Mesa Offshore Trust (fka MOSH)

[Daylas]

This is what I found...

Posted by: GO MOSH Date: Friday, May 09, 2008 9:57:58 AM
In reply to: instructmba who wrote msg# 8831 Post # of 14023

instructmba, you say to Woodside, "You know what our lease is really worth! Come clean and be honest just like you claim to be and make things right. I'll even give you the benefit of the doubt and say Pioneer tricked you... but not any longer. You know the facts, and yes, only you can make things right."

The below emails show that Woodside's media contacts and investor relations contacts in both Houston and Perth were put on notice 20 months ago about the abandonment of their so-called stellar internal policies, when they joined up with pxd and participated in defrauding our Trust.


-----Original Message-----
From: confidential
Sent: Monday, September 04, 2006 3:08 PM
To: '[e-mail]'; '[e-mail]'
Cc: 'Lynn, Mike M.'; 'Dettman, Craig C.'
Subject: FW: Brazos A039 Midway


After sending the below message to Messrs. Lynn and Dettman, among other things that I read on Woodside's impressive web site, was the download copy of Woodside Values under the heading of "Integrity and Trust". The third item states that "We are straightforward, open and honest and say what we think. People choose to deal with us because they trust us."

Although Woodside was not the operator on Midway, according to the last above-attached development plan filed about four years ago, Shell was a joint operator on that discovery well, and Shell owns 34% of Woodside. Shouldn't investors be led to believe that those very positive news releases in the attachments were based on proprietary authenticated facts available only to the operators, and of course, Woodside by virtue of its 50% interest in Midway? When I first read on page 15, item #46 of the Plaintiff's Original Petition filed on 4/11/2005 that the plaintiffs were alleging that Woodside had "aided and abetted Pioneer's breach of its fiduciary duties to.......the Trust", and then alleged in item #48 that,"Defendant Woodside conspired with Pioneer to misapply fiduciary property", my first reaction was to discount those allegations because of Woodside's stellar history.

Then, after reading the plaintiff's much more detailed allegations beginning on page 7, item #25 of the Plaintiff's First Amended Original Petition filed 11/28/2005, in laying out the mechanics and the apparent details of subterfuge in the three documents filed with the MMS on 1/20/2003, I had a second and different reaction, realizing why the plaintiffs had alleged that Woodside was very much aware of, and involved in, the alleged illegal farmout. NOW, after witnessing Woodside's and Pioneer's recent Midway operating reports, it looks to me that not only do the companies appear to be cahoots, they also seem willing to abandon their companies' publicly stated values. "Oh what tangled webs we weave, when first we practice to deceive". As portrayed in the final frames of the 1959 Gregory Peck movie, "On the Beach"; "There's still time, Brother". http://www.feoamante.com/Movies/MNO/onbeach.html

-----Original Message-----
From: confidential
Sent: Saturday, September 02, 2006 1:38 PM
To: 'Lynn, Mike M.'; 'Dettman, Craig C.'
Subject: Brazos A039 Midway



Gentlemen:

In reading the above-attached Woodside news releases and the links numbered (1) and (2) below, one has to agree that the suspicions raised in the recent post on Pioneer's Yahoo message board in link (3), have credibility. Pioneer's news release in link (2) is highly suspect, not only because the Midway discovery well is the primary dollar damage claim in the $1.2 billion lawsuit linked below as (4), but also because of Woodside's news releases just prior to the 4/11/2005 filing of the lawsuit.

On 28 August, Woodside's CEO, Mr. Voelte released an "Open Letter to the Staff of Energy Partners, Ltd.", and in the third-to-last paragraph, stated that, "We take seriously the need for the best ethical behavior and operate under an extensive code of conduct".

In reading the Plaintiff's First Amended Original Petition in link (4), it looks to me like Woodside runs a great risk of losing its 50% interest in Midway if this case goes to jury verdict. There have been no serious signs of a defense against those plaintiff claims in the intervening 16+ months, other than the bad news "turn of events" about Midway's production. Apparently, we're now to believe that the 17 hour Midway test gave no hint that the primary zone was non-commercial, and that the production suddenly would have every invasive thing in it, but the kitchen sink. Are we soon going to find out that the Midway production is also showing signs of radioactivity, for heavens sake?

The fact that Pioneer had never previously in its 9 year history, made even one operational news release to the Mesa Offshore Trust Unitholders, and then breaks with tradition only to bear horrible news, speaks so loud that some of us out here can't hear a word they say. Their reaction reminds me of the old "deer in the headlights" cliché. Besides the problem of misinforming shareholders, should we now worry that Pioneer would go so far as to recommend Midway's plugging & abandonment, rather than simply doing the right thing here?

Are we to assume that Pioneer unilaterally is attempting to shift the focus of that lawsuit from the fraud issue to the monetary value of the lease issue for Midway? That Woodside was/is not involved? Like Boone Pickens, in his autobiography once said under similar circumstances, "I may have been born at night; BUT IT WASN'T LAST NIGHT".

Just some observations from an outsider looking in, that people in your positions need to hear. Don't do what Pioneer has been doing, and forget who the true owners of a public company really are, ok?

confidential

(3)http://messages.finance.yahoo.com/Energy/Oil_and_Gas_Operations/threadview?m=tm&bn=14935&tid=7397&mid=7415&tof=16&frt=2