Replies to post #2727 on Claren Energy Corp (CNENF)

[Smooth]

The plot thickens! I'm not an attorney, but to do believe that more recently signed legal agreements take precedence over older ones.

Under the Deeds of Assignment and Assumption, Holloman and the minority farmors also transferred Terra Nova a 25.8333% interest in each of PEL 112 and 444. Subsequently, Terra Nova sold a 5.1666% interest to Perseville Investing Inc. ("Perseville"). As a result, Terra Nova now holds a 20.66% interest in each of PEL 112 and 444.

There's been a screw up, but by which party...Henc or TGC?

It appears that TGC did not earn the 5.83% on 444 under the original FIA, but IF Henc did transfer the 25.83% in each PEL, including 444, then is the transfer non-reverseable...of non-clawbackable(run this word on two triple word spaces in scrabble and you'll get a bunch of points!)

[Smooth]

Sooooo....per the PR below, does this mean that the 3 parties are covered under a JOA even though the FIA has been terminated?

And if so, maybe TGC is the operator even in the absence of the FIA?

http://finance.yahoo.com/news/terra-nova-confirms-status-operator-121500413.html

SINGAPORE, SINGAPORE / ACCESSWIRE / May 26, 2015 / Terra Nova Energy Ltd. ("Terra Nova") (TSX-V: TGC; OTCQX: TNVMF) wishes to confirm that, notwithstanding the termination of the Farm-In Agreement, it remains operator of the joint venture to explore and develop Petroleum Exploration Licenses ("PEL") 112 and 444. By way of a Deed of Assignment and Assumption dated August 25, 2013, in respect of PEL 112, and a Deed of Assignment and Assumption dated February 15, 2014, in respect of PEL 444, (the "Deeds of Assignment") Holloman Energy Corporation ("Holloman") and the minority farmors appointed Terra Nova as operator under the Joint Operating Agreement.

Under the Deeds of Assignment and Assumption, Holloman and the minority farmors also transferred Terra Nova a 25.8333% interest in each of PEL 112 and 444. Subsequently, Terra Nova sold a 5.1666% interest to Perseville Investing Inc. ("Perseville"). As a result, Terra Nova now holds a 20.66% interest in each of PEL 112 and 444.