Debt is killing us. Extremely disappointed we have not settled with our primary lender and remedied the default. Everyone is suing us, even Chad. But from what little I can see, I like Calentine’s style. Don’t quote me on that. He does seem to be going after Jack maybe Briscoe. Just speculation based on the following. Jack and Briscoe resigned right before the financial consultants were brought in. At the time of their resignations I would think they knew of growing suspicions and possibly the imminent arrival of the financial consultants. Wish management would talk to us.
Jack resigned October 28, 2002.
Leonard Briscoe has resigned as of November 12, 2002. (I do not recall hearing of Briscoe's resignation until now.)
Aspen's recently appointed interim CEO, at the direction of Aspen's board of directors, has been reviewing certain transactions with financial consultants retained by Aspen.- November 18, 2002
The certain transactions the financial consultants are reviewing are related party.- 10Q Sept 30, 2002
Following are two transactions in which Briscoe was involved.
BRISCOE ACQUISITION. Effective May 1, 2000, Aspen acquired through a merger with Briscoe Oil Operating, Inc. a 55% undivided interest in 171 properties located in 21 counties in Oklahoma, Texas, and Kansas for $3,000,000. Effective May 1, 2000, Aspen also acquired 17 producing oil and gas properties, equipment, vehicles and a 10-year equipment facility yard lease from L.C.B. Resources, Inc., which was paid by the issuance of 571,429 restricted shares of Common Stock. Briscoe Oil Operating, Inc. and L.C.B. Resources, Inc. were both controlled by Lenard Briscoe, a current Director of the Company. This acquisition added 245 Mbo of oil PDP oil reserves and 7,536 Mmcf of net gas reserves for an acquisition cost of $3.10/ Net Boe. 10K 4/1/2002
On August 9, 2001 (but effective January 1, 2001), Aspen acquired United Cementing and Acid Co., Inc., a privately-held oilfield service company headquartered in El Dorado, Kansas for $1,040,000 in cash and $250,000 in restricted stock. United Cementing operates a cementing and acidizing business providing oil field services integral to oil and gas operations. Lenard Briscoe, a current director of the Company, initially acquired a 25% interest in United Cementing in exchange for indebtedness and other consideration having an aggregate value of $312,500. Subsequent to December 31, 2001, Mr. Briscoe sold such 25% interest to the Company for $312,500. 10K 4/1/2002
AI
