I suppose the differentiation I was making between the lease and the net working percentage interest is this...
You can buy the lease, but ownership in the individual wells may be a differnt story, depending on how you paid for the wells (terms of any agreements). For example, who pays for exploration? If you own the lease, the mineral rights, etc. and pay cash for the exploration, or just do it yourself (if you have your own team), you should own 100% of what you find (theoretically). But in this case, it appears they worked out (or are working out) a deal with the exploration team. For example, say the driller agrees to do the test drills in exchange for something other than cash (i.e. a royalties, % of the production, or in some cases they form a joint venture and shares are exchanged for a mutually beneficial deal). I'm not an oil industry expert, but exploration in general can be expensive. The good thing is, there are several options other than selling shares to raise capital to pay the guys cash. Going back to giving the guys a % of production in exchange for the exploration: this can be a good thing, because it puts much of the up-front financial burden for a drill program on the exploration team. Therefore, the incentive is on them to get it right, do the geo work to select the sites with the best chances, and be successful. If they drill a dud, they get nada. But these guys are pretty good. They got it down to a science...literally. LOL
BTW, just to be clear, I do NOT know the terms of the deal. I'm still pretty new here and just piecing together the little bit I've read so far. I does seem that they do have some kind of deal like this though. Does anyone know who the investors are that funded the first drill program? Are they with the company who did the drilling? Not sure if I missed that before. But if the guys drilling the wells are getting a %, and the project was funded (in whole or part) by "investors" mentioned in the last PR, then I would think the % has to do with terms of getting the funding...hence, maybe the drillers are the financiers. OK, maybe that's already common knowledge, and I missed it. My apologies if so.
Good luck all,
~Bio
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