inc. over an unpaid $89,989 bill.
In a statement of claim filed in the B.C. Supreme Court on Jan. 28, 2008, Premium says it drilled a test well under a farm-out agreement with Habanero, but it did not receive full payment.
Signed on Feb. 6, 2006, the agreement identifies Premium as the farmor and Habanero as the farmee, and calls for the drilling of a test well on a section of land in Alberta. Premium would keep an 88-per-cent participating interest after payout, while Habanero would hold the remaining 12 per cent. It was an implied term of the agreement that they would share, in proportion to their interests, all of the petroleum and natural gas substances produced and saved from the well. Alternatively, they would share the revenues derived from the well.
The agreement stipulates that the partners share the costs of drilling the well. Premium says it drilled the well and invoiced Habanero on a periodic basis. Habanero's share of the costs was $212,389.
Of this amount, Habanero has paid the sum of $122,400. This leaves $89,989 due and owing. Premium alleges that Habanero is in breach of the farm-out agreement by refusing to pay the remaining amount despite repeated demands for payment.
Premium is seeking judgement against Habanero for $89,989 or damages in the same amount. It is also asking for interest on the judgement, goods and services tax on the applicable amount, and costs related to the action.
Premium has not yet proven its allegations in court. The lawsuit was filed on Premium's behalf by Gregory Wells, of Hungerford Tomyn Lawrenson and Nichols, of Vancouver, B.C.