RE:Botswana Farm OutVery interesting find Redrum. From the wording of the press release from Renaissance, it appears that Mr. Steinke's privately held company (a.k.a. Mr. Steinke) already held the 50% working interest in the Botswana Leases, and he is simply transferring it over to Renaissance for cash and shares, and the associated laibility for the $1MM or $1.5MM payment would likley also transfer to Renaissance.
Smart move for the majority of the payment for the working interest to be in shares, because from what I gather, if RECO hits and develops Botswana acreage, Renaissance could be a huge benficiary (assuming it exercises it's payment option), sending the share price up... along with Mr. Steinke's compensation.
When, and through what agreement, did this 50% working interest transfer originate. I feel like a 50% working interest option is highly valuable for such a large acreage, and what compensation did RECO receive for giving it up?