Verisante Technology Inc V.VER

RE: RE: RE: RE: RE: Land Steve

[stevewilson25]

Under the terms of the JV Agreement, Vecta will make a capital contribution of US$27.0million to initially evaluate the play (the "Evaluation Phase") and VOG will assign approximately 120,000 netacres (187 sections) of leasehold and other development rights to the JV within Pondera, Glacier and TooleCounties of Montana (the "Project Area"). Additional leasehold is also being acquired by VOG that is expectedto augment the land position assignable to the JV at closing. Vecta and VOG both hold a 50% interest in the JV.So Vecta contributes 27 million, VOG assigns land, and then VOG keeps their land and Vecta gets nothing? That does not sound right. 50% interest in everything in the JV, that includes the initial 27 million and the 120k acres