For those of you who are not familiar with what we are talking about: In the spring of 2006 we were around .06. Then this release came out.
Regent has been advised by the Vendor that on January 13, 2006 he has entered into an agreement with AAA Capital Energy AG ("AAA"), a German Energy Fund, to sell a 55% interest in McCallan to AAA in return for AAA committing to provide in the order of $100,000,000 in capital contribution to McCallan over two years to fund the exploration and development of the concessions. Under the terms of the January 13, 2006 Agreement McCallan is to receive a total of US$23,000,000 on or before April 30, 2006 with the balance to be received in several tranches on or before December 31, 2007.
By June we were at .99. Then this came out and we gradually went down.
McCallan Oil & Gas Ltd.
Further to the company's news release in Stockwatch on March 29, 2006, in which it was described that AAA Capital Energy AG had agreed to acquire a 55-per-cent interest in McCallan by contributing capital to McCallan to provide for the development of its oil and gas, and methane gas concessions in Poland, due to recent changes in German laws, AAA Capital has encountered delays in completing its registration and has been granted an extension to July 31, 2006, to advance the $23-million (U.S.) to McCallan that was previously due by April 30, 2006.
Now it appears something is happening with this deal again. Soon we shall see if that smoke in the distance is a burnoff from a new gas well or a steaming pile of BS.