Until such time as we begin to earn our equity share we are not allowed to consolidate the results of these operations into our own in accordance with EITF Abstracts, Issue No. 04-5, Determining Whether a General Partner, or the General Partners as a Group, Controls a Limited Partnership or Similar Entity When the Limited Partners Have Certain Rights. For the quarter ended December 31 2006, we have not earned our share of equity and therefore we have not recorded any financial transactions relating to this venture.
Cumulative gross production through September 2006 from Osborn’s Barnett wells has been in excess of 460,000 barrels and 1.7 bcf of gas.
Wonder how close IGPG is to their goal? Just the 460,000 barrels of oil at 60.00 would be about 27 million bucks which doesnt even take into account the sale of gas. They only paid 18 million for whole deal.
Distributions from Ignis Barnett Shale will be made first to Silver Point until Silver Point has received a return of its aggregate capital contributions and a specified return on such contributions. Thereafter, we can earn up to 50% of the cash distributions after Ignis Barnett Shale meets performance criteria specified in the LLC Agreement.
We must be getting closer!
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