Check this out, this is the basis for the lawsuit =>
These are HUGE dollars, simply HUGE! Check this post from over there and my response below.
Re: Prosequi1: Woodside New Well Questions 19-Dec-07 02:54 pm
sorry bb - i missed seeing your question. The well woodside announced (twice) was in fact the Midway in the Brazos A39 lease otherwise known as OCS-G-4559-5. On 2/7/04 in news.au.com they mentioned 100 billion cu feet of gas. later on 3/18/05 in mpex daily they announced a 17 hour test (choked because of strong pressures) that should produce 10MMCFD. i'll let you calculate the value. woodside then stood up and announced they were going to become a major player in the GOM and committed to an on going drilling plan and investment.
oops. someone spoke without permission.
several months passed when pioneer finally announced the same find but they buried it as deeply as they could in a 10Q/K.
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Re: Prosequi1: Woodside New Well Questions 19 minutes ago
Wow, that is some pretty condemning evidence against PXD mainly, but also Woodside as an accomplice. Sounds like Woodside would have already drilled additional wells near the Midway well if PXD would have let them... that should add additional amounts to the damages trust unit holders are seeking.
BTW, 100 Billion cubic feet of gas = $725,000,000 or $725M worth of gas and the trust is entitiled to what... 45% of that?
Now it is clear to see why PXD wanted the trust to just die off and it is even more clear not to see why trust unit holders wanted to fight to keep the trust going. Hmm...
"Refuse to Lose"
This post only represents my opinion. Please buy and sell at your own risk only after proper DD. God Bless!
