IMO, the answers to your questions were posted on the company forum under JV002 from the company. In the post, the company listed what their role was:
On March 4, 2015, Idria Energy, Inc.(IEI) launched on its website a page titled Scams and Scammers, link: www.idriaenergy.com/scams---scammers-.html .
Included on the page are several documents, previously Classified as Confidential Documents (Classified Documents), that the Company was privy to or would be a beneficiary to if the Supplier, Filkas Petroleum Resources And Trading Company (FILKAS), actually delivered the jet fuel per the Sale and Purchase Agreement dated August 15, 2014, confirmed on September 8, 2014.
On May 25, 2014, the Company, through its wholly owned subsidiary, Xun Oil Corporation (XUN), entered into a Joint Venture Agreement (JV002) with Idria Energy. Inc. (IEI) to collaborate with IEL in completing its obligation on a purchase of 61 million barrels of Aviation Jet Fuel FOB Rotterdam, over a 13 month period, Sales and Purchase Agreement (SPA) dated July 27, 2013 with a supplier of Aviation Jet Fuel. XUN's scope of responsibilities and obligations in JV002 included but was not limited to the following:
• IEL and XUN agreed to work together to close the FILKAS, contract number FPRAT/IDRAENGY-LLC/RU/JP54/687507R/2013 (SPA1), link: www.idriaenergy.com/files/101544462.pdf , for 61 million bbl of Russian Colonial grade JP54 FOB Rotterdam. Purchase price of the Aviation Jet Fuel per SPA1 was a fixed price of US$76 Gross/US$74 Net per barrel FOB Rotterdam for each of the 61 million barrels to be delivered by FILKAS. • JV002 is conditioned on XUN providing the IEL/XUN Joint Venture a Bank Comfort Letter for US$400,000,000 and other credit facilities as required of SPA1 with FILKAS. • XUN will be appointed the Financial Agent of IEL per Clause 20.4 of SPA1 with FILKAS. • XUN will provide the IEL/XUN Joint Venture a Bank Comfort Letter for US$400,000,000 and other credit facilities through a Joint Venture, XUN OIL MARKETING JV002, a joint venture between XUN and an Investor (XUN Investor). • XUN will have exclusive marketing rights to market the Aviation Jet Fuel which utilize procedures for MAJORS (example of MAJOR - BP, Airlines, Shell, FedEx, UPS, DHL, etc.) to maximize the Sale Price of the Jet Fuel. • The IEL and XUN Joint Venture shall be called “IDRIA XUN OIL MARKETING JV002”. • IEL would continue to administer SPA1 on behalf of JV002. • IEL and XUN agreed to split the spread between the contracted price and the ultimate sales price less applicable sales commissions, to XUN and after all expenses, on a 50% to IEL, and 50% to XUN.
XUN, through its connections, negotiated funding with an arm's length funder (XUN Investor) for the funder to provide, at minimum, the US$400,000,000 Bank Comfort Letter that was required by IEL to provide to FILKAS to continue with the SPA1. Xun Investor transferred US$15 Billion to HSBC-Hong Kong on July 31, 2014 for the purpose of JV002 to complete SPA1 and additional SPA's and provided confirmation of the US$15 Billion on August 1, 2014 to JV002. Refer to IEL's letter to FILKAS dated August 1, 2014, link: http://www.idriaenergy.com/files/101537290.pdf transmitting a copy of the Proof Of Funds (POF) to FILKAS. With XUN arranging the funding, XUN met its contractual obligation as required in the JV Agreement allowing XUN to earn 50% of the net profits of JV002. Xun Investor requested changes to be made to SPA1 which IEI requested from FILKAS subsequent to providing POF to FILKAS.
On August 15, 2014, JV002 was informed by FILKAS that SPA1 for 61 million barrels of Aviation Jet Fuel FOB Rotterdam was terminated and that a new transaction would have to be executed requiring JV002 to issue a fresh Irrevocable Commercial Purchase Order (ICPO) and a new SPA for the 61 million barrels of Aviation Jet Fuel FOB Rotterdam.
On August 20, 2014, JV002 issued the ICPO to the FILKAS for the 61 million barrels of Aviation Jet Fuel FOB Rotterdam. Subsequent to the ICPO issued by JV002, FILKAS issued a draft Sales and Purchase Agreement dated September 15, 2014 (SPA2) for review and comments by JV002.
On September 8, 2014, FILKAS confirmed the terms and conditions of SPA2 for 61 million barrels of Aviation Jet Fuel FOB Rotterdam, link: http://www.idriaenergy.com/files/101531206.pdf . SPA2 was subject to JV002 executing a Charter Party Agreement (CPA) with its nominated shipping company, SOVTORGFLOT to deliver the Aviation Jet Fuel to Rotterdam and paying 50% of the cost of the vessel for first delivery to Rotterdam. The purchase cost of the Aviation Jet Fuel per SPA2 was fixed price of US$84.00 Gross/US$82 Net per barrel FOB Rotterdam for each of the 61 million barrels to be delivered by FILKAS.
On September 12, 2014, IEI executed the CPA on behalf of JV002 to deliver the Aviation Jet Fuel to Rotterdam. The CPA requires JV002 to pay for 50% of the vessel for the first delivery to Rotterdam.
