Docs put Revenues at $10M. It is a small part of the puzzle but has always been important to the PBLS story to most investors.
Funny thing is that the whole Pit lawsuit started over something that is trivial now (maybe not back then). When the first 5 year period was up on the Murphy Pit lease, Mitchell & Furr offered a revised lease with higher royalties for dirt, though no provisions were made for such an increase in the original lease. Mitchell and Furr added a $4000 minimum monthly royalty to the revised lease due to Phoenix’s levels of production being “dramatically deficient.” Mitchell and Furr also disclosed that at the end of the second five year lease, they would actively seek out other third parties to assume the lease that Phoenix now holds. Phoenix refused to sign and the lawsuit fun started...
Suit #200312894, File Date 6/17/2003
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