Thirteen years ago the precusor to NPER had a lot of "projects".
What happened?
To: EtTuBrute who wrote (10037) 1/2/1998 10:34:00 PM
From: EtTuBrute Read Replies (3) of 22810
Summary info from NPEC unofficial website:
NP ENERGY CORPORATE HOLDINGS/PROJECT STATUS:
Total Shares Outstanding: Estimate at 70 Million
Total Shares In Float: Estimate 30 Million.
Latest Earnings: 3 cents/share last 6 months.
POCONE PROJECT, MATO GROSSO, BRAZIL
October 10, 1997, NPEC announced its acquisition of a 51
percent interest in a processing mill along with 2,000,000
tons of stockpiled gold ore in Mato Grosso's Pocone field.
The original tonnage had been recalculated to 2.5 million
tons of ore and we acquired an additional 600,000 tons of
stockpiled ore, bringing the gold ore reserves to 3.1
million tons at present.
October 20, 1997, Paul Baker, NPEC geologist and project
manager, announced the commencement of hydrostatic tests on
the 1000 ton a day flotation plant. ''We have completed
three days of flotation test and the system has functioned
perfectly, achieving a very stable flow of 'head foam'; gold
platelets could be seen in concentrate. We plan to make only
a few changes to the system before production.''
Installation of a 125,000 liter tank leach system is in
progress and completion is expected by the last week in
October. The leach system is capable of processing
concentrates from five flotation plants which will be
completed in the next three months.
Systems, running at full capacity by January 1998, are
projected to produce 62 ounces of gold per day with a net US
$132,000 per month to NPEC.
ANDACOLLO PROJECT, CHILE
Under term a of an agreement with Medinah Energy Inc.
(Medinah), NPEC retained a 20 percent working interest in
the Mina Claudia and Andacollo fields in Chile, as well as
an equity interest in Medinah of 14,000,000 shares.
Medinah has recently released information regarding the
Andacollo field through A.C.A. Howe Consulting International
(Howe), Medinah's consulting firm in Chile. Highlights of
the report includes a recommendation of additional property
development at a cost of US $1.35 million, including up to
24,000 feet of drilling. This work is now proceeding.
Medinah's basic thrust has been in the Andacollo field at
this time, while still doing exploratory work on Mina
Claudia.
METROPLUS
On May 20, 1996, NPEC acquired 100 percent of Metroplus
Communications Corporation by way of a shares exchange
agreement. Since its acquisition, Metroplus has expanded its
customer base and its service area to include the US
(service capability will be completed in November, 1997). In
addition, Metroplus has added a paging service (Canadian,
American and International). Financial reports to the third
quarter of 1997 show a net profit exceeding $100,000.
WASHINGTON STATE SILVER PROPERTIES
In a News Release on May 14, 1996, the Company announced
progress on a sampling program on the multi-vein system in
the old workings. Assays, ranging from 0.87 ounces Ag per
ton to 108.41 ounces Ag per ton, were realized in chip
samples. Further work has been undertaken and additional
ground has been staked with acquisition of two main groups.
Initial first assays in these areas as show significant gold
content with vein width. A winter program is now being
developed.
INDONESIA GOLD PROJECT
The Indonesian gold project of which NPEC was a 20 percent
participant was part of a consortium pledged to provide
exploration and development funds for the project. Lease and
mining rights have been maintained in good standing and a
joint venture partner is being sought to provide the
necessary capital to proceed.
CISCO DOME, UTAH
A dispute over contractual agreement as to the legal
operator on the field, plus cost overruns not concurred to
by NPEC has led to NPEC position of a settlement offer to
relinquish our portion of the field for an equity position
with the disputed entity, Pease Oil and Gas. Negotiations
are being handled by the law firm of Gerald Conder.
ECUADOR OIL FIELD
October 1996, NPEC entered into a joint venture agreement
with BPZ, entitling NPEC to 15 percent working interest with
an option to purchase an additional 15 percent interest if
available and cash flow participation from the field to
begin on July 1, 1996.
To August of 1996, NPEC had earned a carried interest of
$232,913 dollars, which was returned as working capital to
the field.
Frequent attempts to obtain additional cash flow and
production figures have been ignored by BPZ.
Under terms of the agreement, NPEC was to provide a cash
infusion to the joint venture in 1997. NPEC responded with a
ready, willing and able but was notified that their terms of
the agreement were to be modified whereby NPEC's equity was
to be reduced to 10 percent, our cash flow participation was
adjusted to commence in 1997 and the capital costs increased
by 50 percent.
NPEC demanded specific performance under the terms of the
agreement, but after intense negotiations no resolution was
resolved. Every attempt to settle the problem without
litigation was pursued by NPEC. An ultimatum to provide
specific performance under terms of the agreement was issued
by our Law Firm, Gerald Conder, on October 15. The demand
called for an immediate specific performance or we would
seek legal recourse.
