Quattro Exploration and Production Ltd QEXXF

Um... What?

[elgaveeno]

So according to the 2013 MD&A:

 

On April 16, 2013, CRL filed a claim against Quattro claiming that a “partnership” existed between CRL and Quattro in purchasing certain assets from the receiver to Trafina Energy Ltd. located in the Divide, Rangeview and Katherine areas of Southern Saskatchewan (the “Divide Assets”) and the McMullen and Wetaskiwin areas of Northern Alberta (the “McMullen Assets”) and in selling to CRL certain exploratory assets located in the Wood Mountain area of Saskatchewan (the “WM Assets”) and that Quattro has breached its duties to CRL under such arrangements. It further claims that Quattro failed to conduct operations on certain assets, overcharged for operations on certain assets and failed to register CRL’s ownership in the Divide, McMullen and WM Assets in a timely fashion or at all. As set out in the court documents, CRL is seeking a judgment in the amount of $2,370,000 for breach of partnership, breach of duties to CRL and unjust enrichment, punitive damages of $250,000 and an order declaring the Divide, McMullen and WM Assets be held in trust by Quattro pending conveyance of CRL’s interest in such assets (which CRL claims to be 62% of the Divide Assets, 80% of the McMullen Assets and 50% of the WM Assets). Quattro has filed a statement of defence in the matter strenuously denying the claims. No further material steps have been taken on this action since the last financial reporting period. No adjustment has been made to the consolidated financial statements to reflect the possible impact that an unfavourable resolution of this matter may have on the financial position or performance of the Company as the outcome of the claim is currently not determinable.

So 40 out of their 60 wells are going to be drilled into a heavy oil sands lease, where they hold title to ony 20% of the lands... That's a big chunk of thier future growth, tied up in a legal battle. The really funny part obout that is that it appears that the majority of their acreage is in a structural low, and the Waiskaw is wet... not a smart investment.

No mention of any $ for Guatemala...

They willl not meet their production targets.