Please accept my apology for the delay in responding to you. These past three weeks have been the busiest since the company has been resurrected. Hopefully, all shareholders will be publicly informed of the fruits of this recent management activity within the next few weeks.
I fully appreciate your concern over the stock price and its relationship to what appears to be a lack of things happening. I, as you, am also a shareholder, working along-side some of the top oil finders in the history of the O&G business.
The management team comes from a "Big Company" public oil and gas background and not really versed in the idiosyncrasies of microcap/pinksheet market. With the timing of our PR's we were perhaps given some bad advice about a timeline for our projects. At that time we were also expecting a significant funding which could have perhaps accelerated our activities, but when the final terms were put on the table, management felt that with the stock below the .20 level, that shareholder dilution would be too much based on what we all believe we have going on and elected to go in non-equity directions for funding.
Re. Mississippi. We have considerable outside interest in drilling the Fayette Field. Rig availability in the area has been scarce, but we should begin drilling in the first quarter of the new year if not earlier.
Re. Romania. This has also been a victim of the above general statement about the initial financing. We do have the rig in New Orleans, but there needed to be some retrofitting done to also test some deeper structures that have come to light, and possibly being able to add additional reserves to the field. Should be shipped and ready to drill in the first quarter of 2007.
Re. Vermillion. This one is pretty much all systems go. We are in the process of obtaining and acquiring another 3D Survey from a third party to pinpoint our location. We have any number of partners who would like to participate with us in drilling the Vermillion wildcat.
Re. Audit. Our auditors are reconstructing financials for the last five years so that we can make the necessary filings as soon as possible. Our primary goal right now is to deliver an active, vibrant and well funded company, which should look much better in our first "resurrection filings". My guess is that if the numbers came out today, we wouldn't learn too much more than what we already know.
If you heard the conference call or read the script on our corporate website, you will know that this team is focused pretty much on one thing that has made them very successful in the past, and that is exploration and development of impact projects. What the public has seen so far is just the tip of the iceberg of what we are working on. Big projects do take more time, but when successful, the rewards are immeasurable. I want to thank you for your patience
Foster Hagen
i recieved the e-mail 11/18. sorry it took so long to post but i have been out of town.
Mike
