Tril has only 1 partner left - CWQ.Found this on CWQ bullboard - I have been trying to check its authenticity, but Tril dont bother updating their own website with the latest.
Anyhow, if this is genuine, it looks like CUV out. I guess the promoters will pick up at the shares at 4 - 6 cents during tax loss selling time, so they have something to issue for whatever CUV jumps on next time.
Does anyone know of anything else CUV is into except EKHO??
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Interest Owner Information:
TO: All Ekho Working Interest
FROM: F. L. Blystone, CEO
DATE: 24 October 2000
SUBJECT: JV Partner changes
Apparently a lot of the negativity on the internet regarding the withdrawals of some of the Canadian JV's from Ekho comes from calls to the investor relations departments of some of the JV companies. It only makes sense that a call to TVOG (free at 1-800-579-9314) might result in at least more balanced, credible posts if not a totally different perspective. For instance, they might realize that TVOG is merely following pre-agreed terms in accordance with good oilfield practice.
The original agreement with the Canadian JV companies was the result of months of discussions and negotiations and everyone was totally familiar, and in agreement, with the terms and conditions. TVOG has operated conservatively and properly with the investment proceeds and has delivered outstanding performance within the budget and available funds.
Tri-Valley was very up front on the risks and everyone knows that the primary risks were downhole mechanical drilling and completion risks rather than geologic risk. This has been borne out exactly in the Ekho No. 1, where target formations saturated with extremely high quality oil and gas were discovered. The drilling phase was performed flawlessly by Joe Kandle and his carefully chosen team. The downhole conditions did not test favorably for conventional completion techniques, which led to the requirement to frac the formation at an additional cost to the original AFE. After weeks of discussion as to how the JV's might overcome the severe Canadian market conditions to go forward, the cash call could not be responsibly deferred any longer. Everyone was verbally advised several days before but there was no likelihood of new money and the JV's that had money apparently felt that they could do better for their shareholders employing those funds elsewhere. Curlew Lake Resources is the only JV electing to go forward.
TVOG has consistently praised the JV companies as fine partners on the project and regrets their loss (on the last cash call when Lucre Ventures and Pan Ocean Energy dropped out, TVOG chose to award the remainder interest to an existing partner, Berkshire International Mining Co., rather than bring in a new partner at that stage). TVOG has delivered value for the JV investments, although Mother Nature has not immediately cooperated in giving up the discovered hydrocarbons. While it is most unfortunate that additional efforts and costs are required to obtain the benefit, TVOG, as operator, must take prudent steps to advance the project and that phase is now occurring under the joint operating and participation agreements. TVOG is now free to discuss participation from new partners and has begun that process.
Bashers may try and attribute sinister and nefarious motives and methods, but in fact, the process is all quite straight forward and pre-agreed. The Canadian JV's intended to raise funds for all three wells but depressed Canadian market conditions truncated that effort through no fault of theirs or TVOG's. That portion of the agreements specifically set up to prevent stranding the project is now coming into play and it is no more mysterious than that.
TVOG will shortly release the drilling rig to make way for frac operations and expects to announce a new partner line up as soon as negotiations are complete.
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