Re: VTYE, Mesa JV, and start date...just a few comments on recent posts/questions.
VTYE IMO is not a P&D but instead a company that has changed courses a few times over the years but now has a commited direction in O&G and management with such experience. This commitment of cash to the JV set up to fund the initial drilling and hoped for completion of the Mesa, NM prospect was just that - an investment in an opportunity, just like we are doing here but in a different fashion. They have other projects under way and more to be heard about soon I've heard.
The JV on the intial Mesa well raised the $750K required for the discovery phase. I don't know the participants in the JV out side of VTYE but VTYE is public and I think its good that they share what they are doing with their shareholders... folks like me...usually we complain about not knowing what's going on. Obviously for the JV money's EDEX gave up some percentages but with something as potentially big as this, in the end everyone will be happy I'll bet. I like the idea that cash in the bank at EDEX is earmarked for leases, JV's, etc. so that fast growth will be possible and spreads the risk.
Hey the well we are waiting on EDEX only has a 5% interest after also buying in to the effort and with the potential possible it is a great investment. Investments come in all sizes and shapes it seems in this industry. And money is gather in multiple ways depending on the situation.
The general drill date of within 60 days is just a way for VTYE to put a general guideline on the situation for its investors (remember its just an investor and not trying to spread BS - I like their inclusion of the PIP tool) and I believe that if you talked to Tom today you would get the probablility that an early August start date is possible/probable depending on a few factors in the project plan. About as good as it can get with out a 100% guarantee which I imagine in near impossible in this industry when non-controlable factors exist.
Hope that helps. zagdad