On September 26, 2014, IEL, on behalf of JV002, paid its 50% share of the vessel for the first delivery to Rotterdam. Between September 26, 2014 and November 29, 2014, Filkas provided JV002 with Proof of Product (POP) including shipping documents issued by SOVTORGFLOT. XUN was responsible for marketing the Aviation Jet Fuel and in the course of marketing the Aviation Jet Fuel, completed the necessary due diligence to verify the product being delivered to Rotterdam. In both cases, XUN completed the due diligence on the alleged Aviation Jet Fuel being transported by SOVTORGFLOT and concluded that the shipping documents issued by FILKAS were not consistent with the vessel owner's and vessel operator's records and in both cases the POP was rejected as not being valid. FILKAS insisted that the Aviation Jet Fuel was on the vessels contrary to the owner's and vessel operator's. In both cases, FILKAS was requested to provide POP as required by SPA2 FOB Rotterdam and in both cases FILKAS failed to deliver POP per SPA2.
With the October 10, 2014 delivery of Aviation Jet Fuel at Rotterdam, XUN arranged the sale of 1,000,000 +- 5% of aviation jet fuel to a Major, subject to satisfactory inspection and delivery FOB Rotterdam for US$111.00 per barrel. The sale was not concluded as FILKAS failed to deliver the Aviation Jet Fuel to Rotterdam.
After the November 29, 2014 failure by FILKAS to deliver the Aviation Jet Fuel FOB Rotterdam per SPA2, JV002 began the process of notifications of breach of contract by FILKAS and recovery of funds that IEL paid to FILKAS, copy of December 3, 2014 letter from IEI to FILKAS, link: http://www.idriaenergy.com/files/101539705.pdf .
On January 14, 2015, IEL issued a Demand Letter to FILKAS for non performance and claimed damages including but not limited to the Charter Party costs incurred by IEL, link: http://www.idriaenergy.com/files/101539777.pdf .
XUN has classified JV002 as inactive as JV002 was specific for SPA1 later amended to SPA2. The XUN Investor was specific to SPA1. The SPA2 funding for the Aviation Jet Fuel purchase was with a different funder not related to the Xun Investor that provided POF for SPA1.
XUN did not incur any losses as a result of the non performance of FILKAS as XUN did not contribute cash to any of the payments made by IEI and XUN has no liability to reimburse IEI for their costs or losses. XUN contributed the time of its management team, the majority time put in by our President and CEO, Jerry G. Mikolajczyk and our Treasurer, Dr. William D. Spier.
Should legal action be taken by JV002 for damages resulting from the Aviation Jet Fuel sale that did not materialize as a result of FILKAS's failure to perform, XUN would participate in the profit sharing (50%) after litigation expenses and IEI's losses.
There are no assurances that JV002 will bring any legal action. Should a legal action be taken by JV002, there are no assurances that JV002 will be successful in being awarded damages sought after with the legal action and no assurances that if successful in being awarded damages, that JV002 will be successful in collecting the damages.
As well as Xun did not incur losses from this deal per the post before the above one in the JV002 folder on the company forum:
JV002
• On May 25, 2014, the Company, through its wholly owned subsidiary, Xun Oil Corporation, entered into a Joint Venture Agreement (JV002) with an arm's length 3rd party to collaborate with the 3rd party in completing its obligation on a 61 million barrel Aviation Jet Fuel FOB Rotterdam, over a 13 month period, Sales and Purchase Agreement (SPA) dated July 27, 2013 with a supplier of Aviation Jet Fuel.
• On August 1, 2014, JV002 received a financial commitment from a 3rd party financier to fund the 61 million barrel Aviation Jet Fuel SPA subject to the contemplated changes in the SPA with the Supplier. There can be no assurance that the supplier will agree to the contemplated changes to the SPA.
• On August 15, 2014, JV002 was informed by the Supplier that the July 27, 2013 SPA for 61 million barrels of Aviation Jet Fuel FOB Rotterdam was terminated and that a new transaction would have to be executed requiring JV002 to issue a fresh Irrevocable Commercial Purchase Order (ICPO) and a new SPA for the 61 million barrels of Aviation Jet Fuel FOB Rotterdam. On August 20, 2014, JV002 issued the ICPO to the Supplier for the 61 million barrels of Aviation Jet Fuel FOB Rotterdam.
• On September 8, 2014, the Supplier for JV002 confirmed the terms and conditions of the SPA for 61 million barrels of Aviation Jet Fuel FOB Rotterdam. The SPA is subject to JV002 executing a Charter Party Agreement (CPA) with its nominated shipping company to deliver the Aviation Jet Fuel to Rotterdam and paying 50% of the cost of the vessel for first delivery to Rotterdam.
• On September 12, 2014, JV002 executed the CPA to deliver the Aviation Jet Fuel to Rotterdam. The CPA requires JV002 to pay for 50% of the vessel for the first delivery to Rotterdam. On September 26, 2014, JV002 paid its 50% share of the vessel for the first delivery to Rotterdam.
• On October 10, 2014, the Supplier, for JV002, provided POP for delivery of 1 Million barrels of Aviation Jet Fuel FOB Rotterdam shipped from Primorsk, Russia. JV002 completed their due diligence on the POP and confirmed that the Supplier did not meet the minimum requirements and the POP was rejected by JV002.
• On November 29, 2014, the Supplier, for JV002, provided POP for delivery of 1 Million barrels of Aviation Jet Fuel FOB Rotterdam shipped from Novorossiysk, Russia. JV002 completed their due diligence on the POP and confirmed that the Supplier did not meet the minimum requirements and the POP was rejected by JV002.
• On January 14, 2015, JV002 issued a Demand Letter to the Supplier for non performance and claimed damages including but not limited to the Charter Party costs incurred by JV002. The Company did not incur any losses as a result of the non performance of JV002.
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